The Financial Industry Regulatory Authority suspended Marshall Douglas Nelson for allegedly making unsuitable recommendations to a 70-year-old customer while associated with SWS Financial Services, Inc., fining Nelson $30,000 and ordering restitution of $26,543 plus interest.
According to FINRA's findings, in June 2008 and while at SWS Financial, Nelson recommended both a low risk bond and two high risk equity holdings, which FINRA deemed speculative in nature and in contrast to the 70-year-old customer's investment objective as specified in an account form; FINRA also determined this recommendation was inconsistent with the customer's financial situations and needs.
At the time of the alleged misconduct, Nelson was under heightened supervision. Previously, in 1992, Nelson was censured, suspended and fined $20,000 after allegedly making recommendations without having reasonable grounds with which to determine their suitability.
If you have invested with Marshall Douglas Nelson or any other broker or firm whose representative recommended an unsuitable investment in relation to your specific investment objective, and this inconsistency has proven harmful to your financial interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.