Articles Posted in Reg BI

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Eric Stone (Stone), previously associated with Fidelity Brokerage Services LLC, has at least 3 disclosable events. These events include 2 customer complaints, one tax lien, alleging that Stone 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 $2,705,745.64 on December 13, 2024.

Customer alleges that she loaned money to the former employee and that she has not been repaid. Only $30,000 of claimed damages relate to conduct prior to former employee’s termination.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Rocco Rugnetta (Rugnetta), currently associated with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has at least one disclosable event. These events include one customer complaint, alleging that Rugnetta 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 $500,000.00 on December 13, 2024.

Client alleges misrepresentation and unsuitable investment recommendations.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker David Griffith (Griffith), currently associated with Lifemark Securities Corp., has at least 4 disclosable events. These events include 4 customer complaints, alleging that Griffith 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 $50,000.00 on December 16, 2024.

Client’s allegations pertain to an unsolicited investment in an alternative product, representing a small component of this client’s broader overall diversified portfolio. Advisor David K. Griffith did not recommend the product to the client. Instead, the client, an investor who embraced significant risk, asked Advisor Griffith to make this investment on his behalf. The client was advised of the risks inherent in the investment and signed acknowledgment forms to that effect. The investment was made in October 2020, and the client received several months of interest payments before the issuer filed Chapter 11 bankruptcy. The client’s allegations include claims of unsuitable investment practices, misrepresentation, negligence, breach of fiduciary duty, and breach of contract. \, LifeMark maintains the transactions giving rise to the client’s allegations were suitable and appropriate based on the information available at the time, including the characteristics of the investment product and the client’s financial situation, risk tolerance, and objectives as represented by the client.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Andrew Pandis (Pandis), currently associated with Cetera Investment Services LLC, has at least 5 disclosable events. These events include 5 customer complaints, alleging that Pandis 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 $260,000.00 on December 11, 2024.

Unsuitable recommendation and overconcentration of assets into a single highly-speculative alternative investment.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker James Mcarthur (Mcarthur), previously associated with IBN Financial Services, Inc., has at least one disclosable event. These events include one customer complaint, alleging that Mcarthur 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 $4,000,000.00 on December 11, 2024.

Breach of fiduciary duty; failure to supervise; negligence and gross negligence; misrepresentations and omissions. The alleged activity occurred from December 2019 to February 2023.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Craig Thistlethwaite (Thistlethwaite), previously associated with Morgan Stanley, has at least 2 disclosable events. These events include 2 regulatory, alleging that Thistlethwaite recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint on December 11, 2024.

See Order No. 24-045 Notice of Opportunity for Hearing and Notice of Intent to Suspend/Revoke/Issue Cease and Desist Order for complete allegations.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Vincent Camarda (Camarda), previously associated with IBN Financial Services, Inc., has at least one disclosable event. These events include one customer complaint, alleging that Camarda 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 $4,000,000.00 on December 11, 2024.

Breach of fiduciary duty; failure to supervise; negligence and gross negligence; misrepresentations and omissions. The alleged activity occurred from December 2019 to February 2023.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Walter Valenzuela (Valenzuela), currently associated with Kestra Investment Services, LLC, has at least 2 disclosable events. These events include 2 customer complaints, alleging that Valenzuela 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 December 11, 2024.

Unsuitable Recommendation of high-risk municipal bonds

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Richard Wesselt (Wesselt), previously associated with Fortune Financial Services, Inc., has at least 8 disclosable events. These events include 8 customer complaints, alleging that Wesselt 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 $10,000.00 on December 16, 2024.

Clients allege that Wesselt sold them unsuitable variable annuities and life insurance

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Anthony Pitta (Pitta), previously associated with Capital Investment Group, Inc., has at least 12 disclosable events. These events include 12 customer complaints, alleging that Pitta 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 $30,000.00 on December 13, 2024.

Client invested in GWG Holdings L-Bonds. GWG Holdings, Inc. filed Chapter 11 bankruptcy on April 20, 2022. No Statement of Claim filed by client or opposing counsel.

Contact Information