John Joseph Temple – and the firm that employs him or her – is regulated by the Financial Industry Regulatory Authority (FINRA).
If you are like most people, before you go out to dinner at a new restaurant, you probably take a quick look at the reviews. This makes sense; you are going to pay for an expensive dinner, and you need to be sure that you are getting a good value.
Yet, when choosing a financial advisor, many people fail to conduct this same level of due diligence. Before turning over access to your money, you need to be sure that you have found a financial advisor that you can trust. Here, our audit report, including details of allegations, complaints, and sanctions will help you decide whether or not to invest with John Joseph Temple.
BrokerComplaints.com is currently investigating allegations related to John Joseph Temple. We provide a free platform for investors to help them in their claims against negligent brokers and brokerage firms.
About John Temple
John Joseph Temple is an Investment Adviser. John Joseph Temple’s Central Registration Depository (CRD) number is 1139897 and the FINRA Profile can be found at – https://brokercheck.finra.org/individual/summary/1139897.
Click here to download a Detailed Audit Report for John Joseph Temple.
John Joseph Temple has previously been reprimanded and has disclosures and/or client dispute(s) listed at FINRA BrokerCheck.
Accusations and Disclosures
You can find below, a quick snapshot of John Joseph Temple’s regulatory actions, arbitrations, and complaints.
DISCLOSURE 1 –
- Event Date: 7/29/2014
- Disclosure Type: Customer Dispute
- Disclosure Resolution: Pending
- Disclosure Detail :: Allegations: CUSTOMERS MADE 13 TIC PROPERTY INVESTMENTS FROM 2004 AND 2008. CUSTOMERS ARE ALLEGING FRAUD, NEGLIGENCE, AND MISREPRESENTATION ON THE PLACEMENT OF ALL 13 INVESTMENTS
- Damage Amount Requested: $5,500,000.00
- Arbitration Docket Number:
- Broker Comment: THE CLAIMANTS A PURCHASED A DIVERSIFIED REAL ESTATE PORTFOLIO OF 13 TIC PROPERTIES FOR A 1031 EXCHANGE. THE HIGHLY EDUCATED CLAIMANTS WERE PROVIDED WITH ALL DISCLOSURES REGARDING THE INVESTMENTS, AND THE RESPONDENTS PERFORMED REASONABLE BASED DUE DILIGENCE ON THE PROPERTIES. RESPONDENT JOHN TEMPLE DENIES ANY WRONG DOING.
DISCLOSURE 2 –
- Event Date: 2/14/2012
- Disclosure Type: Customer Dispute
- Disclosure Resolution: Settled
- Disclosure Detail :: Allegations: CLIENTS PURCHASED 1031 TENANTS IN COMMON IN 2004, 2005 AND 2006. CLIENTS ALLEGE THAT THE SECURITIES RECOMMENDED AND PURCHASED WERE UNSUITABLE, BREACH OF FIDUCIARY DUTY, NEGLIGENCE, BREACH OF CONTRACT, FAILURE TO CONDUCT PROPER DUE DILIGENCE ON RECOMMENDED PRODUCT AND SECURITIES FRAUD, COMMON LAW FRAUD AND CONSTRUCTIVE FRAUD.
- Damage Amount Requested: $1,952,127.31
- Settlement Amount: $10,000.00
- Arbitration Docket Number: 12-00539
- Broker Comment: REPRESENTATIVE DENIES CHARGES. CLIENTS SUCCESSFULLY BOUGHT AND SOLD A NUMBER OF SIMILAR PROPERITES PROFITABLY PRIOR TO REAL ESTATE CRASH OF 2008. REPRESENTATIVE WORKED WITH CLIENTS FOR NEARLY 10 YEARS WITH NEVER A COMPLAINT PRIOR TO THESE CHARGES.
