James Dresselaers and H. Beck Fined for ETF Trading
Have you lost money with financial advisor James Dresselaers of Bethesda, Maryland? We are investigating allegations made by FINRA, the Financial Industry Regulatory Authority, against James H. Dresselaers and his brokerage firm, H. Beck. FINRA suspended Dresselaers from the securities industry for two months, fined him $10,000, and ordered him to disgorge $18,708 in commissions. H. Beck was also fined $50,000 for its conduct.
FINRA was investigating Dresselaers related to conduct between 2008 and 2011. James Dresselaers was alleged to have recommended that a customer identified as “EB” invest in leveraged and inverse ETFs (or exchange traded funds). FINRA alleged that these leveraged and inverse ETFs were unsuitable, and that EB was alleged to have lost over $1.1 million investing in leveraged and inverse ETFs, primarily related to precious metals (such as gold, silver, or platinum) and mining. H. Beck was accused by FINRA of failing to adequately supervise Dresselaers recommendations of these ETFs.
James Dresselaers is a financial advisor and registered representative of H. Beck from November 2003 to the present. He works in a branch office in Bethesda, Maryland. Dresselaers had one customer complaint against him, which settled for $1,500,000 in June 2017.
Brokerage firms like H. Beck have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Seattle, Washington and and Denver, Colorado. We represent investors in FINRA arbitration proceedings in all 50 states, including investors throughout Maryland and the greater Washington, D.C. area. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including H. Beck regarding the sales of inverse and leveraged ETFs investing in precious metals.
Click to view: H. Beck FINRA AWC
Click to view: Dresselaers, James FINRA AWC
Click to view: Dresselaers, James BrokerCheck 9.28.17
If you lost money with James Dresselaers or H. Beck, please CONTACT US at 720-599-3505 for a free evaluation of your case.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.