Last Updated: September 2023 (East Greenwich, Rhode Island)
James Joly Investigation Summary
Here’s what you need to know about East Greenwich, RI, stockbroker James Joly:
- Name: Mr. James Ernest Joly
- Current Employer: Cambridge Investment Research dba Greenwich Bay Wealth Management LLC
- Previous Firms: Cantella & Co., Voya Financial Advisors, Morgan Stanley, LPL Financial
- Function: Stock Broker/ Financial Advisor
- Aliases: Jim Joly
- Primary Location: East Greenwich, RI
- CRD 2193463
- Can Jim Joly be sued in FINRA arbitration: Yes
- Sanctioned by FINRA: No
- Discharged by prior employer: Yes
- Discloses outstanding tax liens: Yes
- Highest Settlement : $87,500
Discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With James Joly As Your Stockbroker?
Jim Joly discloses 5 prior customer complaints including the following:
- In 2013 a customer was paid $87,500 to resolve allegations that Jim Joly made unsuitable recommendations to invest in REITs, a business development company, a high yield fund and a tenant in common investment that resulted in large losses.
Alternative Investments: These are assets that are not stocks, bonds or cash. Alternative investments generally fall within five categories: hedge funds, private capital, natural resources (oil and gas, energy), real estate (REITs) and infrastructure. They are typically less liquid that conventional investments, less regulated with higher fees and generally higher risk. For more investigations involving Alternative Investments, see this.
- Several customers of LPL Financial made complaints to the company that purchases in alternative investments were unsuitable. As is typical, the company ‘denied’ the requests and apparently the customers did not seek professional assistance or otherwise pursue the claims.
In 7/2018 Jim Joly was discharged by Voya Financial Advisors who make the following allegation on his FINRA record: “Representative maintained blank client-signed documents and engaged in an unapproved outside business activity in violation of Firm’s policy.”
Jim Joly discloses two Internal Revenue Service tax liens, totaling over $165,000, filed in federal court in East Greenwich, RI.
Allegations of Broker Misconduct Against James Joly
Customers of Jim Joly have alleged the following wrongdoing in connection with the handling of customer accounts:
- Unsuitable Investment Recommendations to invest in alternative investments, including REITs
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Has Your Brokerage Firm “Denied” Your Claim for Damages Due to Stockbroker Malpractice?
It is quite common, as well as predictable, for brokerage firms to deny a customer’s complaint made directly to the company. Firms know that in many, if not most, instances telling the customer “we don’t think it’s our fault” will be an end to the problem. In other words, it’s generally a waste of your time to sit down with the office manager & the broker.
They seldom, if ever, offer any resolution or if they do, will attempt to have you resolve your case for a fraction of what it is actually worth.
We suggest that if you think there is a problem with the way your account has been handled, or if you have had your claim “denied”, talk to an experienced securities attorney.
Recover Your Investment Losses Now With Rex Securities Law
If you have suffered investment losses in an account handled by Jim Joly, contact us for a complimentary consultation with an experience securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
With offices in Boca Raton, FL and Austin, TX, stockbroker fraud attorney Bob Rex provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors and broker dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
