If you have ever lost money investing with Joseph Hooper or in iPractice Group, Inc. stock, you may be able to recover your losses through FINRA arbitration or securities litigation.
The Financial Industry Regulatory Authority (FINRA) recently filed a complaint against stockbroker Joseph Hooper for allegedly participation in at least 53 private securities transactions involving 41 investors for a total of $3,400,648 worth of stock in a company called iPractice Group, Inc.. Upon information and belief, Joseph Hooper served as the Director of Investor Relations for a company called the iPractice Group. For his sales of these securities to the investors, Joseph Hooper is alleged to have received $425,081 and more than 21,000 shares of iPractice stock as compensation for his activities.
According to FINRA records, iPractice was a medical technology company that Joseph Hooper helped raise money for by selling stock through various private placement securities offerings. According to FINRA, between May 18, 2012, and January 3, 2013, while he was registered with Source Capital (a Connecticut based brokerage firm), Joseph Hooper sold $3,400,648 of iPractice stock to at least 41 investors. In January 2013, iPractice filed for bankruptcy causing most of these investors to suffer a complete loss on their investment.
Fortunately for investors, they may be able to recover their investment losses through FINRA arbitration or securities litigation. In the securities industry, when a stockbroker like Joseph Hooper sells investments that are not approved by the brokerage firm they are registered with, they are engaged in a type of misconduct that is called “selling away”. Generally speaking, stockbrokers are required to only sell investments that have been reviewed and approved by the brokerage firm they are registered with. Even if a broker sells investments that are not approved to customers of the firm, in many cases the brokerage firm may be held liable for losses in those investments even if the investment itself was not approved. Moreover, because brokerage firms like Source Capital have a regulatory duty to supervise its brokers like Joseph Hooper and the transaction itself to ensure that securities are suitable for the firm customers, brokerage firms may be held liable for “selling away” if investors suffer losses in unapproved investments. In addition, if a brokerage firm approves a private securities transaction away from the firm for compensation, the brokerage firm must treat that transaction if it occurred on behalf of the brokerage firm itself - thereby holding the brokerage firm responsible for those losses.
If you are an investor that has suffered losses investing with Joseph Hooper or in iPractice Group stock sold to you, you may be able to recover your losses through FINRA arbitration or securities litigation. Please call Kons Law Firm at (860) 920-5181 for a FREE, NO OBLIGATION consultation to discuss your investment loss recovery options.
Kons Law Firm represents investors nationwide in securities arbitration and litigation matters. To learn more about the Firm’s securities litigation and FINRA arbitration practice, please visit www.investmentfraudattorneys.com.
