Securities Arbitration Lawyer Blog
Philip Connors is a stockbroker with Worden Capital Management LLC (“Worden Capital Management”) in New York, New York. Mr. Connors has a history of customer disputes and a past association with a disreputable brokerage firm that has been expelled by FINRA.
If you have lost money with broker Philip Connors or Worden Capital Management, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential review of your account.
Worden Capital Management
According to a 2017 investigation by Reuters, Worden Capital Management hired more brokers with a history of significant disclosures than all but twenty-four other firms in the country. In 2021, Iorio Altamirano LLP set out to update that analysis.
The investigation revealed that fifty-four percent (54%) of Worden Capital Management’s brokers and supervisors have significant “red flag” public disclosures. Significant red flag disclosures include:
- regulatory sanctions,
- terminations of employment after allegations of misconduct,
- customer disputes that result in an award or settlement, and
- prior association with a firm that FINRA has expelled.
You can read the full investigative report here: Investigative Report: Worden Capital Management LLC’s Owners, Executives, and Brokers Have Concerning Red Flag Disclosures
Mr. Connors is one of the brokers who had serious incidents reported on his BrokerCheck report.
Financial Advisor Phillip Michael Connors (CRD No. 5274094)
Prior Associations
Mr. Connors has ten years of experience in the securities industry and has been associated with five different broker-dealers. He averages two years at each brokerage firm.
Throughout his career, Mr. Connors has been associated with the following firms:
- Worden Capital Management LLC, from August 2017 to the present.
- Laidlaw & Company (UK) Ltd., from December 2013 to September 2017.
- Ariston Wealth Management, L.P., from February 2013 to July 2013.
- Meyers Associates, L.P. (expelled by FINRA), from October 2012 to December 2013.
- Buckman, Buckman & Reid, Inc., from January 2011 to October 2012.
Customer Complaints
According to his BrokerCheck report, Mr. Connors has been the subject of at least three customer complaints:
- Customer Dispute (March 2019): A customer filed a securities arbitration complaint alleging excessive and unsuitable trading in a retirement account, false and misleading statements, fraud, negligent misrepresentation, and breach of fiduciary duty. The customer alleged $50,000 in damages. The alleged conduct occurred when Mr. Connors was employed by Worden Capital Management, LLC. Connors settled the matter for $14,999.
- Customer Dispute (November 2017): A customer submitted a written complaint directly to Worden Capital Management LLC alleging the unauthorized use of margin for three trades. The customer did not file a securities arbitration complaint. Worden Capital Management, LLC denied the complaint, stating that it appears that the complaint was due to a miscommunication and that the client withdrew the complaint.
- Customer Dispute (February 2014): A customer filed a written complaint alleging the unauthorized use of margin and sought $20,000 in damages. The alleged conduct occurred when Mr. Connors was employed by Meyers Associates, L.P. Connors settled the matter for $1,373. Mr. Connors denies wrongdoing. His full broker statement regarding the allegations can be read on his BrokerCheck report.
Worden Capital Management LLC & Laidlaw & Company (UK) Ltd. – Supervisory Duties
Brokerage firms like Worden Capital Management LLC and Laidlaw & Company (UK) Ltd. must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.
How to Recover Financial Losses or Obtain a Free Consultation
If you or a loved one were a customer of Philip Connors, Worden Capital Management LLC, or Laidlaw & Company (UK) Ltd. and either sustained financial losses or suspect that Mr. Connors did not have your best interest in mind when recommending investments or making account transactions, contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.