Articles Posted in Reg BI

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Kevin Kelly (Kelly), currently associated with Avantax Investment Services, Inc., has at least 8 disclosable events. These events include 8 customer complaints, alleging that Kelly 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 $750,000.00 on December 11, 2024.

Customer alleged the investments she purchased were not suitable.

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

FINRA BrokerCheck shows a pending customer complaint on November 06, 2024.

Unsuitability, misrepresenting investments and breach of fiduciary duty

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker James Chin (Chin), previously associated with UBS Financial Services Inc., has at least one disclosable event. These events include one customer complaint, alleging that Chin 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 November 01, 2024.

Time frame: 2008 and 2022, Claimants allege that account used to collateralize a line of credit was unsuitably allocated in equities.  Claimants further allege that the overall investment strategy was not in their “Best Interest”.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Duvan Brock (Brock), currently associated with Dempsey Lord Smith, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Brock 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 $45,000.00 on December 26, 2024.

Customer alleges improper sales practice of an unsolicited trade that they brought to and sought out RR to buy.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker John Kersey (Kersey), previously associated with Northwestern Mutual Investment Services, LLC, has at least 14 disclosable events. These events include 13 customer complaints, one tax lien, alleging that Kersey recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint on November 04, 2024.

The customer alleges that from March 2017 to July 2022, they wrote personal checks payable to the Representative and that the Representative misled the customer to believe that this money was deposited into a Northwestern Mutual account for the customer’s benefit. The customer also alleges that in 2011 and 2012 they wrote personal checks to a trust of which the customer was led to believe that the Representative was trustee of, and that the money paid to the trust was being invested on the customer’s behalf in a Northwestern Mutual account. The Firm has no record of these transactions.

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

FINRA BrokerCheck shows a pending customer complaint on November 06, 2024.

Client complains that Financial Advisor recommended investments in a high risk foreign security despite client’s age and retirement timeline. (10/15/2015-3/20/2024)

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Patrick Ryan (Ryan), currently associated with Park Avenue Securities LLC, has at least one disclosable event. These events include one customer complaint, alleging that Ryan 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 $40,000.00 on December 08, 2024.

Client alleges he transferred his previous account which was 100% equities to an SMA account with a 70/30 split of equities to bonds based on the RRs recommendation. Client further alleges he was not informed of the tax implications when the account was traded to rebalance from equities to purchase municipal bonds.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Thuong Pham (Pham), currently associated with Charles Schwab & Co., Inc., has at least one disclosable event. These events include one customer complaint, alleging that Pham 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 $5,000.00 on November 14, 2024.

Client alleges he was misled on his eligibility of receiving a $5000.00 account bonus.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Gareth Caluducan (Caluducan), currently associated with W & S Brokerage Services, Inc., has at least one disclosable event. These events include one customer complaint, alleging that Caluducan 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 $22,600.00 on December 02, 2024.

Customer alleges that she was put into an unsuitable investment (Equity Indexed Annuity) recommended by the representative in January 2018.  She indicates that the money was moved from mutual funds into the annuity and that she lost out on market appreciation over the years that the mutual funds would have provided.  She indicated that this money was earmarked for her children’s education and that she was unaware of the 7 year surrender period.

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

FINRA BrokerCheck shows a pending customer complaint on December 02, 2024.

Client’s attorney alleges, inter alia, that investments strategy recommended to the client was not in his best interest 2023 damages unspecified.

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