Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Cindy Chiellini (Chiellini), previously associated with Centaurus Financial, INC., has at least 43 disclosable events. These events include 43 customer complaints, alleging that Chiellini recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $50,000.00 on April 12, 2023.
In mid-2019, the customer alleges that the Registered Representative recommended risky, illiquid, complex and high-risk investments.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $36,000.00 on August 26, 2022.
During the period November 2018 and 2021, the customers allege that the Registered Representative recommended a speculative, high-risk and illiquid investment.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $200,000.00 on May 31, 2022.
During the period November 2016 and March 2020, the customer alleges that the Registered Representative recommended two high risk, unsuitable and illiquid investments.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $100,000.00 on May 23, 2022.
During 2018, the customers allege that the Registered Representative misrepresented a high risk, unsuitable and illiquid investment.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $300,000.00 on September 23, 2021.
The customers allege that the Registered Representative recommended unsuitable, complex and high-risk investments. No dates of alleged activity were disclosed in the Statement of Claim.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $125,000.00 on February 04, 2021.
The customer alleges that J.P. Turner allowed its Registered Representatives to recommend unsuitable investments. No dates were provided within the Statement of Claim. The investments took place at the Registered Representatives prior broker/dealer.
FINRA BrokerCheck shows a pending customer complaint on August 10, 2020.
During the period 2013 through July 2019, customers allege that the Registered Representative misrepresented unsuitable investments and breached her fiduciary duty.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $100,000.00 on May 11, 2020.
During the period of approximately 2011 through March 2020, the Customer alleges that the financial advisor misrepresented unsuitable investments and breached his fiduciary duty.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $100,000.00 on April 06, 2020.
During the period 2012 through April 2020, customer alleges that the Registered Representative misrepresented unsuitable investments and breached his fiduciary duty.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $100,000.00 on March 20, 2020.
During the period of approximately 2008/2009 through 2017, the Customers allege that the financial advisor over concentrated their portfolio in unsuitable investments and breached her fiduciary duty.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $171,000.00 on February 26, 2020.
During the period 2011 through January 2018, the customer alleges that the Registered Representative misrepresented unsuitable investments and breached his fiduciary duty.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $100,000.00 on February 18, 2020.
The customer alleges that the Registered Representative invested his account(s) in unsuitable investments and breached his fiduciary duty. No dates of alleged activity were disclosed in the Statement of Claim.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $100,000.00 on February 12, 2020.
During the period of approximately 2011 through February 2020, the customers allege that the Registered Representative invested their account(s) in unsuitable investments and breached his fiduciary duty.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $143,000.00 on January 16, 2020.
The Customer alleges that the financial advisor misrepresented unsuitable investments and breached her fiduciary duty. No dates of alleged activity were disclosed in the Statement of Claim.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $50,000.00 on January 08, 2020.
The Customer alleges that the financial advisor negligent, misrepresented unsuitable investments and breached her fiduciary duty. No dates of alleged activity were disclosed in the Statement of Claim.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $58,258.00 on December 03, 2019.
The customers allege that the Registered Representative did not adequately diversify their accounts which allegedly resulted in a loss of account value. Additionally, the customers, and their attorney, have clearly misread various account statements and alleged that there were unexplained withdrawals when in fact they were internal movements into money market funds. The movements were clearly reflected on the customer statements. No specific dates were included in the letter.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $100,000.00 on October 24, 2019.
During the period 2010 through June 2018, the customer states that the Registered Representative, among others, “handled” his investment account. No specific allegations are noted within the Statement of Claim. As such, it appears as though the Registered Representative was named solely as a result of her capacity as a senior affiliated Registered Representative of the Branch. Due to her long tenure and experience at the Branch, she was identified on all customer statements as a point of contact for any service related issues.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $110,000.00 on October 15, 2019.
It appears as though the Registered Representative was named solely as a result of her capacity as a senior affiliated Registered Representative of the Branch. Due to her long tenure and experience at the Branch, she was identified on all customer statements as a point of contact for any service related issues. She had no direct or indirect relationship or contact with the claimants. No dates of alleged activity were disclosed in the Statement of Claim.
FINRA BrokerCheck shows a settled customer complaint on September 11, 2019.
It appears as though the Registered Representative was named solely as a result of her capacity as a senior affiliated Registered Representative of the Branch. Due to her long tenure and experience at the Branch, she was identified on all customer statements as a point of contact for any service related issues. She had no direct or indirect relationship or contact with the claimants.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $100,000.00 on September 09, 2019.
The customers allege that the Registered Representative misrepresented unsuitable investments and breached her fiduciary duty. No dates of alleged activity were disclosed in the Statement of Claim.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $100,000.00 on September 03, 2019.
The customers allege that the Registered Representative misrepresented unsuitable investments and breached her fiduciary duty. No dates of alleged activity were disclosed in the Statement of Claim.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $100,000.00 on September 03, 2019.
During the period summer of 2013 through August 2019, customers allege that the Registered Representative facilitated and misrepresented unsuitable investments.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $200,000.00 on August 29, 2019.
The customer alleges that the Registered Representative misrepresented unsuitable investments and breached her fiduciary duty. No dates of alleged activity were disclosed in the Statement of Claim.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $100,000.00 on August 28, 2019.
During the period 2014 through 2019, the customer alleges that the Registered Representative misrepresented unsuitable investments and breached her fiduciary duty.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $50,000.00 on August 14, 2019.
