GARY RAY FOURNIER

GARY RAY FOURNIER is currently employed as a Broker and/or Investment Adviser at J.P. MORGAN SECURITIES LLC located at 601 S. FIGUEROA STREET, FLOOR 35, LOS ANGELES, CA, 90017.

GARY RAY FOURNIER has worked at J.P. MORGAN SECURITIES LLC since September 15, 2006

Disclosure History

GARY RAY FOURNIER has 10 Disclosure Event(s).

Date: December 13, 2010
Category: Regulatory
Initiated By: FINRA
Allegations: NASD RULES 2110, 2510(B), WILLFULLY VIOLATED MSRB RULES G-17, G-19(C), G-19(D), G-19(E) - GARY FOURNIER ENGAGED IN UNSUITABLE TRADING IN MUNICIPAL BONDS IN THE BROKERAGE ACCOUNTS OF FIRM CUSTOMERS. BY EFFECTING FREQUENT SHORT-TERM TRANSACTIONS, OR IN AND OUT TRADING, OFTEN EFFECTED THROUGH CROSS TRADING IN MUNICIPAL BONDS THAT WERE DESIGNED AND INTENDED FOR LONG-TERM HOLDING, CONTRARY TO HIS CUSTOMERS' INVESTMENT OBJECTIVES AND BY DECREASING THE NET WORTH OF THE ACCOUNTS AS A RESULT OF THE TRANSACTIONS, FOURNIER FAILED TO PROPERLY FOLLOW HIS CUSTOMERS' INVESTMENT OBJECTIVES. CUSTOMER LOSSES TOTALED APPROXIMATELY $1.2 MILLION AND THE FIRM AND FOURNIER EARNED APPROXIMATELY $875,000 IN COMPENSATION FROM MARKUPS AND MARKDOWNS. FOURNIER CHURNED THE CUSTOMERS' ACCOUNTS BY EFFECTING FREQUENT SHORT-TERM TRANSACTIONS IN MUNICIPAL SECURITIES THAT WERE EXCESSIVE IN FREQUENCY IN VIEW OF THE CUSTOMERS' FINANCIAL BACKGROUND, TAX STATUS AND INVESTMENT OBJECTIVES. FOURNIER FAILED TO DEAL FAIRLY WITH CUSTOMERS AND ENGAGED IN DECEPTIVE, DISHONEST, OR UNFAIR PRACTICES BY TRADING MUNICIPAL SECURITIES AT A RATE AND IN A MANNER THAT CONSTITUTED AN UNSUITABLE PATTERN OF INVESTING AS WELL AS EXCESSIVE TRADING OF CUSTOMER ACCOUNTS. FOURNIER FAILED TO DEAL FAIRLY WITH CUSTOMERS AND ENGAGED IN DECEPTIVE, DISHONEST, OR UNFAIR PRACTICES BY MISREPRESENTING THE TRANSACTION COMPENSATION HE WAS CHARGING SOME CUSTOMERS ON MUNICIPAL BOND TRANSACTIONS. FOURNIER EXERCISED DISCRETION IN CUSTOMERS' ACCOUNTS AFTER HIS FIRM HAD WITHDRAWN ITS APPROVAL AND PROHIBITED SUCH TRADING.
Resolution: Decision SanctionDetails:
Sanctions: Civil and Administrative Penalty(ies)/Fine(s) SanctionDetails:
Amount: $5,000.00 Regulator Statement: COMPLAINT FILED 12/01/10. EXTENDED HEARING PANEL DECISION RENDERED APRIL 4, 2013 WHEREIN FOURNIER IS FINED $5,000 FOR EXERCISING DISCRETION AFTER HIS FIRM PROHIBITED DISCRETIONARY TRADING, IN VIOLATION OF MSRB RULE G-19(D). ENFORCEMENT FAILED TO PROVE THAT FOURNIER ENGAGED IN EXCESSIVE TRADING AND CHURNING IN VIOLATION OF MSRB RULES G-17, G-19(C) AND G-19(E); MADE MATERIAL MISREPRESENTATIONS TO CUSTOMERS IN VIOLATION OF MSRB RULE G-17; OR EXERCISED DISCRETION BY PURCHASING EQUITIES IN A CUSTOMER'S ACCOUNT IN VIOLATION OF NASD RULES 2110 AND 2510(B). ACCORDINGLY, THESE CHARGES ARE DISMISSED. FOURNIER IS ALSO ORDERED TO PAY HEARING COSTS OF $2,258.63. DECISION IS FINAL MAY 22, 2013. FINE AND COSTS PAID JUNE 20, 2013.
Broker Comment: COMPLAINT FILED 12/01/10. EXTENDED HEARING PANEL DECISION RENDERED APRIL 4, 2013 WHEREIN FOURNIER IS FINED $5,000 FOR EXERCISING DISCRETION AFTER HIS FIRM PROHIBITED DISCRETIONARY TRADING, IN VIOLATION OF MSRB RULE G-19(D). ENFORCEMENT FAILED TO PROVE THAT FOURNIER ENGAGED IN EXCESSIVE TRADING AND CHURNING IN VIOLATION OF MSRBRULES G-17, G-19(C) AND G-19(E); MADE MATERIAL MISREPRESENTATIONS TO CUSTOMERS IN VIOLATION OF MSRB RULE G-17; OR EXERCISED DISCRETION BY PURCHASING EQUITIES IN ACUSTOMER'S ACCOUNT IN VIOLATION OF NASD RULES 2110 AND 2510(B). ACCORDINGLY, THESE CHARGES ARE DISMISSED. FOURNIER IS ALSO ORDERED TO PAY HEARING COSTS OF $2,258.63. IF NO FURTHER ACTION, DECISION IS FINAL MAY 22, 2013. FINE AND COSTS PAID JUNE 20, 2013.

