Broker and Investment Adviser, James Parrelly Faces New Complaint Allegations
James Anthony Parrelly, CRD#: 728368, is a registered representative with Investment Planners, Inc. He has 37 years of experience working for a total of nine firms. According to his FINRA BrokerCheck report, Mr. Parrelly is licensed in nine states and has passed a total of six exams including State Securities Law Exams Series 63 and Series 65, the SIE – Securities Industry Essentials Exam and Series 7 – General Securities Representative Exam. Mr. Parrelly has worked with Investment Planners, Inc. since March 9, 2015. Prior to his current employment, he worked with several other broker-dealer firms including First Midwest Securities for over 10 years, Girard Securities, Spelman and Co., Inc., and American Investment Services, Inc. According to the record, American Investment Services, Inc. was expelled by FINRA in February 2003.
Mr. Parrelly has 10 reported disclosures. FINRA requires the public disclosure of “customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings, and certain civil or criminal proceedings” that a registered representative was a part of. Mr. Parrelly has seven settled customer disputes and has one pending. He was also subject to two regulatory actions.
The most recent customer dispute against Mr. Parrelly alleges churning, negligence of duty and unsuitable investments. The customer has requested damages in the amount of $500,000. Prior settled customer disputes involve unauthorized, unsuitable and discretionary trading, churning and excessive commissions; unsuitable, high risk, speculative trading, breach of contract, fraud, promissory estoppel, negligence, malpractice, breach of fiduciary duty and breach of Michigan Securities law; and many other charges. All of the previous seven customer disputes were settled with the customer receiving damages.
The first of Mr. Parrelly’s two listed regulatory actions involved the state of Illinois requiring him to withdraw his salesperson registration and not reapply for registration for one year. The second FINRA disciplinary actionwas initiated by the National Association of Securities Dealers (NASD) resulting in a suspension and civil and administrative penalties/fines.
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