The customers allege that the Registered Representative facilitated and misrepresented unsuitable investments. No dates of alleged activity were disclosed in the Statement of Claim.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $200,000.00 on August 14, 2019.
During the period 2013 through July 2019, the customer alleges that the Registered Representative facilitated and misrepresented unsuitable investments.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $100,000.00 on July 29, 2019.
During the period 2013 through July 2019, the customers allege that the Registered Representative facilitated and misrepresented unsuitable investments.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $100,000.00 on June 20, 2019.
During the period 2010 through 2019, the customer alleges that the Registered Representative facilitated and misrepresented unsuitable investments.
FINRA BrokerCheck shows a settled customer complaint on June 17, 2019.
During the period from approximately 2012 through 2019, the customer alleges that the financial advisor was negligent, recommended unsuitable investments and breached her fiduciary duty.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $100,000.00 on June 13, 2019.
During the period 2015 through 2018, the customers allege that the Registered Representative facilitated and misrepresented unsuitable investments.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $100,000.00 on May 17, 2019.
Beginning in early 2015 through May 2019, the customers allege that the Registered Representative facilitated/misrepresented unsuitable investments, and breached her fiduciary duty.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $138,000.00 on May 10, 2019.
Beginning on or around 2014 through May 2019, the customer alleges that the Registered Representative misrepresented unsuitable investments and breached her fiduciary duty.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $1,000,000.00 on April 26, 2019.
During the period of approximately 2012 through August 2017, the Customer alleges that the financial advisor was negligent, engaged in potentially fraudulent activity with respect to the investments and breached her fiduciary duty.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $90,000.00 on March 18, 2019.
Customer alleges that, on or around July 30, 2018, the financial advisor processed unauthorized/unsuitable trades.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $253,757.00 on February 19, 2019.
During the period 2013 to early 2019, the customers allege that the Registered Representative facilitated unsuitable investments.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $500,000.00 on January 02, 2019.
During the period of late spring/summer of 2014 through summer of 2018, the customer alleges that the financial advisor was negligent, engaged in potentially fraudulent activity with respect to the investments and breached her fiduciary duty.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $336,160.00 on December 13, 2018.
During the period November 30, 2012 through August 30, 2018, the customer alleges that the Registered Representative misrepresented unsuitable investments.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $100,000.00 on November 14, 2018.
The customer alleges that the Registered Representative facilitated/misrepresented unsuitable investments, and breached her fiduciary duty. No specific dates of alleged activity were disclosed in the Statement of Claim.
FINRA BrokerCheck shows a settled customer complaint on November 05, 2018.
The customers allege that the Registered Representative facilitated unsuitable investments. No dates of alleged activity were disclosed in the Statement of Claim.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $150,000.00 on September 12, 2018.
During the period 2015 through 2018, the customers allege that the Registered Representative facilitated and misrepresented unsuitable investments.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $175,000.00 on August 16, 2018.
Clients allege that the investments in their account(s) had less liquidity than they originally instructed the Registered Representative they desired, resulting in a loss of principal upon sale.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $100,000.00 on May 21, 2018.
The Claimants, beneficiaries of a deceased client’s account, allege that the Registered Representative recommended the client unsuitable investments, which later resulted in partial loss of value upon liquidation attempt.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $164,000.00 on December 23, 2016.
Claimants state that they were sold unsuitable investments from 2010 through 2016.
Brokers are required to adhere to the SEC’s Regulation Best Interest (Reg BI) standard of care under the Securities Exchange Act of 1934 which establishes a ‘best interest’ standard for broker-dealers and associated persons. This standard applies when brokers make recommendations to retail customer for any securities transaction or investment strategy involving securities, including recommendations of types of accounts. Reg BI is drawn from fiduciary principles that include an obligation to act in the retail investor’s best interest and the broker is prohibited from placing their own interests ahead of the investor’s interest.
There are several different aspects of the rule that brokers must comply with. One of which is the care obligations which requires brokers to form a reasonable belief that their investment advice and recommendations are in the retail investor’s best interest. The care obligations includes three components. First, the advisor must have an understanding of the potential risks, rewards, and costs associated with a product, investment strategy, account type, or series of transactions. Next, the advisor must have a reasonable understanding of the specific retail investor’s investment profile. The customer’s profile information generally includes an investor’s financial situation and needs; investments; assets and debts; marital status; tax status; age; investment time horizon; liquidity needs; risk tolerance; investment experience; investment objectives and financial goals; and any other information the retail investor may disclose in connection with the recommendation or advice. Using the foregoing information, the associated person then must consider reasonably available investment option to accomplish the investor’s goals as well as alternative investment options that may be cheaper or other important qualities. Finally, the advisor must conclude that there is a reasonable basis to believe that the recommendation being provided is in the investor’s best interest.
Finally, an advisor must also analyze the specific account features offered and determine whether their client can benefit from them in order to meet their care obligations. While securities and investments come with costs that must be considered, the type of securities account also has changes the cost equation for the investor and can change the retail customers’ future investment returns. The associated person must consider the different types of securities accounts for their client and determine whether or not the cost or features are reasonably needed for the client or if the customer’s current account costs and features are superior to solutions available to the advisor. In any event, the type of account and services recommended must be in the investor’s best interest.
Chiellini has been in the securities industry for more than 40 years. Chiellini has been registered as a Broker with Centaurus Financial, INC. since 2015.
Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.