Date: December 09, 2009
Category: Customer Dispute
Allegations: CLAIMANTS ALLEGE BREACH OF FIDUCIARY DUTY, FRAUD, MISREPRESENTATION AND OMISSIONS, NEGLIGENCE AND EXCESSIVE TRADING IN CONNECTION WITH EXCESSIVE FEES CHARGED ON BOND TRADES. TIME FRAME: 1/18/2002 TO 10/31/2006
Damage Amount Requested: $500,000.00
Settlement Amount: $60,000.00
Broker Comment: COMPLAINT IS PART OF A SERIES STEMMING FROM ONE SPORTS AGENT WHOSE AGENCY REPRESENTS THIS FORMER PLAYER AS WELL AS THE OTHERS INVOLVED IN THE LITIGATION. THE SAME ATTORNEY REPRESENTS ALL PARTIES. WE WILL PROVE OUR CASE ONCE GIVEN THE OPPORTUNITY.

Date: March 20, 2009
Category: Customer Dispute
Allegations: THE CLIENT ALLEGED MISREPRESENTATION WITH RESPECT TO FEES TO BE CHARGED FOR THE PURCHASE OF BONDS - 8/1994 TO 12/2001, DAMAGES UNSPECIFIED

Date: January 07, 2009
Category: Customer Dispute
Allegations: TIME FRAME: DECEMBER 2002 THRU JANUARY 7, 2009. CLIENT ALLEGES THAT THE FA REPEATEDLY LIED REGARDING THE FEE STRUCTURE CHARGED TO HIS ACCOUNT. CLIENTFURTHER ALLEGES THAT HIS ACCOUNT WAS CHURNED. DAMAGES ESTIMATED TO BE INEXCESS OF $5,000.
Damage Amount Requested: $5,000.00
Settlement Amount: $41,000.00

Date: April 18, 2008
Category: Customer Dispute
Allegations: THIS COMPLAINT IS RELATED TO THE RECENT BREAKDOWN IN THE LIQUIDITY IN THE MARKET FOR AUCTION RATE SECURITIES. CLIENT ALLEGED THAT HIS INVESTMENT IN AUCTION RATE SECURITIES WAS NOT APPROPRIATE AS HE HAD SHORT TERM LIQUIDITY NEEDS.
Damage Amount Requested: $1,550,000.00
Settlement Amount: $1,400,000.00
Broker Comment: ON AUGUST 13 AND 14, 2008, JPMORGAN CHASE AGREED TO A SETTLEMENT IN PRINCIPLE WITH THE NEW YORK ATTORNEY GENERAL'S OFFICE, AND THE OFFICE OF FINANCIAL REGULATION FOR THE STATE OF FLORIDA AND THE NORTH AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION TASK FORCE, RESPECTIVELY, WHICHPROVIDED, AMONG OTHER THINGS, THAT THE FIRM WOULD BUY BACK AT PAR CERTAIN AUCTION RATE SECURITIES. AS PART OF THESE SETTLEMENTS, JPMORGAN SECURITIES, INC., PURCHASED BACK FROM [CUSTOMER] 52 ARS POSITION(S) AT PAR, IN ADDITION TO PAYING ACCRUED INTEREST ON THE PAR AMOUNT.

