Last Updated: October 2023 (Plano, Texas)
John Donovan Investigation Summary
Here’s what you need to know about Plano, TX, stockbroker John Donovan:
- Name: Mr. John Francis Donovan
- Current Employer: Securities America
- DBA: Longhorn Wealth Management Group
- Previous Firms: Lincoln Financial Advisors
- Function: Stock Broker/ Financial Advisor
- Aliases: John Donovan
- Primary Location: Plano, Texas
- CRD 2225746
- Can John Donovan be sued in FINRA arbitration: Yes
- Sanctioned by FINRA: No
- Pending Customer Dispute Seeks Damages of $75,000
Discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With John Donovan As Your Stockbroker?
A customer of Securities America filed a FINRA arbitration in 4/2023 alleging that John Donovan’s recommendations of certain alternative investments did not align with the customer’s needs and investment objectives. The customer seeks damages of between $75,000-$125,000 in this pending matter.
In 20024 a UBS client claimed that John Donovan invested most of the customer’s assets in some of the most high risk mutual funds available causing $75,000 in damages. The company ‘denied’ the claim and the customer did not pursue it further.
Allegations of Broker Misconduct Against John Donovan
Customers of John Donovan have alleged the following wrongdoing in connection with the handling of customer accounts:
- Unsuitable Investment Recommendation to invest in alternative investments
- Unsuitable Investment Recommendation to invest in high risk mutual funds
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.
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 John Donovan, 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.