Articles Posted in Fiduciary Duties

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Gabriela Alfaro (Alfaro), previously associated with Charles Schwab & Co., Inc., has at least one disclosable event. These events include one tax lien, alleging that Alfaro recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on October 26, 2023.

Respondent Alfaro failed to respond to FINRA requests for information.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Ronald Wells (Wells), previously associated with Northwestern Mutual Investment Services, LLC, has at least one disclosable event. These events include one tax lien, alleging that Wells recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on January 31, 2024.

Respondent Wells failed to respond to FINRA requests for information.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Lincoln Mason (Mason), previously associated with Edward Jones, has at least 2 disclosable events. These events include one customer complaint, one tax lien, alleging that Mason recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on January 17, 2024.

Without admitting or denying the findings, Mason consented to the sanctions and to the entry of findings that he engaged in an OBA without providing prior written notice to and receiving his firm’s approval of that activity. The findings stated that Mason created and was the sole member of a LLC for the purpose of holding a commercial property suitable for a single business office that he owned. When Mason created the LLC, he intended to transfer his commercial property into the LLC, and to use the commercial property as his firm branch office, whereby the firm would pay Mason rent, through the LLC. For his branch office. The firm became aware of the LLC as a result of its compliance program. At that time, however, the LLC did not hold any assets, and his firm approved the OBA. Later, Mason transferred his commercial property into the LLC, and contacted the firm to establish that property as his Edward Jones branch office. Mason was advised by the firm that properties owned by associated persons could not be used as a branch office. Mason provided false information and fictitious documents to the firm in order to hide his ownership interest in the LLC and its property and induce the firm to lease that property for his branch office. Mason’s firm entered into a lease agreement with the LLC and unknowingly allowed Mason to use the property that he owned as his branch office. After executing the lease agreement, the firm’s compliance department continued to request additional information from Mason regarding the LLC and required him to provide an updated OBA disclosure form. While Mason acknowledged his ownership interest in the LLC at this time, he falsely claimed that the only property it held was a ‘storage facility’. Mason also claimed that he had sold the commercial building and that the purchase funds had changed hands, neither of which was true. Prior to any rent payments being made, Mason’s firm terminated the lease agreement and terminated Mason’s registration shortly thereafter.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Stephen Duckett (Duckett), currently associated with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has at least one disclosable event. These events include one tax lien, alleging that Duckett recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on October 28, 2024.

Representative was transacting business as a federally covered investment advisor representative in North Carolina from July 2022 through February 2024 without being registered in violation of N.C.G.S. 78C-16(aI).

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Kyle Wittgren (Wittgren), previously associated with Nylife Securities LLC, has at least one disclosable event. These events include one customer complaint, alleging that Wittgren recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint on January 22, 2024.

The Trustee alleges that he was not presented with any options other than the recommended five (5) variable universal life insurance policies he purchased in December 2021.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Steven Mcneilly (Mcneilly), previously associated with American Portfolios Financial Services, Inc., has at least one disclosable event. These events include one customer complaint, alleging that Mcneilly 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 $450,000.00 on July 05, 2024.

Recommendation of inappropriate real estate investment is alleged.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Matthew Wilkes (Wilkes), previously associated with Trustfirst, has at least one disclosable event. These events include one customer complaint, alleging that Wilkes recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint with a damage request of $2,680,220.14 on February 12, 2024.

Claimants allege in 2015 their Financial Advisor (FA) recommended transactions and an investment strategy unsuitable for their risk tolerance.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Jason Doneth (Doneth), currently associated with Ameriprise Financial Services, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Doneth 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 $100,000.00 on October 28, 2024.

Customer alleges they suffered losses as a result of unsuitable investment recommendations relating to a variable annuity.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Luis Nin (Nin), previously associated with UBS Financial Services Inc., has at least one disclosable event. These events include one tax lien, alleging that Nin recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on August 14, 2024.

Without admitting or denying the findings, Nin consented to the sanctions and to the entry of findings that he placed unauthorized trades in a customer account after learning that the authorized party on the account had died. The findings stated that although Nin confirmed the trades with a relative of the deceased, that person did not have trading authority on the account. The trades liquidated the entire account value of over $260,000 to cash and were done in order to prevent further market losses. Nin received $2,551.10 in commissions and sales credits as a result of the trades. In connection with placing the trades, Nin inaccurately indicated to his member firm that he had received instructions for the trades from the customer.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Charles Cook (Cook), previously associated with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has at least one disclosable event. These events include one tax lien, alleging that Cook recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on May 31, 2024.

S-24-3778-24-TO01 – Columbia Square Wealth Management LLC & Charles Andew Cook – Summary Order\<char_lb_r>\, On May 31, 2024, the Securities Division entered a Summary Order to Cease and Desist, a Statement of Charges, Notice of Intent to Impose a Fine and to Charge Costs against Respondents Columbia Square Wealth Management LLC (“CSWM”) and Charles Andew Cook (“Cook”). The Securities Division alleged that Cook, an investment advisor representative, and Chief Compliance Officer of CSWM, engaged in a scheme to defraud a client out of more than $50,000 and, undertook efforts to conceal the scheme that included false filings and false statements to regulators. Further, CSWM failed to properly maintain records and net worth requirements, related to client funds. The Securities Division alleged that the Respondents made false or misleading statement in filed documents and engaged in dishonest and unethical practices in the securities division, violating Securities Act of Washington. The Securities Division ordered the Respondents to cease and desist from violating the Securities Act of Washington. The Securities Division gave notice of its intent to revoke registrations, deny future registrations, collect fines and charge costs. The Respondents have a right to request a hearing on the Summary Order.

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