Centaurus Financial Sued By Investors For REIT Misconduct
Bryon Edwin Martinsen of Kings Park New York a stockbroker currently employed by Centaurus Financial Inc. is referenced in a customer initiated investment related arbitration claim in which the customer requested $127,000.00 in damages based upon accusations that Martinsen gave the customer bad advice concerning real estate securities held in the customer’s investment portfolio between 2009 and 2015. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-00506 (Feb. 22, 2019).
FINRA Public Disclosure confirms that Martinsen has been identified in six additional customer initiated investment related disputes containing allegations of his misconduct while employed with Centaurus Financial Inc. Particularly, on September 26, 2014, a customer filed an investment related written complaint involving Martinsen’s conduct where the customer sought $100,000.00 in damages supported by accusations of selling away; omissions; misrepresentations; breach of contract; and breach of fiduciary duty in regard to the customer’s real estate security and direct investment products.
Subsequently, a customer initiated investment related arbitration claim concerning Martinsen’s activities was resolved for $87,500.00 in damages founded on allegations of the violation of industry rules and fiduciary duties in regard to the customer’ private placement, equipment leasing fund, and non-traded real estate investment trust purchases; omissions and misrepresentations about the investments selected for the customer’s account; negligence in the handling of the customer’s account; and fraudulent activities which caused the customer to incur investment losses. FINRA Arbitration No. 14-03515 (Apr. 27, 2016).
Thereafter, a customer filed an investment related arbitration claim involving Martinsen’s activities in which the customer requested $1,787,000.00 in damages supported by accusations that the customer was placed into limited partnership interests or direct participation program investments that were in no way appropriate for the customer; and the firm failed to undertake adequate due diligence on the investments sold to the customer. FINRA Arbitration No. 16-02023 (July 22, 2016).
Another customer initiated investment related arbitration claim regarding Martinsen’s conduct was settled for $10,000.00 in damages based upon allegations that misrepresentations and omissions had been made to the customer concerning the risks of real estate securities purchased by the customer; and unsuitable real estate security investments were purchased for the customer’s account. FINRA Arbitration No. 18-02032 (Feb. 4, 2019).
FINRA Public Disclosure reveals that Martinsen has also been discharged by his former employer, AXA Advisors Inc., supported by accusations that Martinsen engaged in outside business activities despite the firm specifically disallowing those activities.
Martinsen has been registered with Centaurus Financial Inc. since October 7, 1999.