On March 3, 2015 Norma Skeete of Arlington, Virginia, a former broker with PFS Investments of Camp Springs, MD was named in a FINRA complaint alleging that she made negligent misrepresentations to a PFS customer in connection with a loan that the customer made to a real estate company.
The complaint alleges that Norma Skeete failed to properly investigate the real estate company to verify the risks of the investment, and instead relied solely on the representations of the company’s officers. As a result, Skeete did not have a reasonable basis to recommend the investment. After the loan was made the customer sought updates, and when he wasn’t repaid on the loan Skeete reaffirmed that he would be repaid. As of the time of the filing of the complaint the customer had not been repaid.
Norma Skeete was a long time registered representative, and was licensed in the securities industry from 1983 – 2011.
Norma Skeete’s registration and disciplinary history
Norma Skeete was registered with the following firms:
According to FINRA’s CRD disclosure report, Norma Skeete has been the subject of two regulatory investigations.
The Law Office of David Liebrader practices exclusively in the field of investment loss recovery and our securities attorneys have successfully resolved over 1000 investment loss cases over the past 20 years. Recoveries for clients top $40 million. The types of claims we have successfully handled include those involving unsuitable investments (suitability claims), excessive trading or “churning”, misrepresentations and omissions, unauthorized trading, over-concentration of illiquid or overly risky investments, pump and dump scams involving “penny stocks”, direct participation programs (private placements) involving real estate investment trusts (REITS), oil and gas exploration programs, leasing equipment deals and receivable financing, promissory notes whether sold through a broker dealer or as part of the outside business activities of a registered representative, ponzi scheme losses, failure on the part of the broker dealer to perform due diligence, state securities law (blue sky) violations and failure to supervise.
Investment losses can be recovered through a process known as FINRA arbitration. FINRA regulates broker dealers that sell investments, and provides an arbitration forum to resolve investor disputes. Investors can pursue claims against their brokerage firms in the FINRA arbitration forum. Common claims in the forum are those for suitability, breach of fiduciary duty, misrepresentations and omissions, negligence, violation of FINRA rules, state and federal securities laws violations, elder abuse, breach of contract and failure to supervise. On average, the recovery process takes approximately a year, from start to finish.
FINRA’s rules require that all investment recommendations made by licensed financial advisors be suitable in light of a customer’s needs, objectives and risk tolerance. In addition, all registered representatives are required to be properly supervised, with periodic inspections and reviews by qualified supervisors, whose job it is to vigorously investigate suspicions of wrongdoing (red flags).
If you have suffered investment losses please call The Law Office of David Liebrader at (702) 380-3131 for a free, confidential consultation