Trevor Rahn (CRD#: 2196155), a 26-year veteran of the securities industry whose experience spans five firms, is involved in a pending customer dispute filed on June 12, 2019 in which a client alleges that “[the] financial advisor engaged in a pattern of unauthorized trading and margin use in customer’s account in order to generate commissions and resulting in losses to customer” from January 2014 to November 2015, according to Trevor Rahn’s BrokerCheck report accessed on August 6, 2019. The client is requesting $854,410 in damages. Trevor Rahn is not currently affiliated with any firm.
Trevor Rahn settled a customer dispute for $114,000 after a customer alleged that “the number of transactions in the account were unauthorized,” according to his BrokerCheck report. The client filed the claim on November 5, 2018 and originally requested $1,137,915.
J.P. Morgan Chase Bank NA terminated Trevor Rahn on September 17, 2018 for “unacceptable practices by the representative relating to the timing and size of orders and resulting transaction charges in a client account and relating to the marking of certain orders for the account as unsolicited.”
When a broker wants to make a trade, they submit an order ticket (commonly done by computer). These tickets are for internal use only; clients never see them. The broker marks the ticket either “unsolicited” or “solicited.” Investors may never have been told what these terms mean, or their broker may have even given them a deliberately wrong answer. So what is the difference between an “unsolicited” and a “solicited” one? It all comes down to one question: whose idea were the trades? If a trade is “solicited,” it means that it was the broker’s idea. It is “unsolicited” when it was the customer’s idea. Brokers who mismark trades generally do so to protect themselves from claims of unsuitability, fraud, and unauthorized trading. After all, it is harder for a client to claim that certain investments were unsuitable if the client asked the broker to invest in those securities products. When a client receives confirmation of the trades, the word “unsolicited” should raise alarm bells for investors if the investment idea was the broker’s idea, not the client’s.
Trevor Rahn settled a customer dispute for $57,857. The client originally requested damages of $5,000 and filed the claim on October 11, 2016. According to Trevor Rahn’s BrokerCheck, “In October 2015, the administrators of a client’s estate requested the transfer and liquidation of positions that were then transferred and sold. Later, the administrators of the estate alleged that they were not made aware of the fees for liquidating the estate account and that the fees were excessive.”
Trevor Rahn had a civil lien for $763,424.76 on July 17, 2014.
Trevor Rahn was previously registered with the following firms:
- P. Morgan Securities LLC (CRD#: 79)
- Deutsche Bank Securities Inc. (CRD#: 2525)
- Morgan Stanley & Co. Incorporated (CRD#: 8209)
- Morgan Stanley DW Inc. (CRD#: 7556)
- Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#: 7691)
If Trevor Rahn was your broker or you have questions about unauthorized transactions, don’t hesitate to contact experienced securities attorneys Marc Fitapelli and Jonathan Kurta. Call Fitapelli Kurta at (877) 238-4175 or email firstname.lastname@example.org. Your consultation is free, so don’t delay.