Articles Posted in Reg BI

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Marcus Seifert (Seifert), previously associated with Fbl Marketing Services, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Seifert 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 $57,335.00 on January 12, 2022.

The client alleges the RR failed to follow instructions in moving a qualified retirement plan to an IRA. This cost the client $57,335 in IRS and state tax penalties.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Susan Skaar (Skaar), previously associated with D.a. Davidson & CO., has at least one disclosable event. These events include one customer complaint, alleging that Skaar 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 $2,120,734.40 on January 14, 2022.

Claimant alleges FP provided incorrect tax advice regarding stepping up the basis of securities held in an irrevocable trust.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Michael Coombe (Coombe), currently associated with Robert W. Baird & CO. Incorporated, has at least one disclosable event. These events include one customer complaint, alleging that Coombe recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a award / judgment customer complaint on January 12, 2022.

Claimants, who are trust beneficiaries, allege the FA failed to reinvest trust assets on the date agreed upon by the Trustee and the Beneficiaries, and that such failure resulted in the Trust missing out on market gains.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Lawrence Hardee (Hardee), currently associated with Arete Wealth Management, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Hardee 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 $430,000.00 on January 13, 2022.

Unsuitable, high risk , illiquid. Failed to do reasonable due diligence

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Hedley Greene (Greene), previously associated with D.a. Davidson & CO., has at least one disclosable event. These events include one customer complaint, alleging that Greene 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 $2,120,734.40 on January 14, 2022.

Claimant alleges RR provided incorrect tax advice regarding stepping up the basis of securities held in an irrevocable trust.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Michael Laderer (Laderer), currently associated with Henley & Company LLC, has at least 2 disclosable events. These events include 2 customer complaints, alleging that Laderer 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 $910,000.00 on January 12, 2022.

Customers allege Firm failed to provide reasonable, adequate and meaningful supervision over Firm’s branch office, allowing its registered representative, to carry out a Ponzi scheme to defraud and misappropriate approximately $910,000.00.

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

FINRA BrokerCheck shows a settled customer complaint on January 12, 2022.

Client alleges that the annuity purchased on 8/24/21 was unsuitable.

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

FINRA BrokerCheck shows a settled customer complaint on January 18, 2022.

Claimant, now 85 years old, alleges that her Financial Advisor made repeated unsuitable recommendations to invest that were harmful to her.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Lowry Bayley (Bayley), previously associated with Sanctuary Securities, INC., has at least one disclosable event. These events include one customer complaint, alleging that Bayley 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 $500,000.00 on January 16, 2022.

Alleged failure to diversify customer’s account.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker George Kontos (Kontos), currently associated with Tiaa-cref Individual & Institutional Services, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Kontos recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint on January 20, 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 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.

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