Broker Vincent Camarda in IBN Financial Services, Inc. Firm Has Customer Complaint

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Vincent Camarda (Camarda), previously associated with IBN Financial Services, Inc., has at least 16 disclosable events. These events include 16 customer complaints, alleging that Camarda recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $3,600,000.00 on November 15, 2024.

Claimants allege: breach of fiduciary duty; failure to supervise; negligence and gross negligence; and, misrepresentations and omissions. The alleged activity occurred from december 2019 to february 2023.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $570,000.00 on September 12, 2024.

Selling away is alleged. However, investment at issue occurred after affiliation with american portfolios ended.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $300,000.00 on June 21, 2024.

Soc alleges that during the period of his association with the firm, respondent was liable for: violations of finra rules 2010, 2020, 2111, and 3280; negligence; and, breach of contract. The respondents period of registration was between march 2021 and june 2022.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $150,000.00 on June 20, 2024.

Soc alleges that during the period of his association with the firm, respondent was liable for: violations of finra rules 2010, 2020, 2111, and 3280; negligence; and, breach of contract. The respondents period of registration was between march 2021 and june 2022.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $1,000,000.00 on June 18, 2024.

Soc alleges that during the period of his association with the firm, respondent was liable for: violations of finra rules 2010, 2020, 2111, and 3280; negligence; and, breach of contract. The respondents period of registration was between march 2021 and june 2022.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $125,000.00 on June 18, 2024.

Soc alleges that during the period of his association with the firm, respondent was liable for: violations of finra rules 2010, 2020, 2111, and 3280; negligence; and, breach of contract. The respondents period of registration was between march 2021 and june 2022.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $1,100,000.00 on June 17, 2024.

Soc alleges that during the period of his association with the firm, respondent was liable for: violations of finra rules 2010, 2020, 2111, and 3280; negligence; and, breach of contract. The respondents period of registration was between march 2021 and june 2022.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $1,300,000.00 on June 17, 2024.

Soc alleges that during the period of his association with the firm, respondent was liable for: violations of finra rules 2010, 2020, 2111, and 3280; negligence; and, breach of contract. The respondents period of registration was between march 2021 and june 2022.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $600,000.00 on June 17, 2024.

Soc alleges that during the period of his association with the firm, respondent was liable for: violations of finra rules 2010, 2020, 2111, and 3280; negligence; and, breach of contract. The respondents period of registration was between march 2021 and june 2022.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $400,000.00 on June 17, 2024.

Soc alleges that during the period of his association with the firm, respondent was liable for: violations of finra rules 2010, 2020, 2111, and 3280; negligence; and, breach of contract. The respondents period of registration was between march 2021 and june 2022.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $700,000.00 on June 17, 2024.

Soc alleges that during the period of his association with the firm, respondent was liable for: violations of finra rules 2010, 2020, 2111, and 3280; negligence; and, breach of contract. The respondents period of registration was between march 2021 and june 2022.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $4,700,000.00 on May 24, 2024.

Soc alleges that during the period of his association with the firm, respondent was liable for: violations of finra rules 2010, 2020, 2111, and 3280; negligence; and, breach of contract. The respondents period of registration was between march, 2021 and june, 2022

FINRA BrokerCheck shows a pending customer complaint with a damage request of $100,000.00 on May 23, 2024.

The soc alleges that during the period of his association with the firm, respondent engaged in sales of unregistered securities. Respondent was registered with the firm between march, 2021 and june, 2022.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $633,000.00 on May 20, 2024.

The soc alleges that, during his association with the firm, respondent was liable for: negligence and/or gross negligence; breach of contract and breach of good faith and fair dealing; omission of material facts and misleading statements;

FINRA BrokerCheck shows a pending customer complaint with a damage request of $100,000.00 on May 06, 2024.

Soc alleges that, during his time associated with the firm, respondent sold unregistered securities in the form of promissory notes. Respondent was registered with the firm between march, 2021 and june, 2022.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $2,000,000.00 on May 06, 2024.

Soc alleges that, during his period of association with the firm, respondent engaged in the sale of unregistered securities. Respondent was registered with the firm between march, 2021 and june, 2022.

Under the securities laws brokers are obligated to act in their clients’ best interests and provide only suitable recommendations for investments to the client. In addition, the SEC has promulgated ‘Regulation Best Interest (Reg BI)‘ which according to the SEC enhanced the broker-dealer standard of conduct beyond existing suitability obligations and requires broker-dealers to act in the best interest of a retail customer when making a recommendation of any securities transaction or investment strategy involving securities. Regulation Best Interest and the fiduciary standard for investment advisers are drawn from key fiduciary principles that include an obligation to act in the retail investor’s best interest and not to place their own interests ahead of the investor’s interest.

Brokers have an obligation to first obtain and evaluate sufficient information about a retail investor to form a reasonable basis to believe the account recommendations are in the retail investor’s best interest. Recommendations cannot be based on materially inaccurate or incomplete information. Every recommendation’s cost and investor details are always part of material information. Types of costs that must be considered including account fees, commissions and transaction costs, tax considerations, as well as indirect costs.

In addition to obligation to understand the customer the broker must also investigate the product being sold. FINRA firms have an obligation to conduct a reasonable investigation of the issuer and the securities they recommend in offerings. A brokerage firm has a special relationship with a customer from the fact that in recommending the security, the broker represents to the customer that a reasonable investigation has been made. So, rather than depending solely on the issuer for company information, a brokerage firm should conduct its own reasonable investigation.

To protect investors, it should be required to mandate broker disclosures. Brokers are required by FINRA to reveal the events such as customer complaints, IRS tax liens, judgments, investigations, terminations, and even criminal matters on their public BrokerCheck reports. FINRA has recognized that recent studies offer evidence showing that brokers with a past record of regulatory and customer complaint issues are more likely to have such issues in the future. FINRA’s Office of the Chief Economist (OCE) published a study showing the predictability of disciplinary and disclosure events based on past similar events. The OCE study showed that past disclosure events, including regulatory actions, customer arbitrations and litigations of brokers, have significant power to predict future investor harm. The data shows that where a member firm on-boards brokers with a significant history of misconduct there is a high likelihood that the broker will continue to engage in similar behavior.

Camarda has been in the securities industry for more than 28 years. Camarda has been registered as a Broker with IBN Financial Services, Inc. since 2021.

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.

 

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