Patt Stansberry – Financial Advisor/Broker Patt Stansberry Previously Suspended from Securities Industry | Goodman & Nekvasil P.A., May Recover Investor Losses
Patt Stansberry a/k/a Robert Patton Stansberry was a previously licensed financial advisor with Cutter & Company, Wells Fargo, and Stifel, Nicolaus & Company.
According to FINRA, Patt Stansberry was fined $10,000 and suspended from the securities industry for six months in August 2020.
According to FINRA Allegations:
Stansberry consented to the sanctions and to the entry of findings that he used an unauthorized personal email account to communicate with his customers concerning securities business. The findings stated that several of these communications contained unprotected sensitive information, such as customer account statements, logins, passwords, and two-factor-authentication codes. Stansberry’s member firms generally prohibited their registered persons from communicating with customers using personal email accounts, and the firms did not maintain copies of his emails sent to or received by his personal email account related to securities business. Additionally, Stansberry provided false and misleading compliance attestations to his firms regarding his use of third-party applications and/or communications systems to communicate with customers for business purposes. Stansberry failed to abide by firm policies and procedures and caused them to violate recordkeeping requirements. The findings also stated that Stansberry instructed firm customers to sign incomplete documents and return them to him, with the customers’ understanding that he would fill in the missing information, including social security numbers, bank routing numbers, etc., consistent with their instructions, but without further verification. Stansberry altered documents such as IRA beneficiary forms, automated clearing house authorization agreements, account distributions forms, and letters of authorization to transfer funds/assets. In one instance, Stansberry had a customer sign a transfer on death account application, but the customer omitted each beneficiary’s allocation percentage and subsequently died before completing this information. As an accommodation, and with the assistance and agreement of the beneficiaries, Stansberry filled in the beneficiary allocation percentages after the customer’s death. Due to the firm’s ensuing investigation of Stansberry’s document alteration, the beneficiaries incurred delays in the disbursement of their inherited funds.
Goodman & Nekvasil, P.A. May Recover Investor Losses:
If you lost money on investments with Patt Stansberry 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 concerning Patt Stansberry’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 $200 million on behalf of victimized investors. If you lost money on investments with Patt Stansberry 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.
Some of the information in this blog post was obtained on 8/12/2021 directly from FINRA BrokerCheck, without any changes. If you believe this information was reported incorrectly, please contact our firm at 1-800-500-4442.