Articles Posted in Reg BI

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

FINRA BrokerCheck shows a settled customer complaint on February 15, 2023.

Plaintiffs allege FA engaged in unauthorized trading, misrepresented to Raymond James that the trading was authorized, and concentrated their accounts in risky oil and gas securities.

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

FINRA BrokerCheck shows a pending customer complaint on February 16, 2023.

Complainant is a brokerage and discretionary investment advisory client of the firm. Complainant alleges that beginning in May 2021, his registered representative and investment adviser representative (who are the same person) failed to follow instructions regarding financing options for the acquisition of art and certain securities transactions, which securities transactions he further alleged were unsuitable.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker John Jamieson (Jamieson), currently associated with Fidelity Brokerage Services LLC, has at least one disclosable event. These events include one customer complaint, alleging that Jamieson 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 $15,174.00 on February 22, 2023.

Customer alleged that the representative did not disclose the taxability of changing investment products.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Adam Claussen (Claussen), currently associated with Bankers Life Securities, INC., has at least one disclosable event. These events include one customer complaint, alleging that Claussen 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 $13,078.51 on February 23, 2023.

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 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. 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 Joshua Nix (Nix), currently associated with Edward Jones, has at least one disclosable event. These events include one customer complaint, alleging that Nix recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint on February 21, 2023.

Client alleges FA liquidated her account without her authorization.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Ervie Houston (Houston), currently associated with LPL Financial LLC, has at least one disclosable event. These events include one customer complaint, alleging that Houston 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 $105,000.00 on February 23, 2023.

Client alleges the FP recommended an unsuitable investment strategy. This strategy included high commission, speculative, and illiquid alternative investments.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Matthew Thompson (Thompson), currently associated with Fifth Third Securities, INC., has at least one disclosable event. These events include one customer complaint, alleging that Thompson 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 $44,000.00 on February 22, 2023.

Customer alleged August 18, 2021 sale of GNMA bond was unsuitable.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Justin Mackie (Mackie), currently associated with Dai Securities, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Mackie 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 $257,500.00 on February 22, 2023.

Customers allege unsuitable investment recommendations in May 2017, September 2019 and January 2021.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Mark Albright (Albright), previously associated with Raymond James Financial Services, INC., has at least one disclosable event. These events include one customer complaint, alleging that Albright 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 February 23, 2023.

Claimants allege from 2015 to present, respondent provided unsuitable investment recommendations and failed to provide full accounting for the Trusts.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Felipe Arrieta (Arrieta), currently associated with Vestech Securities, INC., has at least 2 disclosable events. These events include 2 customer complaints, alleging that Arrieta 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 $5,000.00 on February 22, 2023.

Misrepresentation, negligence, unsuitability, breach of fiduciary duty

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