Articles Posted in Reg BI

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Chadwick Collins (Collins), currently associated with Wedbush Securities INC., has at least 2 disclosable events. These events include 2 customer complaints, alleging that Collins 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 $466,449.65 on April 13, 2022.

Client attorney alleges unsuitable purchase of Nabriva Therapeutics (NBRV) and Equilium, Inc (EQ) for [REDACTED] IRA and Nabriva Therapeutics for [REDACTED] IRA.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Vladimir Greben (Greben), currently associated with LPL Financial LLC, has at least 2 disclosable events. These events include 2 customer complaints, alleging that Greben 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 $100,000.00 on April 08, 2022.

Claimants allege representative over-concentrated their savings in alternative investments and that representative made alleged misrepresentations concerning the investments. The time period is unknown but believed to be prior to 2015.

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

FINRA BrokerCheck shows a settled customer complaint on April 10, 2022.

Customer alleged that i misrepresented the product’s growth features.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Walter Parker (Parker), previously associated with Titan Securities, has at least 2 disclosable events. These events include 2 customer complaints, alleging that Parker 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 $300,000.00 on April 13, 2022.

Per statement of claim: common law fraud, breach of fiduciary duty, negligence, breach of contract,

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Thomas Pandolph (Pandolph), previously associated with Allegheny Investments, Ltd., has at least one disclosable event. These events include one customer complaint, alleging that Pandolph 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 $5,000.00 on April 12, 2022.

Client emailed Tom on 4/12/2022 stating that she was very disappointed in his decision to move all her money into something she didn’t approve. She made it known that she didn’t want risk but felt he moved her entire amount into something risky. She also stated that she lost over 10k over the past 3 years.

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

FINRA BrokerCheck shows a settled customer complaint on April 08, 2022.

Breach of fiduciary duty, suitability, Securities Act, common law fraud and common law negligence, violation of FINRA Rule 2210, violation of FINRA rules 2010, IM-2310-2, and 2020, fraudulent misrepresentations and omissions, and breach of contract

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Michael Lee (Lee), previously associated with Ameriprise Financial Services, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Lee 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 $150,000.00 on April 12, 2022.

Financial Advisors providing advice to retail investors are required to adhere to the SEC’s Regulation Best Interest (Reg BI).  Reg BI applies a ‘best interest’ standard for broker-dealers and their associated people. This standard applies when a registered representative is providing investment advice through making recommendations customers and covers securities transaction, investment strategies, and recommendations concerning advice on opening of an account or accounts. 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.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker William Baffuto (Baffuto), currently associated with Equitable Advisors, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Baffuto 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 $15,412.00 on April 20, 2022.

When your financial advisor is providing advice they must adhere to the SEC’s Regulation Best Interest (Reg BI) rule and standard of care.  Reg BI replaced the former “suitability” rule and created a ‘best interest’ standard for brokerage firms and registered representatives. This Reg BI standard of care applies to registered representatives making recommendations to customers in the purchase, sale, or exchange of securities or the implementation of investment strategies involving securities and non-securities. The rule also applies to the handling of opening accounts such as account transfers and types of accounts being recommended to be opened. 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.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker John Zaffarano (Zaffarano), currently associated with Newbridge Securities Corporation, has at least one disclosable event. These events include one customer complaint, alleging that Zaffarano 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 $185,000.00 on April 21, 2022.

Negligence, Breach of Fiduciary Duty, Breach of Contract, Negligent Supervision, Violation of Securities Laws, and Fraud.

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

FINRA BrokerCheck shows a settled customer complaint on April 22, 2022.

Claimant alleges that Financial Advisor (FA) recommended an annuity exchange which was unsuitable for Claimant.

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