The allegations read: Rushton l. Ardrey iii was a subject of the customers' complaint against his member firms that asserted the following causes of action: unsuitable investments and strategy, breach of regulatory requirements (negligence), breach of fiduciary duty, breach of fiduciary duty to disclose material information, negligence and gross negligence, unauthorized trading, and churning. The causes of action related to the allegation that their financial advisor, an unnamed party employed by the respondents, frequently traded claimants' accounts on a discretionary basis, despite never having written permission. Claimants further alleged that their financial advisor used a speculative trading strategy, which generated substantial profits for respondents but was unsuitable for claimants and not in claimants' best interests, including investments in molycorp, inc., quest rare minerals, ltd., tasman metals ltd., and puerto rico municipal bonds.
