Articles Posted in Reg BI

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Stephen Allain (Allain), currently associated with Robert W. Baird & CO. Incorporated, has at least one disclosable event. These events include one customer complaint, alleging that Allain 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 $230,000.00 on November 14, 2025.

The client alleges that his Financial Advisor failed to adequately explain the fee structure of the annuity, causing the client to purchase a product with higher than expected fees.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Timothy Calvert (Calvert), currently associated with First Citizens Investor Services, INC., has at least one disclosable event. These events include one customer complaint, alleging that Calvert 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 $28,624.92 on November 06, 2025.

The client’s power of attorney alleged that the client did not recall any discussion of a new annuity during meetings that occurred between February and March 2025, and stated the client would not have agreed to a new contract with a 7-year term. The power of attorney further claimed that the client believed the paperwork involved only updating names and beneficiaries on existing policies as part of the death claim process.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Gilbert Conrad (Conrad), previously associated with Realta Equities, INC., has at least one disclosable event. These events include one customer complaint, alleging that Conrad 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 $415,000.00 on November 14, 2025.

Statement of Claim alleges the investments were not suitable; however, is unclear about which investments were not suitable and is not plead with any level of particularity regarding the claims against each of the three broker-dealers it names. The SOC calls out only two specific instances (one in May of 2021 related to Hospitality Investors Trust filing bankruptcy and one in March 2025 related to a reverse split by SmartStop Self-Storage) to support its lack of suitability claim.

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

FINRA BrokerCheck shows a pending customer complaint on November 10, 2025.

Claimant alleges that a conservation easement purchased in 2016 resulted in unexpected tax consequences.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Roger Duval (Duval), previously associated with Pruco Securities, LLC., has at least 2 disclosable events. These events include 2 customer complaints, alleging that Duval 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 $166,000.00 on November 12, 2025.

It is alleged that the rep’s recommendations, advice, and activities were negligent, improper, and caused the Claimant to suffer loss and damages. It is further alleged that the rep stole funds from the Claimant.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Meredith Webber (Webber), previously associated with Raymond James Financial Services, INC., has at least 2 disclosable events. These events include one customer complaint, one regulatory event, alleging that Webber 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 $183,500.00 on November 12, 2025.

Plaintiff alleges FA misappropriated funds, personal property, and credit from Plaintiff.

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

FINRA BrokerCheck shows a pending customer complaint on November 14, 2025.

Claimant alleges registered representative breached her fiduciary duty by allowing her customer to list the registered representative’s minor son as a beneficiary of an account managed in 2025.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Michael Pineda (Pineda), currently associated with Lifemark Securities Corp., has at least one disclosable event. These events include one customer complaint, alleging that Pineda 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 $105,000.00 on November 14, 2025.

Allegations pertain to an investment in an alternative product, intended to be a small component of a larger diversified portfolio. Investment was purchased in 03/2021. Unfortunately, the company that issued the investment has since filed Chapter 11 bankruptcy. As a result, the client is alleging failure to perform due diligence, unsuitable recommendation, breach of contract/ fiduciary duty, and negligence.

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

FINRA BrokerCheck shows a pending customer complaint on November 07, 2025.

Allegations of incorrect deposit instructions and unauthorized transactions from 10/17/2024 – 12/3/2024.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Edward Schultz (Schultz), currently associated with RBC Capital Markets, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Schultz 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 $20,000.00 on November 13, 2025.

The client is disputing the transfer of assets from his deceased father’s IRA and recommendations to hold positions that occurred in October 2025.

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