FINRA Suspends Financial Advisor Jeffrey Cashmore

September 17, 2012

Financial advisor Jeffrey Cashmore recently submitted a Letter of Acceptance, Waiver and Consent whereby he consented to a month-long suspension by the Financial Industry Regulatory Authority ("FINRA"). FINRA suspended Mr. Cashmore from acting as a stock broker during the period Nov. 5, 2012 to Dec. 4, 2012.

According to FINRA, Mr. Cashmore "prepared and distributed misleading sales literature to his customers and prospective customers." Specifically, FINRA stated that the sales literature "contained misleading information" and that it "provided Cashmore's customers with oversimplified and incomplete information, and failed to provide a sound basis for evaluating the facts with respect to the information contained in the package."

In addition to the one-month suspension, Mr. Cashmore also agreed to pay a $5,000 fine.

To view a copy of Mr. Cashmore's FINRA Letter of Acceptance, Waiver and Consent, click HERE.


Customers of Jeffrey Cashmore may contact The Pearl Law Firm, P.A. for a free evaluation of their situation at 585-381-3820 and 239-653-9330.

 

Law Firm Assists Customers Who Invested with Jeffrey Cashmore

November 8, 2012

One of upstate New York's most experienced law firms practicing in securities and financial fraud is assisting customers who invested with financial advisor Jeffrey Cashmore.

The Pearl Law Firm, P.A., of Rochester, N.Y., is investigating potential claims against Mr. Cashmore stemming from the advice he gave people who were considering their retirement options. The Pearl Law Firm has been investigating Mr. Cashmore's sales tactics since July 2010, and the firm has represented former investors in lawsuits against both Mr. Cashmore and his broker-dealer, LPL Financial.

Robert Pearl urges investors who have complaints against Mr. Cashmore regarding his investment advice to contact an attorney to evaluate their potential claims.

"We have been investigating Mr. Cashmore's conduct since 2010. Our investigation in 2010 led us to conclude that he made unrealistic projections to his clients in order to convince them to retire early and then sold them unsuitable investment products from which he earned large, undisclosed commissions," Pearl said. "If you were a client of Mr. Cashmore and have watched your retirement assets steadily decline over the years, you should seek the advice of an attorney regarding potential claims you may have concerning your losses."


Customers of Jeffrey Cashmore may contact The Pearl Law Firm, P.A. for a free evaluation of their situation at 585-381-3820 and 239-653-9330.

 
The Financial Industry Regulatory Agency ("FINRA") recently issued an alert warning workers about hallow promises of early retirement from their investment advisors.

The FINRA alert titled "Look Before You Leave: Don't Be Misled by Early Retirement Investment Pitches That Promise Too Much" provided warnings about misleading statements, the danger of early withdrawals, and tips to avoid being taken advantage of by an unscrupulous financial advisor.

As the FINRA alert stated, "Early retirement is an alluring prospect. When faced with a pitch that promises that you can cash in your company retirement savings in your 50s, reinvest the money and live comfortably off the proceeds for the rest of your life, many simply can't say no. But usually they should. This Alert is being issued because we are aware of instances in which employees who had built up sizeable retirement savings have been misled, and financially harmed, by flawed, even fraudulent early-retirement investment schemes."

To view a copy of the FINRA Alert, click HERE.

 

Customers of Jeffrey Cashmore may contact The Pearl Law Firm, P.A. for a free evaluation of their situation at 585-381-3820 and 239-653-9330.

 

Ruined by 401(k) Predators

July 14 & 21, 2008
By Mara Der Hovanesian
Business Week

Stan Morrill was confident his nest egg would provide for him and his wife for the rest of their lives. After all, the Eastman Kodak veteran, a factory worker for 31 years, had attended the free financial seminar recommended to him by a co-worker.

Morrill says the host, Michael J. Kazacos, one of Morgan Stanley's top brokers, dazzled him with a plan that would let him retire at 49. Morrill just had to roll over his pension and 401(k) into a tax-deferred account managed by Kazacos.

After that, he could safely withdraw $36,000 a year – plenty to cover his bills – without ever touching the $320,745 principal.

"I saw no reason why I should stay and work," says Morrill, who signed on in 1998.

But he says the strategy, which assumed unusually high investment returns of up to 14%, didn't pan out. Morrill's balance now stands at just $57,559, and with little other savings, he's scrambling.

To read the full Business Week article "Ruined by 401(k) Predators," click HERE.
Customers of Jeffrey Cashmore may contact The Pearl Law Firm, P.A. for a free evaluation of their situation at 585-381-3820 and 239-653-9330.