Articles Posted in Reg BI

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Daniel Snover (Snover), previously associated with the Fig Group, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Snover 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 $383,000.00 on August 14, 2023.

Clients allege that during the period from approximately November 1, 2021, through December 31, 2022, the Investment Adviser Representative breached their fiduciary duty by recommending exchange traded products that were unsuitable for the clients’ risk tolerance.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Charles Fagan (Fagan), currently associated with Raymond James & Associates, INC., has at least one disclosable event. These events include one customer complaint, alleging that Fagan 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 $750,000.00 on August 15, 2023.

Claimants allege FA concentrated them in unsuitable Ginnie Mae products with long maturity dates to generate higher commissions; misrepresented that the products were short-duration, safe, and that Claimants would receive their principal investment when they needed the funds; and failed to explain the products’ risks to Claimants.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Jeffrey Buck (Buck), currently associated with Madison Avenue Securities, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Buck 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 $882,557.00 on August 08, 2023.

The Statement of Claim is filed on behalf of ten claimants against four broker-dealers, including Grove Point Investments, LLC, involving the same investment – Centerpointe tenant in common interests offered by Cole Capital Partners, LLC. Claimants allege financial elder abuse, unsuitability, breach of fiduciary duty, and negligence. Grove Point is contesting the claims in full. Activity occurred May 14, 2007 to November 19, 2019.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Chantal Joseph (Joseph), previously associated with Nylife Securities LLC, has at least one disclosable event. These events include one customer complaint, alleging that Joseph 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 $1,000.00 on August 14, 2023.

The policyowner alleges that on or about July 2022 she provided the RR with two blank money orders for $500 each with the funds to be applied to pay the premiums for her life insurance policy and that the RR cashed the money orders instead and did not pay her premiums.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Sanjay Bhargava (Bhargava), previously associated with Regulus Financial Group, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Bhargava 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 $1,000,000.00 on August 08, 2023.

Claimant alleges unsuitable investments in client account made by Sanjay Bhargava in January 2021. Regulus Financial Group finds no fault in Sanjay Bhargava and is pursuing denial of claim in arbitration.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Bradley Behrendt (Behrendt), currently associated with Cetera Advisor Networks LLC, has at least one disclosable event. These events include one customer complaint, alleging that Behrendt 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 $20,248.00 on August 12, 2023.

FAILURE TO FOLLOW INSTRUCTIONS. CLIENT AUTHORIZED TRADES IN HER ACCOUNT TO GENERATE REQUESTED CASH BUT SPECIFICALLY DID NOT WANT CERTAIN HOLDINGS SOLD. THE HOLDINGS WERE SOLD IN ERROR AND CAUSED SIGNIFICANT TAX LIABILITY.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Donald Carlson (Carlson), currently associated with Regulus Financial Group, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Carlson 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 $1,000,000.00 on August 08, 2023.

Claimant alleges lack of supervision by Donald Carlson for registered representatives Sanjay Bhargava and Matthew Schiller in January 2021. Regulus Financial Group finds no fault in Donald Carlson and is pursuing denial of claim in arbitration.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Franco Dimaio (Dimaio), currently associated with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has at least one disclosable event. These events include one customer complaint, alleging that Dimaio 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 August 09, 2023.

Time frame: October 2021\, Allegations: Failure to inform the Plaintiff about the lack of eligibility for rollovers when withdrawing funds from inherited IRA.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Derek Schanhofer (Schanhofer), currently associated with Ameriprise Financial Services, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Schanhofer 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 $13,786.71 on August 09, 2023.

The client alleged the advisors lack of management of his discretionary account from June 2022-July 2023 has led to missed gains totaling $13,786.71.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Bertram Unger (Unger), previously associated with Edward Jones, has at least one disclosable event. These events include one customer complaint, alleging that Unger 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 $15,290.59 on August 11, 2023.

The client alleges that trades placed by the Financial Advisor on February 8, 2021, were not authorized.

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