Independent Financial Accused Of Unauthorized Trading
Brian Joseph Lockett of Lynwood Washington a stockbroker currently employed by Independent Financial Group LLC is the subject of a customer initiated investment related complaint which was resolved for $45,000.00 in damages on July 27, 2016 supported by allegations that unapproved and unsuitable private investment and real estate investment trust transactions had been effected in the customer’s investment portfolio.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Lockett has been identified in eight additional customer initiated investment related disputes pertaining to accusations of Lockett’s violative conduct during the time that he was employed by Geneos Wealth Management Inc. and Comprehensive Wealth Management. In particular, a customer initiated investment related arbitration claim involving Lockett’s conduct was settled for $112,500.00 in damages founded on allegations including unsuitable investment recommendations, suitability, omission and misrepresentation in reference to oil and gas, penny stock and variable annuity transactions effected in the customer’s account. FINRA Arbitration No. 14-02372 (Nov. 19, 2014).
Then, a customer initiated investment related civil action filed in the Superior Court of Washington was resolved for $450,000.00 in damages based upon accusations that sub-accounts in the customer’s variable annuity had been managed in a negligent fashion by Lockett. Civil Action No. 142078941 (Feb. 17, 2016).
On May 17, 2016, another customer initiated investment related complaint regarding Lockett’s activities was settled to resolve allegations that the customer was inappropriately placed into an oil and gas direct investment program and real estate investment trust. Then, on July 27, 2016, a customer initiated investment related complaint involving Lockett’s conduct was resolved for $250,000.00 in damages supported by accusations that a real estate investment trust recommended to the customer was not suitable for the customer and that unauthorized direct private investment transactions had been executed in the customer’s account.
Thereafter, a customer initiated investment related arbitration claim that concerned Lockett’s activities was settled for $180,000.00 in damages based upon allegations that the investment adviser took part in the customer’s penny stock transactions without authorization, and placed the customer in investments that were illiquid and inappropriate. FINRA Arbitration No. 16-01841 (May 16, 2017).
Further, a customer initiated investment related arbitration claim regarding Lockett’s conduct was resolved for $350,000.00 in damages founded on accusations that unauthorized and unsuitable oil and gas transactions were placed in the customer’s account. FINRA Arbitration No. 16-01705 (July 11, 2017). Subsequently, a customer initiated investment related arbitration claim involving Lockett’s activities was settled for $192,000.00 in damages based upon allegations of suitability and unauthorized transactions concerning the customer’s penny stock and oil and gas investments. FINRA Arbitration No. 16-02564 (Dec. 19, 2017).
The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us. Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts. All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source.
This posting and the information on our website is for general information purposes only. This content should be not considered legal advice, and any responses, comments, e-mails, other communications do not form any attorney client relationship. Attorney Advertisement. See Important Disclaimer
Guiliano Law Group
Our practice is limited to the representation of investors. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.
For more information concerning common claims against stockbrokers and investment professionals, please visit us at stockbrokerfraud.com
To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com