DISCLOSURE 3 –
- Event Date: 5/12/2011
- Disclosure Type: Customer Dispute
- Disclosure Resolution: Settled
- Disclosure Detail :: Allegations: ALLEGATION: SUITABILITY. SUMMARY: 06-09-06 CLIENT CALLED US WITH THE SPECIFIC OBJECTIVE OF INVESTING IN OIL AND GAS. CLIENT IS HIGHLY EDUCATED, 20 YEARS PROFESSIONAL EXPERIENCE AND HE HOLDS A DOCTORATE DEGREE. INVESTMENT REPRESENTS 2.5% OF NET WORTH. CLIENT RECEIVED PPM ON 06/15/06 AND SIGNED THAT HE READ AND UNDERSTOOD RISKS ON 06/29/2006
- Damage Amount Requested: $49,999.00
- Settlement Amount: $7,500.00
- Arbitration Docket Number: 11-01750
- Broker Comment: ON 06/09/2006 [CUSTOMER SOLICITED US VIA A REFERRAL WITH THE SPECIFIC OBJECTIVE OF INVESTING IN OIL AND GAS. [CUSTOMER HAD 20 YEARS PROFESSIONAL EXPERIENCE AND HOLDS A DOCTORATE DEGREE. [CUSTOMER WAS CLEARLY ACCREDITED AND THIS INVESTMENT REPRESENTED ~ 2.5% OF HIS NET WORTH. [CUSTOMER RECEIVED A PPM ON SIGNED ACKNOWLEDGEMENT OF RISKS ON 06/29/2006
DISCLOSURE 4 –
- Event Date: 12/28/2006
- Disclosure Type: Regulatory
- Disclosure Resolution: Final
- Disclosure Detail :: DocketNumberFDA:
- Initiated By: ALABAMA
- Allegations: OMNI BROKERAGE, INC. AND JOHN JOSEPH TEMPLE, A REGISTERED AGENT FOR OMNI BROKERAGE, INC., TRANSACTED SECURITIES ON BEHALF OF AN ALABAMA RESIDENT PRIOR TO THEIR REGISTRATION. GARY BENYON, ON BEHALF OF OMNI BROKERAGE, INC. AN UNREGISTERED BROKER-DEALER, FAILED TO REASONABLY SUPERVISE. ON 3-10-2006 A SHOW CAUSE ORDER WITH NOTICE OF RIGHT TO HEARING ATTACHED AND MADE A PART THEREOF, GIVING RESPONDENTS OMNI BROKERAGE, INC., GARY BENYON, AND JOHN JOSEPH TEMPLE 28 DAYS FROM RECEIPT OF THE ORDER TO RESPOND OR PERFECT A RIGHT TO HEARING.SC-2006-0013 WAS RESOLVED BY CO-2006-0013 ON DECEMBER 28, 2006.THE $15,270 NOTED ABOVE CONSISTED OF $10,780.00 IN DISGORGED COMMISSIONS, DISGORGEMENT OF MANAGEMENT UNDERWRITING AND MARKETING/DUE DIKIGENCE FEES OF 2,990.00, AN ADMINISTRATIVE ASSESSMENT IN THE AMOUNT OF $750.00 AND ANOTHER $750.00 FOR PARTIAL REIMBURSEMENT OF INVESTIGATIVE COST.
- Resolution: Consent
- Sanction Details :: Sanctions: Monetary/Fine
- Sanction Details :: Amount: $15,270.00
- Sanction Details: OMNI BROKERAGE, INC. AND JOHN JOSEPH TEMPLE, A REGISTERED AGENT FOR OMNI BROKERAGE, INC., TRANSACTED SECURITIES ON BEHALF OF AN ALABAMA RESIDENT PRIOR TO THEIR REGISTRATION. GARY BENYON, ON BEHALF OF OMNI BROKERAGE, INC. AN UNREGISTERED BROKER-DEALER, FAILED TO REASONABLY SUPERVISE. ON 3-10-2006 A SHOW CAUSE ORDER WITH NOTICE OF RIGHT TO HEARING ATTACHED AND MADE A PART THEREOF, GIVING RESPONDENTS OMNI BROKERAGE, INC., GARY BENYON, AND JOHN JOSEPH TEMPLE 28 DAYS FROM RECEIPT OF THE ORDER TO RESPOND OR PERFECT A RIGHT TO HEARING.SC-2006-0013 WAS RESOLVED BY CO-2006-0013 ON DECEMBER 28, 2006.THE $15,270 NOTED ABOVE CONSISTED OF $10,780.00 IN DISGORGED COMMISSIONS, DISGORGEMENT OF MANAGEMENT UNDERWRITING AND MARKETING/DUE DIKIGENCE FEES OF 2,990.00, AN ADMINISTRATIVE ASSESSMENT IN THE AMOUNT OF $750.00 AND ANOTHER $750.00 FOR PARTIAL REIMBURSEMENT OF INVESTIGATIVE COST.
According to a study prepared for the FINRA Investor Education Foundation, 80 percent of American investors report that they have been solicited to participate in a fraud scheme, while 11 percent of American investors report that they personally lost money as a result of fraud.
FINRA notes that the rate of investment fraud is most likely much higher than it is reported. This is because many victims of financial advisor scams are too ashamed to come forward. Further, the study also found that a significant number of investors do not know how to spot common red flags of investment fraud. The least you should do is share your experience with other potential victims of investment scams.
Under federal securities law and securities industry regulations, registered investment firms have a legal duty to supervise their financial advisors. Section 15(b)(4)(E) of the Securities and Exchange Act of 1934 makes a securities firm liable for the conduct of representatives.
