Goodman & Nekvasil P.A, May Recover Investor Losses – Clay Emerson Hoffman Fired by SunTrust Investment Services, Inc.
From 2007 until Clay Hoffman’s firing in 2013, Clay Hoffman was licensed with SunTrust Investment Services, Inc. Clay Hoffman was subsequently licensed with Summit Brokerage Services, Inc. According to FINRA’s records, Clay Hoffman was fired by SunTrust Investment Services, Inc. on April 11, 2013. SunTrust Investment Services, Inc. reported to FINRA that the outcome of a continuing review of Clay Hoffman’s client account transactions presented an unacceptable risk to SunTrust Investment Services, Inc.
Subsequent to Clay Hoffman’s firing by SunTrust Investment Services, Inc, FINRA investigated Clay Hoffman and brought a disciplinary action against Clay Hoffman. Clay Hoffman was permanently barred from the securities and investment banking industry in April 2017. FINRA reports that the sanction was based on findings that Clay Hoffman failed to respond to FINRA information requests in connection with an investigation into potentially serious misconduct. FINRA also reports that Clay Hoffman had previously been suspended twice and had his FINRA registration revoked. Regarding Clay Hoffman’s suspension in February 2016, FINRA reports that Clay Hoffman consented to the entry of findings that Clay Hoffman executed discretionary transactions in a customer’s account without prior written authorization from the customer to exercise discretionary trading power and without written approval of the account as discretionary by Clay Hoffman’s firm. According to FINRA, the findings stated that Clay Hoffman exercised discretion in executing transactions in the customer’s account.
FINRA reports that nine complaints and/or arbitration claims were filed involving Clay Hoffman’s conduct with SunTrust Investment Services, Inc. and/or Summit Brokerage Services, Inc. These claims allege losses due to unsuitability, unauthorized trading, misrepresentation, breach of contract, breach of fiduciary duty, negligent misrepresentation, conversion, and/or failure to disclose charges among other issues. These complaints and/or arbitration claims were all settled, with the largest settling for $90,000. Clay Hoffman contributed $210,000 in total to these nine settlements. FINRA also reports that a tenth arbitration claim involving Clay Hoffman’s conduct was settled.
If you lost any money on investments with Clay Hoffman while Clay Hoffman was employed with SunTrust Investment Services, Inc. and/or Summit Brokerage Services, Inc., you may be able to recover your losses from SunTrust Investment Services, Inc. and/or Summit Brokerage Services, Inc. This is because SunTrust Investment Services, Inc. and/or Summit Brokerage Services, Inc. had a duty to supervise Clay Hoffman.
If you lost money on investments with Clay Hoffman and believe 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 SunTrust Investment Services, Inc. and/or Summit Brokerage Services, Inc. concerning Clay Hoffman’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.
Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $170 million on behalf of victimized investors. If you lost money on investments with Clay Hoffman 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.
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