Last Updated: October 2024 (Annapolis, Maryland)
John Kirkland Moy Financial Advisor Fraud Alert
National securities fraud lawyers Patil Law P.C. are investigating broker John Kirkland Moy (CRD #848350), who is currently employed at Newbridge Financial Services Group in Annapolis, Maryland. He has faced multiple customer disputes alleging unsuitable investment recommendations and negligence.
John Kirkland Moy (CRD #848350) is a financial advisor with decades of experience, currently employed at Newbridge Financial Services Group in Annapolis, Maryland. However, his career has been marked by several customer disputes involving allegations of unsuitable investment recommendations, churning, and breach of fiduciary duty, leading to multiple settlements. Below, we provide further details on Moy’s background and the customer complaints that may raise concerns for potential investors.
Critical insights about Annapolis MD stockbroker John Kirkland Moy:
- Advisor Name: John Kirkland Moy
- CRD: 848350
- Location: Annapolis, Maryland
- Current Employer: Newbridge Financial Services Group
- Classification: Stockbroker + Financial Advisor
- Primary Location: Annapolis, MD
- Can John Kirkland Moy be sued in private FINRA arbitration: Yes
- Has Mr. Moy been barred by FINRA: No
- Highest Damages Allegation: $1,500,000
- Highest Settlement: $65,000
- Pending Customer Dispute: No
If you have suffered investment losses by John Kirkland Moy, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining a breach of fiduciary duty lawyer. Reach out to the legal team at Patil Law P.C. via the secure online form or call the firm directly toll-free at (800) 950-6553.
Lost Money With Stockbroker John Kirkland Moy?
In a 1993 customer dispute (Case #93-01283), a client of Shearson Lehman Brothers alleged unsuitability, churning, misrepresentation, and breach of fiduciary duty. The client initially sought $1,500,000 in damages, and after arbitration, Moy was held jointly and severally liable for $32,809 on August 3, 1994.
In a more recent dispute filed on December 13, 2022 (FINRA Docket #22-02821), a customer of Newbridge Securities Corporation alleged negligence and breach of fiduciary duty related to equity-listed products and sought $100,000 in damages. The case was settled for $30,000 on February 29, 2024.
Another case from September 26, 2019 involving National Securities Corporation alleged unsuitable recommendations for a fixed annuity, resulting in a $50,000 settlement on March 23, 2022.
Allegations of Broker Misconduct Against John Kirkland Moy
Customers of John Kirkland Moy have alleged the following misconduct in connection with his handling of their accounts:
- Unsuitability: Moy has been accused of recommending investments, such as fixed annuities and equity-listed products, that did not align with his clients’ financial objectives.
- Churning and Misrepresentation: A past case involved allegations of excessive trading (churning) and misrepresentation of investment risks.
Brokers are required to comply with FINRA Rule 2111, ensuring that all investment recommendations are suitable for the client’s specific situation. The allegations against Moy suggest potential violations of this rule, leading to several customer disputes and financial settlements.
FINRA Rule 2111, the Suitability Rule, requires brokers to have a reasonable basis to believe that a recommended transaction or investment strategy is suitable for the customer, based on the customer’s financial situation, needs, and investment profile. This rule covers the three key obligations: reasonable-basis suitability (the recommendation must be suitable for at least some investors), customer-specific suitability (the recommendation must be appropriate for that particular customer), and quantitative suitability (ensuring that the number of recommended transactions is not excessive). Related rules include FINRA Rule 2090, the Know Your Customer Rule, which mandates that brokers understand their clients’ investment profiles to provide suitable advice.
Broker Experience Summary
John Kirkland Moy (CRD #848350) has been active in the financial services industry for several decades. Currently employed at Newbridge Financial Services Group in Annapolis, Maryland, since September 2019, he is also registered with Newbridge Securities Corporation. Over the course of his career, Moy has been registered with over a dozen firms, including Morgan Stanley, Merrill Lynch, Pierce, Fenner & Smith, and National Securities Corporation.
Moy has passed two general industry/product exams, including the Series 7 General Securities Representative Exam in 1978, as well as two state securities law exams, such as the Series 65 Uniform Investment Adviser Law Exam. He is currently licensed to operate in 16 U.S. states and territories, including Florida, Texas, and New York. Throughout his career, Moy has been involved in various advisory roles, spanning investment advising and brokerage services.
Negative Disclosures and Customer Disputes
John Kirkland Moy has four customer disputes and two terminations recorded in his career. Below are key details regarding these incidents:
- Customer Dispute (1993): A client of Shearson Lehman Brothers alleged unsuitability, churning, misrepresentation, and breach of fiduciary duty, seeking $1,500,000. Moy was held jointly liable for $32,809 in damages following arbitration on August 3, 1994.
- Customer Dispute (2022): A customer of Newbridge Securities Corporation filed a complaint in December 2022, alleging negligence and breach of fiduciary duty involving equity-listed products, seeking $100,000. The case was settled for $30,000 on February 29, 2024.
- Customer Dispute (2019): A case involving National Securities Corporation, filed in September 2019, alleged unsuitability in recommending a fixed annuity. The dispute was settled for $50,000 on March 23, 2022.
- Customer Dispute (2017): A case filed against Merrill Lynch in May 2017 involved unsuitable investment recommendations and settled for $65,000 on November 15, 2017.
Allegations and Accusations
John Kirkland Moy has faced several allegations over the years, including:
- Unsuitable Investment Recommendations: Moy was accused of recommending investments that did not align with his clients’ financial needs, particularly involving fixed annuities and equity-listed products.
- Churning: Allegations of excessive trading (churning) were made in an earlier dispute involving Shearson Lehman Brothers.
- Negligence and Breach of Fiduciary Duty: More recent disputes have involved accusations of Moy failing to act in the best interest of his clients, leading to financial losses.
These allegations and customer disputes highlight concerns over Moy’s handling of client accounts, though no formal regulatory actions have been taken against him beyond these disclosures.
Patil Law P.C. Will Help You Recover Your Investment Losses
If you have suffered investment losses in an account handled by John Kirkland Moy or have a question about the performance of your account, please contact Attorney Patil online or (800) 950-6553 for a free initial consultation.
Our cases are handled on a contingency basis. We don’t get paid unless we win for you.
