Articles Posted in Reg BI

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

FINRA BrokerCheck shows a final customer complaint on April 18, 2024.

Between May 2015 and April 2023, Respondent personally benefitted from his relationship with a Client as a result of a real estate business arrangement Respondent entered into with the Client. Respondent’s role included identifying real estate investment opportunities, assisting with buying & selling the properties, repairs to properties, collecting rent from tenants of those properties, & handling disputes with neighbors to those properties. The Client provided financing for all the transactions. Notably, Respondent assisted the Client in establishing a line of credit collateralized by the Client’s brokerage accounts to finance certain real estate transactions. Respondent received at least $175,000 from the Client for his role in these activities. Wells Fargo’s written policies prohibited associates from receiving an improper benefit as a result of their position or relationship with a client & engaging in outside activities unless receiving prior approval from Wells Fargo. Respondent did not seek approval or disclose to Wells Fargo the work he was engaged in with the Client’s real estate transactions.