Articles Tagged with Commonwealth Financial Network

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Mark Erwin (Erwin), currently associated with Commonwealth Financial Network, has at least one disclosable event. These events include one customer complaint, alleging that Erwin 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 $144,448.24 on November 01, 2023.

Client alleges that RR allowed her husband to make distributions from her account despite fact that RR personally spoke with client on almost all occasions related to the transactions and the client herself was emailed copies of the required forms.

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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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Previously financial advisor Richard Hand (Hand), previously employed by brokerage firm Commonwealth Financial Network has been subject to at least one disclosable event. These events include one customer complaint. According to a BrokerCheck reports most of the recent customer complaints concern either corporate debt securities or alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements.  The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $35,000.00 on January 12, 2024.

Customer alleges representative recommended unsuitable investments in REITs during the time period 2014-2016

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Bryan Chew (Chew), currently associated with Commonwealth Financial Network, has at least one disclosable event. These events include one customer complaint, alleging that Chew 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 $18,077.42 on January 26, 2024.

Brokers are required to adhere to the SEC’s Regulation Best Interest (Reg BI) standard of care under the Securities Exchange Act of 1934 which establishes a ‘best interest’ standard for broker-dealers and associated persons. 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 is drawn from fiduciary principles that include an obligation to act in the retail investor’s best interest and the broker is prohibited from placing their own interests ahead of the investor’s interest.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker John Carty Campbell (Carty Campbell), previously associated with Commonwealth Financial Network, has at least one disclosable event. These events include one customer complaint, alleging that Carty Campbell 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 $40,000.00 on March 06, 2024.

Client alleging advisor sold unsuitable alternative investments.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Kevin O’sullivan (O’sullivan), currently associated with Commonwealth Financial Network, has at least one disclosable event. These events include one customer complaint, alleging that O’sullivan 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 $300,000.00 on September 19, 2024.

Claimant alleges the RR recommended an unsuitable Oil & Gas investment.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker James Neel (Neel), currently associated with Commonwealth Financial Network, has at least one disclosable event. These events include one customer complaint, alleging that Neel 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 $60,000.00 on April 04, 2024.

Claimant alleges the RR recommended unsuitable Oil & Gas investments.

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

FINRA BrokerCheck shows a pending customer complaint on May 02, 2024.

Customers allege that investments made in 2014 were unsuitable for the customers’ investment objectives and risk tolerance.

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

FINRA BrokerCheck shows a pending customer complaint on June 03, 2024.

Clients allege advisor allowed [REDACTED] variable life insurance policy to lapse.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Kevin O’sullivan (O’sullivan), currently associated with Commonwealth Financial Network, has at least one disclosable event. These events include one customer complaint, alleging that O’sullivan 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 $300,000.00 on September 19, 2024.

Claimant alleges the RR recommended an unsuitable Oil & Gas investment.

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