National investment fraud lawyers KlaymanToskes is investigating Andrew Jon Galy (CRD# 1915564) after the previously registered broker received over $300,000 in investor complaints and resigned from Cambridge Investment Research, Inc. His resignation follows allegations of altering client paperwork and reusing client account signature pages.
According to FINRA Brokercheck, Galy was registered with Cambridge Investment Research, Inc. from 2014 until his resignation on December 31st, 2022. Galy did business under New Orleans Private Wealth Management LLC in Metairie, LA.
If you suffered investment losses with Andrew Jon Galy at New Orleans Private Wealth Management and/or Cambridge Investment Research’s Metairie, LA branch, you are encouraged to contact Lawrence L. Klayman, Esq. at (888) 997-9956 or lklayman@klaymantoskes.com to discuss recovery options.
According to the Financial Industry Regulatory Authority’s (“FINRA”) Brokercheck, Andrew Jon Galy has six public disclosures including three investor complaints that requested a total of over $300,000 in damages.
All customer complaints against Galy have been settled in favor of the investors. Galy’s additional disclosures include an employment separation after allegations, an IRS tax lien and a financial compromise with creditors.
On August 30, 2021, Cambridge Investment Research was fined $250,000 and ordered to cease and desist from committing or causing any further securities violations after their inadequate policies and procedures put thousands of customers in jeopardy.
According to the firm’s FINRA Brokercheck Report, the cloud-based email accounts of 121 of Cambridge’s independent contractor representatives were taken over by third parties. This potentially exposed thousands of investors’ confidential information and records to harm. The SEC determined that Cambridge “willfully violated the Safeguard Rule, which requires every broker-dealer and every investment advisor registered with the commission to adopt written policies and procedures that are reasonably designed to safeguard customer records and information.”
Securities attorney Lawrence L. Klayman comments, “It is our opinion that Cambridge’s supervision of and relationship with independent representatives was lax. Had Cambridge implemented stricter policies and procedures relating to the handling of customer records, Andrew Galy may not have had the opportunity to alter client paperwork.”
If you suffered investment losses with Andrew Jon Galy at New Orleans Private Wealth Management and/or Cambridge Investment Research’s Metairie, LA branch, you are encouraged to contact Lawrence L. Klayman, Esq. at (888) 997-9956 or lklayman@klaymantoskes.com for a free consultation. Our firm works on a contingency basis, meaning we do not collect attorney’s fees unless we obtain a financial recovery for you.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lklayman@klaymantoskes.com
www.klaymantoskes.com