Independent Financial Stockbroker Investigated By FINRA

pennies - Independent Financial Stockbroker Investigated By FINRA

Martin David Batstone (also known as Marty David Batstone) of San Diego California a stockbroker formerly employed by Independent Financial Group is the subject of a Financial Industry Regulatory Authority (FINRA) Investigation in which the regulator determined that disciplinary action should be taken by FINRA Department of Enforcement against the stockbroker founded on allegations of Batstone possibly converting or otherwise stealing an investor’s funds. Wells Notice No. 20190612052 (Aug. 16, 2019).

This is not the first time that Batstone has been subject of a FINRA action. In particular, Batstone has been fined and suspended from associating with any FINRA member in any capacity based upon accusations of the stockbroker having facilitated the purchase of equity indexed annuities issued by companies who never appointed Batstone as an agent; and for effecting the sale of products which had neither been offered nor approved for sale by Batstone’s securities broker dealer employer at the time, Ameriprise Financial Services Inc. Letter of Acceptance, Waiver and Consent No. 2007007981001.

FINRA Public Disclosure confirms that Batstone has been identified in six customer initiated investment related disputes which pertain to allegations of his misconduct while he was employed with securities broker dealers including Independent Financial Group LLC and Ameriprise Financial Services Inc. In particular, Batstone is referenced in a customer initiated investment related complaint where the customer sought at least $10,000.00 in damages supported by accusations of the customer’s funds being stolen. Another customer filed an investment related complaint regarding Batstone’s conduct in which the customer requested $8,000.00 in damages founded on allegations that when Batstone was associated with Ameriprise, an individual retirement account distribution had been effected without the customer’s permission to fund an annuity purchase.

Also, a customer filed an investment related complaint involving Batstone’s activities where the customer alleged to have been provided bad investment recommendations from Batstone regarding investments in real estate investment trust and mutual funds products; and the customer did not authorize certain transactions that had been executed in the customer’s account. Batstone is additionally the subject of a customer initiated investment related civil action brought in the San Diego County, California Superior Court in which the plaintiff requested $55,000.00 in damages based upon accusations of the failure to follow instructions as it related to distributions from the customer’s account when Batstone was employed by Independent Financial Group LLC. Civil Action No. 37-2015-00011956CUMCCTL (Jan. 25, 2017).

On October 16, 2017, another customer filed an investment related complaint concerning Batstone’s conduct where the customer sought damages estimated to exceed $5,000.00 supported by allegations that when Batstone was associated with Independent Financial Group, the customer had been placed into a fixed annuity and variable annuity that were both inappropriate given the customer’s risk tolerance.

Batstone’s employment with Independent Financial Group LLC has been terminated on April 21, 2017. Between April 20, 2017 and August 10, 2018, Batstone was associated with Crown Capital Securities L.P, and between November 12, 2018 and May 17, 2019, the stockbroker was employed with Newbridge Securities Corporation.