Date: April 26, 2007
Category: Customer Dispute
Allegations: CLIENT'S COUNSEL ALLEGES THAT FINANCIAL ADVISOR "MISREPRESENTED THE AMOUNT OF COMMISSIONS HE WAS CHARGING THEM ON BOND TRADES AND THAT FINANCIAL ADVISOR WAS ENGAGED IN "CHURNING", INCLUDING THE "SWAPPING OF BONDS BETWEEN AND AMONG CLIENTS WITH COMMISSIONS TAKEN FROM BOTH SIDES."
Damage Amount Requested: $1,400,365.00

Date: January 25, 2007
Category: Customer Dispute
Allegations: CLIENT'S COUNSEL ALLEGES THAT FINANCIAL ADVISOR "MISREPRESENTED THE AMOUNT OF COMMISSIONS HE WAS CHARGING THEM ON BOND TRADES AND THAT HE APPARENTLY CHURNED THEIR ACCOUNTS." ALLEGED DAMAGES ESTIMATED TO BE IN EXCESS OF $5,000 BY UBS FINANCIAL SERVICES. ON 04/26/07, UBS FINANCIAL RECEIVED ADDITIONAL CORRESPONDENCE FROM CLIENT'S COUNSEL WITH SPECIFIED DAMAGES OF $2,111,934.
Damage Amount Requested: $2,111,934.00

Date: October 31, 2002
Category: Customer Dispute
Allegations: CLAIMANTS ALLEGED THAT BROKER SOLD THEIR BLUE CHIP STOCKS AND PURCHASED SPECULATIVE TECHNOLOGY AND TELECOMMUNICATIONS STOCKS. TIME PERIOD: 10/00-09/01.
Damage Amount Requested: $414,000.00
Settlement Amount: $75,000.00
Broker Comment: THE FIRM DECIDED TO SETTLE WITH THE CLAIMANT IN ORDER TO AVOID THE COSTS AND RISKS ASSOCIATED WITH LITIGATION HAVING NOTHING TO DO WITH THE UNDERLYING MERITS OF THE CLAIM. THE REGISTERED INDIVIDUAL CONTINUES TO DENY THE ALLEGATIONS IN THE CLAIM. THE FC DID NOT CONTRIBUTE TO THE SETTLEMENT.

Date: May 22, 2001
Category: Customer Dispute
Allegations: THE CLIENT'S ATTORNEY ALLEGED THAT, ALTHOUGH OTHER CUSTOMER WAS CONSULTED WITH REGARD TO THE TRANSACTIONS IN THE JOINT ACCOUNT, CUSTOMER SHOULD HAVE BEEN CONSULTED.MR. FOURNIER DENIES ALL ALLEGATIONS OF WRONGDOING.ALLEGED DAMAGES - UNSPECIFIED
Broker Comment: THE COMPLAINT WAS DENIED.ON AUGUST 30, 2001,CUSTOMER WAIVED "ALL RIGHTS TO PURSUE ANY ACTION AGAINST SALOMON SMITH BARNEY, INC..

Date: January 08, 2001
Category: Customer Dispute
Allegations: CLIENT ALLEGES THAT THERE WERE UNAUTHORIZED PURCHASES OF STOCK IN HER ACCOUNT.ALLEGED DAMAGES - UNSPECIFIED
Broker Comment: GREGORY TEVIS(213) 244-1537

More Information

All individuals registered to sell securities or provide investment advice are required to disclose customer complaints and arbitrations, regulatory actions, employment terminations, bankruptcy filings and criminal or civil judicial proceedings.

A disclosure includes information about customer disputes, disciplinary events and financial matters on the broker's record as reported by securities regulators, the individual broker, and any involved firms. Some of these items may involve pending actions or allegations that have not been resolved or proven. The presence of a disclosure does not automatically indicate any wrongdoing.

BrokerCheck is the source of the data included in this Report. The data was compiled on June 29, 2018.

To view the full report for GARY RAY FOURNIER, click here.

The use of BrokerCheck data is subject to the BrokerCheck Terms of Use.