- ARI FINANCIAL SERVICES, INC. (CRD#: 137608) :: 5/9/2014 – 12/31/2014 :: OVERLAND PARK, KS
- SANDLAPPER SECURITIES, LLC (CRD#: 137906) :: 11/30/2012 – 8/6/2013 :: GREENVILLE, SC
- ARI FINANCIAL SERVICES, INC. (CRD#: 137608) :: 5/16/2011 – 10/12/2011 :: PEORIA, AZ
- RESOURCIVE CAPITAL, LLC (CRD#: 145504) :: 9/18/2009 – 8/6/2010 :: POWAY, CA
- OMNI BROKERAGE, INC. (CRD#: 16878) :: 9/12/2001 – 5/5/2009 :: DRAPER, UT
- PACIFIC WEST SECURITIES, INC. (CRD#: 6390) :: 10/11/2000 – 8/6/2001 :: RENTON, WA
- TEMPLE SECURITIES, INC. (CRD#: 27822) :: 2/20/1991 – 8/16/2000 :: BEND, OR
- AEROSTAR SECURITIES CORPORATION (CRD#: 21646) :: 5/2/1990 – 10/12/1990
- A. G. EDWARDS & SONS, INC. (CRD#: 4) :: 8/25/1983 – 4/17/1990 :: ST. LOUIS, MO
- INTERPACIFIC INVESTORS SERVICES, INC. (CRD#: 4879) :: 6/6/1983 – 8/26/1983
The duty to supervise securities representatives is a strong legal requirement. Registered investment firms must take many different steps to ensure that they are protecting their customers from irresponsible and criminal financial advisors.
Legit or Not?
Unfortunately, stockbroker fraud is more common than many investors would like to think. And yes, stockbrokers (including John Joseph Temple, but not limited to) can (and do) steal money from their clients. While it’s rare that a broker will literally steal his client’s money (though that does happen), typically the “theft” of investment funds comes in the form of other fraudulent violations of securities law and FINRA rules which leads to significant investment losses.
Investors generally understand that there are risks associated with buying and selling securities. The market can go up, and the market can go down. No matter how skilled of an investor you are, there are always risks. With that being said, sometimes investment losses cannot be blamed on simple back luck.
There are 10 major types of complaints we receive against Investment Brokers –
- Outright Theft (Conversion of Funds)
- Unauthorized Trading
- Misrepresentation or Omission of Material Facts
- Excessive Trading (Churning)
- Lack of Diversification
- Unsuitable Investment Recommendations
- Failure to Disclose a Personal Conflict of Interest
- Front Running of Transactions
- Breakpoint Sale Violations
- Negligent Portfolio Management
Do your due diligence before investing. Public records are available for everybody to review and decide on the safest bet.
How to Protect Yourself
We, as citizens, place a great deal of trust in the financial advisors who are tasked with helping us achieve and maintain financial security. Most of the time financial advisors and stockbrokers are honest folks who work diligently in their client’s best interests. However, on occasion financial advisors and the brokerage firms who employ them mess up and cause serious financial harm to their clients. Sometimes these losses are caused by simple negligence. Other times fraud or other serious misconduct is to blame.
Here are 5 signs that your broker needs to be reported –
- Breach of Fiduciary Duty: Under the Investment Advisers Act of 1940, certain investment professionals, known as registered investment advisors (RIAs), owe fiduciary obligations to their customers. Your investment broker must always look out for your best interests. If you lost money because of your broker’s breach of fiduciary duty, you may be entitled to compensation for the full value of your damages.
- Unsuitable Investments: Many financial advisors are not fiduciaries. Instead, they are held to the suitability standard. These stockbrokers and financial advisors can only sell and recommend financial products that are appropriate for a customer’s unique investment profile. If you lost money in unsuitable investments, you should consider reporting them.
- Material Misrepresentations or Omissions: Brokers have a duty to make fair and honest representations to their clients. If they fail to do so, and an investor loses money due to a misrepresentation or a material omission, the broker may be liable for the investor’s losses.
- Lack of Diversification: Brokers must also act with the appropriate level of professional skill. Pushing a customer into over-concentrated investments is highly risky. Brokers can be held liable for losses sustained because of an investor’s inappropriate lack of diversification.
- Excessive Trading (Churning): Stockbrokers and financial advisors must have a well-grounded, reasonable basis to execute all trades. Unfortunately, there are cases in which brokers will frequently trade on a customer’s account, simply to increase their own fees. This unlawful practice is known as churning.
- Unauthorized Trading: Brokers must have the proper legal authority to make transactions on behalf of a client. If you lost money because your broker made trades that you never approved of, you may have been the victim of unauthorized trading. You should consult with an experienced attorney.
Report John Temple
In order to prevail in an investment fraud lawsuit or FINRA arbitration cases, you must be able to assert a viable ‘cause of action’.
John Joseph Temple – and the firm that employs this broker – is regulated by the Financial Industry Regulatory Authority (FINRA). FINRA provides an online form to allow investors to file a formal complaint against their financial advisor, stockbroker, or brokerage firm.
Click here to go to FINRA’s Online Complaint Form →
This form will ask you for specific information related to your complaint. Be prepared by gathering the following:
- Name and symbol for the investment product in question.
- The CRD number (1139897) for the broker – John Joseph Temple
- Your complete contact information.
Remember, it is advised to report your broker to FINRA, only after you have exhausted all of your other remedies and carefully prepared a compelling complaint. Once you file a complaint against your broker at FINRA, your case will be bound by FINRA’s rules and the arbitration panel’s eventual decision. The time clock will start, and your complaint will be served on your broker or broker-dealer.