According to BrokerCheck records kept by the Financial Industry Regulatory Authority (FINRA), a customer alleged in February 2018 that Pronovost engaged in unsuitable investments. Another customer alleged in March 2018 that Pronovost engaged in unsuitable investments and misrepresented the investor’s needs.
Pronovost allegedly sold the LJM Preservation and Growth Fund to multiple customers (LJMAX, LJMCX, LJMIX). Investors may have been unaware of the risks associated with this investment, as the fund’s name belies its risky strategy. Gana LLP has already filed a case against Cambridge Investment Research, Mr. Pronovost’s employer for the sale of the LJM Preservation and Growth Funds.