Articles Posted in Reg BI

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Heath Grossman (Grossman), previously associated with Silver Oak Securities, Incorporated, has at least one disclosable event. These events include one customer complaint, alleging that Grossman 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 $80,000.00 on November 24, 2020.

Customer allegations against Silver Oak Securities include failure to supervise, suitability rule violations and failure to conduct adequate due diligence.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Timothy Glaser (Glaser), currently associated with Fidelity Brokerage Services LLC, has at least one disclosable event. These events include one customer complaint, alleging that Glaser 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 $93,956.00 on November 24, 2020.

Customer complaint received alleging Mr. Glaser failed to follow instructions with respect to the sale of two positions within a managed account.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Paul Platek (Platek), previously associated with UBS Financial Services INC., has at least one disclosable event. These events include one customer complaint, alleging that Platek 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 $30,000.00 on November 25, 2020.

Time frame: 2010-2014\<char_lb_r>\, Claimants’ counsel alleges unsuitability, misrepresentation, and negligence with respect to recommendations to invest in the market and in annuities.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Ricardo Armijo (Armijo), currently associated with Raymond James & Associates, INC., has at least one disclosable event. These events include one customer complaint, alleging that Armijo 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 November 23, 2020.

Time Frame: January 09, 2012 to December 27, 2018 The client’s Attorney alleges irregularities in regards to not disclosing the fees on C shares.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Shawn Mcchesney (Mcchesney), previously associated with Innovation Partners LLC, has at least one disclosable event. These events include one customer complaint, alleging that Mcchesney 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 $483,192.00 on November 18, 2020.

Client alleges negligence, unsuitable investment recommendations, lack of authority, and seeks recovery of potential taxes from capital gains.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Dennis Plagenz (Plagenz), previously associated with Harbour Investments, INC., has at least one disclosable event. These events include one customer complaint, alleging that Plagenz 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 $633,000.00 on November 23, 2020.

Client alleges negligence, negligent misrepresentation/unsuitability, breach of duty, and failure to supervise regarding 2009 variable annuity purchase.

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

FINRA BrokerCheck shows a settled customer complaint on November 20, 2020.

In the financial industry advisors must meet the requirements of the SEC’s Regulation Best Interest (Reg BI) in providing investment advice and services.  Reg BI established 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. Reg BI applies when brokers recommend a retail investor engage in securities transaction or an investment strategy involving one or more securities.  Reg BI also applies to financial advice concerning the transfer of funds and opening of accounts.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Timothy Obrien (Obrien), previously associated with Feltl & Company, has at least 2 disclosable events. These events include one customer complaint, one regulatory event, alleging that Obrien recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on November 24, 2020.

Without admitting or denying the findings, O’Brien consented to the sanctions and to the entry of findings that he placed unauthorized trades in a customer’s account. The findings stated that O’Brien sold a limited partnership position in the customer’s account and purchased Class A shares of a mutual fund. O’Brien attempted to call the customer to discuss the trades but did not reach her before executing the transactions. The customer complained to O’Brien’s member firm about his unauthorized trades in her account, but ultimately declined to reverse the transactions.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Peter Higgins (Higgins), previously associated with Janney Montgomery Scott LLC, has at least one disclosable event. These events include one customer complaint, alleging that Higgins 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 $8,277.60 on November 20, 2020.

Client alleged that Financial Advisor sold a securities position in the Client’s account without authorization. Allegation time period: July 9th, 2020

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker David Fowler (Fowler), previously associated with Proequities, INC., has at least one disclosable event. These events include one customer complaint, alleging that Fowler 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 $175,000.00 on December 11, 2020.

Customer alleges unsuitable recommendations made for alternative investments.

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