Articles Posted in Reg BI

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Mitchell Bornstein (Bornstein), previously associated with Cetera Investment Services LLC, has at least one disclosable event. These events include one customer complaint, alleging that Bornstein 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 August 21, 2020.

Customer alleges that the representative made unsuitable investment recommendations

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Manuel Porrata Monserrate (Porrata Monserrate), currently associated with Nationwide Planning Associates INC., has at least one disclosable event. These events include one customer complaint, alleging that Porrata Monserrate 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 August 27, 2020.

Claimants allege their investments in Puerto Rico closed-end funds were unsuitable, over-concentrated, and misrepresented as safe investments.

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

FINRA BrokerCheck shows a settled customer complaint on August 20, 2020.

Breach of Fiduciary duty, misrepresentations and ommissions of material facts, failure to conduct due diligence, and unsuitable recommendations.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Kerri Wasserman Nir (Wasserman Nir), previously associated with Portfolio Advisors Alliance, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Wasserman Nir 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 $37,761.00 on August 26, 2020.

Wasserman-Nir was named in a customer complaint that asserted the following causes of action: unauthorized trading, fraud, misrepresentation, negligence, breach of contract and breach of fiduciary duty.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Howard Allen (Allen), previously associated with Portfolio Advisors Alliance, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Allen 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 $37,761.00 on August 26, 2020.

Allen was named in a customer complaint that asserted the following causes of action: unauthorized trading, fraud, misrepresentation, negligence, breach of contract and breach of fiduciary duty.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Andrew Quinn (Quinn), currently associated with LPL Financial LLC, has at least one disclosable event. These events include one customer complaint, alleging that Quinn 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 August 27, 2020.

Financial Advisors providing advice to retail investors are required to adhere to the SEC’s Regulation Best Interest (Reg BI).  Reg BI applies a ‘best interest’ standard for broker-dealers and their associated people. 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. 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 Christopher Sinkula (Sinkula), previously associated with Janney Montgomery Scott LLC, has at least one disclosable event. These events include one customer complaint, alleging that Sinkula 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 $200,000.00 on August 24, 2020.

Unsuitable allocation of high yield securities from 2013 through 2020.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Mark Brody (Brody), currently associated with Planned Financial Programs, INC., has at least one disclosable event. These events include one customer complaint, alleging that Brody 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 $340,000.00 on August 20, 2020.

08/2015-12/2015\<char_lb_r>\, Failure to provide suitable investments, misrepresentation

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Samuel Ross (Ross), currently associated with the O.n. Equity Sales Company, has at least one disclosable event. These events include one customer complaint, alleging that Ross 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 $250,000.00 on September 18, 2020.

Customer alleges representative failed to properly complete death claim form resulting in forfeit of lifetime income option

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

FINRA BrokerCheck shows a settled customer complaint on August 27, 2020.

Breach of fiduciary duty, negligence, breach of contract, failure to supervise

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