Voya Broker James Flynn Racks Up Suitability Complaints, Reportedly Flees to Caribbean

Attorney Advising Disclaimer

Barred by FINRA in 2018, former Voya Financial Advisors broker James Travis Flynn aka Jim Flynn's BrokerCheck file recently ballooned to 64 disclosures, including scores of customer disputes filed in 2020 alone alleging risky, unsuitable, illiquid alternative investment recommendations and unauthorized trades in non-traded real estate investment trusts (REITs), variable annuities (VA)s, and other products, with claimed damages in the millions of dollars.

According to James Flynn (CRD #3082615)'s extensive file, the ex-broker habitually recommended securities and investment strategies not suitable for his customers, including high commission paying and speculative private placements and alt investments not in accordance with clients' investment objectives and risk tolerances.

A Post-and-Courier article, highlighting the saga of an 83-year-old woman as well as a retired teacher whose supposedly-safe nest egg investments turned into disastrous losses, allegedly at Flynn's hands, noted that Flynn is believed to have left the United States.

The article notes that Flynn and others operating out of his firm, Flynn Wealth Management, allegedly misrepresented investments and regularly encouraged clients to sign blank documents that were later filled out by Flynn or his staff, who purportedly inflated clients' net worths to make them eligible for high-risk investments that were unsuitable and exorbitantly risky.

On several occasions, customers additionally alleged that financial information found on account documents was fictitious or fabricated.

In general, Flynn's employers also saw problems: Voya discharged Flynn in 2017 for providing misleading information to the firm during a complaint investigation while IFS Securities terminated Flynn in 2018 after a client alleged Flynn traded ahead of authorization.

Although many complaints against Flynn appear to be in pending status, several have already settled, such as a real estate investment trust (REIT) suitability and variable annuity (VA) switch allegation that, when filed, sought damages of $115,000.

Yet despite seeking $115,000 in damages, when the matter finally settled, the settlement amount increased to $167,673.

A few other settlements in Flynn's file include a $750,000 unsuitable and illiquid securities complaint; $420,000 high commission, illiquid, and speculative products dispute; $350,000 settlement for unsuitable recommendations, misrepresentations, and omitting material information; $300,000 suitability claim; $245,000 unsuitable investments-sold-to unsophisticated investors, excessive and undisclosed risks, and overconcentration dispute; $201,750 misrepresentation of facts and exaggeration of financial information claim; $196,788 REIT/annuities charge; $145,000 misrepresentation/unsuitable investments dispute; and $125,000 alt investment, fraud, and misrepresentation complaint.

Flynn previously filed for bankruptcy in 2013, writing in his file that the bankruptcy filing was in response to his wife's attempt to divorce him, and also experienced multiple tax liens in 2005, as well as a civil judgment in 2011.

If you have invested with barred Voya Financial Advisors broker James Travis Flynn or with any investment adviser or representative who recommended you invest in unsuitable, risky, illiquid, or speculative alt investments, such as high-commission REITs or annuities, resulting in harm to your investments or interests due to fabricated financial documents, overconcentration, or unauthorized trades, please call an experienced FINRA arbitration attorney at The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.

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