Articles Posted in Reg BI

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Ismael Reyes Retana (Reyes Retana), currently associated with LPL Financial LLC, has at least one disclosable event. These events include one customer complaint, alleging that Reyes Retana 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 $106,000.00 on February 27, 2024.

Customer alleges failure to explain that fixed allocation in annuity was subject to credit risk of issuer.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Manuel Fernandez (Fernandez), currently associated with Truist Investment Services, INC., has at least one disclosable event. These events include one customer complaint, alleging that Fernandez 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 $5,000,000.00 on February 27, 2024.

Clients allege high risk and unsuitable recommendations.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Michael Mueller (Mueller), previously associated with Coastal Equities, INC., has at least one disclosable event. These events include one customer complaint, alleging that Mueller 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 $1,500,000.00 on February 23, 2024.

The client alleges unsuitable investments.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Stephen Swensen (Swensen), previously associated with J.w. Cole Financial, INC., has at least 2 disclosable events. These events include 2 customer complaints, alleging that Swensen 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 $14,400,000.00 on February 26, 2024.

Allegations against the Firm by claimants for failing to detect an alleged fraud operated away from the Firm, perpetrated by the former representative, who was affiliated with the Firm for less than two months, outside the scope of his activities with the Firm, regarding investments Claimants made with the representative after he left the Firm.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Daniel Lundquist (Lundquist), currently associated with Ausdal Financial Partners, INC., has at least 2 disclosable events. These events include 2 customer complaints, alleging that Lundquist 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 $50,000.00 on February 26, 2024.

UNSUITABLE INVESTMENT AND LACK OF DUE DILIGENCE RELATED TO THE PURCHASE OF GWG L BONDS IN MARCH 2021.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker William Harvey (Harvey), currently associated with Janney Montgomery Scott LLC, has at least one disclosable event. These events include one customer complaint, alleging that Harvey 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 $499,000.00 on February 27, 2024.

Claimants allege that their accounts held unsuitable long term fixed income products.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker John Freiburger (Freiburger), currently associated with Kestra Investment Services, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Freiburger 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 February 20, 2024.

Claimants allege the financial professional made an unsuitable recommendation.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker John Pronovost (Pronovost), currently associated with Osaic Institutions, INC., has at least one disclosable event. These events include one customer complaint, alleging that Pronovost 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 February 07, 2024.

The Statement of Claim alleges the financial professional recommended unsuitable investments given the client’s age and stated objectives. It is alleged that these recommendations resulted in significant losses to the client.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Karen Geiger (Geiger), previously associated with Cape Securities INC., has at least 2 disclosable events. These events include 2 customer complaints, alleging that Geiger 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 $190,000.00 on February 23, 2024.

Claimant alleges misrepresentation of the investment, failure to perform due diligence, unsuitable nature of investments, failure to disclose degree of risk including extreme liquidity risk, fraud, negligent supervision, violations of federal securities laws, violations of Ohio securities laws, breach of contract, breach of duty of care, breach of fiduciary duty. The time period of such activities: 7 /2015 through 10/2020.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Richard Rustic (Rustic), currently associated with Commonwealth Financial Network, has at least 2 disclosable events. These events include 2 customer complaints, alleging that Rustic recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint on February 23, 2024.

Daughter of deceased client alleging advisor breached his fiduciary duty when he allowed the decedent to sign a change of beneficiary form, changing the beneficiary of several IRAs from the daughter to the decedent’s wife.

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