Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Arni Diamond (Diamond), previously associated with Supreme Alliance LLC, has at least one disclosable event. These events include one regulatory event, alleging that Diamond recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on October 09, 2023.
Without admitting or denying the findings, Diamond consented to the sanctions and to the entry of findings that he made unsuitable recommendations in speculative alternative investments to two customers in their sixties that were inconsistent with the customers’ investment profiles. The findings stated that Diamond’s recommendations to purchase the limited partnership interests to the customers were unsuitable for the customers based on their age, income, net worth, risk tolerance, and because one customer was not an accredited investor as was required to invest in the limited partnership interests, and because his recommendations to the other customer resulted in the over-concentration of that customer’s net worth in alternative investments.