Goodman & Nekvasil P.A, May Recover Investor Losses | Joseph Leigh Cotter (Joseph Cotter) Financial Advisor Suspended from Securities Industry
From 2007 until Joseph Cotter’s discharge in 2016, Joseph Cotter was licensed with NEXT Financial Group, Inc. According to FINRA’s records, Joseph Cotter was discharged from NEXT Financial Group, Inc. on March 18, 2016. NEXT Financial Group, Inc. reported to FINRA that the firm conducted an internal review of the trading activity in a customer’s accounts and found the level of trading activity to excessive in light of customer’s profile and character of the account. It was also reported to FINRA that Joseph Cotter was licensed with Petersen Investments, Inc. from 2016 until Joseph Cotter voluntarily resigned on May 1, 2017 after FINRA notified that an examination involving Joseph Cotter was being referred to its Enforcement Division for further review.
Subsequent to Joseph Cotter’s firing, FINRA brought a disciplinary action against Joseph Cotter in 2017. Joseph Cotter consented to a 9-month suspension, a $15,000 monetary fine and a $100,549.42 disgorgement. FINRA reports that Joseph Cotter consented to the entry of findings that Joseph Cotter engaged in excessive, unsuitable trading in the accounts of one customer. The findings stated that Joseph Cotter exercised de facto control over an IRA account and a second account of a customer. Joseph Cotter used this control to excessively trade the accounts in a manner that was inconsistent with the customer’s investment objectives, financial situation, and needs. The trading generated net commissions of $100,549.42 and customer’s accounts experienced losses of $391,893.
If you lost any money on investments with Joseph Cotter, you may be able to recover your losses from NEXT Financial Group, Inc. and/or Petersen Investments, Inc. This is because NEXT Financial Group, Inc. and Petersen Investments, Inc. had a duty to supervise Joseph Cotter.
If you lost money on investments with Joseph Cotter and believe that the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action against NEXT Financial Group, Inc. and/or Petersen Investments, Inc., concerning Joseph Cotter’s conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
Goodman & Nekvasil, P.A. has recovered approximately $180 million on behalf of victimized investors. If you lost money on any investments with Joseph Cotter and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.