Customers File Suits Against B. Riley & Co. For Mismanaging Accounts
Norman Joel Caris (CRD: 40535) is a registered representative of B. Riley FBR, Inc. based in Los Angeles, California. According to Caris’ Financial Industry Regulatory Authority (“FINRA”) BrokerCheck file, he was previously referenced in five customer-initiated, investment-related disputes containing allegations of sales practice violations which include suitability, account mismanagement, excessive commissions, and fraud. Those customers’ disputes, which include the following, pertain to Caris’ activities when employed by Arnett & Spillane, A.G. Edwards & Sons, Inc. and B. Riley & Co., LLC:
June 5, 2017 Arbitration #17-01302: A customer of B. Riley & Co., LLC alleged that Caris over-concentrated the customer’s investment account in speculative and volatile stocks. The firm settled the customer’s allegations for $22,000.00 in damages on September 5, 2017.
October 13, 2016 Arbitration #16-02584: Another B. Riley & Co., LLC customer alleged that the customer’s account was negligently managed by Caris. According to the customer, there was no diversification of investments; but rather, an unsuitable concentration of speculative stock investments in the customer’s account. The customer’s initial account value of $250,000.00 had reportedly plummeted to $140,092.00 by October 26, 2015. The customer agreed to being paid $82,500.00 in damages on April 6, 2017 to resolve the matter.
June 7, 2016 Arbitration #16-01371: The trustee of a deceased B. Riley & Co., LLC customer alleged that the customer’s account was mismanaged. The trustee accused Caris of having charged the customer excessive commissions, utilized the customer’s margin inappropriately, and failed to diversify the customer’s investment portfolio. The customer settled the matter for $350,000.00 in damages on July 13, 2017.
June 1, 2004 Arbitration #2004-015425: An A.G. Edwards & Sons, Inc. customer alleged breach of fiduciary duty, unsuitability, and fraud in connection with the equities transactions placed in the customer’s investment account. The arbitration was settled on November 22, 2005 for $45,000.00 in damages.
Caris transitioned from B. Riley & Co., LLC to B. Riley FBR, Inc. on November 30, 2017.
Gregory Tendrich, P.A. is experienced at representing investors who have suffered harm due to the actions of their broker or financial advisor. If you lost money by investing with Norman Joel Caris and B. Riley & Co., LLC, contact Gregory Tendrich, P.A. at (561) 417-8777 for a consultation regarding your legal rights and remedies.