Did You Lose Money Because of John Forster?
Filed: March 6, 2024
John Forster currently has one (1) pending customer complaint. Overall, he has been the subject of six (6) customer complaints. As an investor, you may be entitled to compensation for losses accrued due to mismanagement of your investments.
Let’s begin our Patil Law Advisor Alert with a summary report on John James Forster.
Who Is John James Forster of Merrill Lynch, Pierce, Fenner & Smith Incorporated?
- Advisor Name: John James Forster
- Aliases: John Forster
- CRD: 1303832
- Location: Washington, D.C.
- Current Employer: Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Previous Firms: Morgan Stanley and Citigroup Global Markets Inc.
- Number of Known Customer Complaints: 6
- Can John Forster Be Sued: Yes, in Private Arbitration
- Can John Forster’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
- Highest Damages Allegation: $4,000,000
- Highest Settlement: $750,000
If you have suffered investment losses by John Forster, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining a failure to supervise lawyer. Reach out to the legal team at Patil Law, P.C. via the secure online form or call the firm directly toll-free at 1-800-950-6553.
Customer Complaints Filed Against John Forster For Broker Misconduct
As of this publication date, John Forster has been the subject of 6 customer disputes. Let’s review them below.
In June 2023, a FINRA arbitration was filed against or in reference to John Forster by a customer of Merrill Lynch, Pierce, Fenner & Smith Incorporated alleging that Mr. Forster failed to act in the client’s best interest and made an unsuitable recommendation related to variable annuity. Per the customer, he/she lost over $272,000 because of Mr. Forster’s actions. As of this publication date, this claim remains pending.
In March 2018, a complaint was filed against or in reference to John Forster by a customer of MSSB alleging that the client did not authorize the transfer of funds to process commodity trades – 7/26/2011 – 5/01/2012.
In September 2011, a complaint was filed against or in reference to John Forster by a customer of Morgan Stanley Smith Barney alleging that the risks associated with the investment strategy were misrepresented in May 2011.
In December 2009, a FINRA arbitration was filed against or in reference to John Forster by a customer of Citigroup Global Markets Inc. alleging that from June of 1996 through March of 2009, Mr. Forster mismanaged the client’s account through the improper implementation of a margin balance. The client alleges that the financial advisor maintained an unsuitable asset allocation in her account. Per the customer, she lost over $4,000,000 because of Mr. Forster’s actions. On February 23, 2011, Mr. Forster settled the claim for $750,000, and some or all of this amount may have been paid by Mr. Forster’s employer and/or insurance carrier.
In December 2004, a complaint was filed against or in reference to John Forster by a customer of Citigroup Global Markets Inc. alleging lost money in account over a three year period beginning in 2001.
In January 2001, a complaint was filed against or in reference to John Forster by a customer of Salomon Smith Barney Inc. alleging that securities were sold without the client’s knowledge or consent. Per the customer, he lost over $1,000,000 because of Mr. Forster’s actions.
How To File A Claim Against John Forster of Merrill Lynch, Pierce, Fenner & Smith Incorporated (previously with Morgan Stanley and Citigroup Global Markets Inc.) To Get Your Money Back
If you have questions about John Forster, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley, Citigroup Global Markets Inc., or the management or performance of your accounts, please contact Attorney Patil for a free initial consultation via email or toll-free at 1-800-950-6553.
