Cambridge Investment Research

There are Recent Customer Complaints with Broker Ronald Paull in Firm Cambridge Investment Research, Inc.

February 10, 2025 | by Staff Attorney

Currently financial advisor Ronald Paull (Paull), currently employed by brokerage firm Cambridge Investment Research, Inc. 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 pending customer complaint with a damage request of $275,482.00 on February 16, 2024.

Statement of Claim alleges the financial professional sold an illiquid, high risk real estate investment, despite the client’s conservative objectives. Additionally, the Statement of Claim alleges the financial professional recklessly traded at a high velocity.

There are Recent Customer Complaints with Broker William Fochi in Firm Cambridge Investment Research, Inc.

February 9, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker William Fochi (Fochi), currently associated with Cambridge Investment Research, Inc., has at least one disclosable event. These events include one tax lien, alleging that Fochi recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on May 23, 2023.

As a result of the RR’s October 6, 2021 FINRA Consent Order, the State of Connecticut Insurance Department entered a Stipulation and Consent Order for the purpose of the RR maintaining his Connecticut resident producer license. The Order requires twelve months of probation and the completion of an online educational course.

Broker Gregory Bingel in Cambridge Investment Research, Inc. Firm Has Customer Complaint

February 3, 2025 | by Staff Attorney

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

FINRA BrokerCheck shows a pending customer complaint on November 18, 2024.

Client alleges unsuitable recommendations in june 2010 and july 2023.

There are Recent Customer Complaints with Broker Jason Baker in Firm Cambridge Investment Research, Inc.

January 31, 2025 | by Staff Attorney

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

FINRA BrokerCheck shows a pending customer complaint on November 22, 2024.

Claimant is the estate of RR’s mother, which is being administered by the RR’s estranged sister. After RR contested the will, Claimant (through sister) alleged that RR did not file requested change of beneficiary forms for his mother’s brokerage accounts.

Advisor Robert Lorente Has Alternative Investment Complaints

February 6, 2024 | by Staff Attorney

Advisor Robert Lorente (Lorente), formerly employed by brokerage firm Aurora Securities (Aurora), has been subject to at least two customer complaints during the course of his career. According to a BrokerCheck report the customer complaints concern alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, 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.

In October 2023 a customer complained that Lorente violated the securities laws by alleging that Lorente made unsuitable investments on three REITs purchased in 2019 (February through April). The complaint alleges various claims including negligence, misrepresentation/omission, common law fraud, breach of contract and fiduciary duty. The claim involves a real estate security and alleges $250,000 in damages and is currently pending.

In April 2021 a customer complained that Lorente violated the securities laws by alleging that Lorente engaged in negligence, gross negligence, misrepresentations and omissions, breach of contract relating to investment made in July 2016. The claim involves a real estate security and alleged $35,000 in damages and settled for $12,000.

DDPs include products such as non-traded REITs, oil and gas offerings, equipment leasing products, and other alternative investments. These alternative investments virtually never profit investors and are almost always unsuitable for investors because of their high fee and cost structure. Brokers selling these products are paid additional commission in order to hype these inferior quality investments providing a perverse incentives to create an artificial market for the investments.

Several studies have confirmed that Non-traded REITs underperform publicly traded REITs with some showing that Non-Traded REITs cannot even beat safe benchmarks, like U.S. treasury bonds. Brokers selling these products must disclose to the investor that non-traded REITs provide lower investment returns than treasuries while being high risk and illiquid – but almost never do. Because investors are not compensated with additional return in exchange for higher risk and illiquidity, these kinds of alternative investment products are rarely, if ever, appropriate for investors.

Cambridge Financial Advisor Eladio Santiago Has Disputes Over Unsuitable Investment Advice

September 11, 2021 | by Staff Attorney

The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that Financial Advisor Eladio Santiago (Santiago), currently employed by Cambridge Investment Research, Inc. (Cambridge), has been subject to at least three customer complaints during the course of his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), Santiago’s customer complaints alleges that Santiago recommended unsuitable investments in various investments, among other allegations of misconduct relating to the handling of their accounts.

In February 2020, a customer complained that Santiago violated the securities laws by alleging that Santiago engaged in unsuitable investment advice, and mismanagement of accounts. The claim settled in the amount of $75,000.

In August, 2019, a customer complained that Santiago violated the securities laws by alleging that Santiago engaged in unsuitable investment advice, and mismanagement of accounts. The claim settled in the amount of $95,000.

In December, 2002, a customer complained that Santiago violated the securities laws by alleging that Santiago engaged in unsuitable investment transactions in the accounts. The claim alleged $756,000 in damages. The claim was closed without action.

Summit Brokerage Advisor Victor Rigoni Subject to Complaint Over Alternative Investments

February 20, 2019 | by Staff Attorney

Advisor Victor Rigoni (Rigoni), currently employed by Summit Brokerage Services, Inc. (Summit Brokerage) has been subject to at least three customer complaints. According to a BrokerCheck report some of the customer complaints concern alternative investments and direct participation products (DPPs) such as non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and equipment leasing programs. The attorneys at Gana Weinstein LLP have extensive experience handling investor losses caused by these types of products.

In October 2018 a customer filed a complaint alleging that Rigoni violated the securities laws by being recommended alternative investments causing breach of contract, fraud, misrepresentation, breach of fiduciary duty, and violation of FINRA rules. The claim alleges $125,000 in damages and is currently pending.

Rigoni is also the subject of multiple tax liens in amounts totaling over $50,000. Large tax liens on a broker’s CRD can be a red flag that the broker may be influenced to engage in high commission activity in order to satisfy personal debts. In addition, a broker’s inability to manage their own finances is relevant in a customer’s decision to use their services.

Did John Pronovost Sell You the LJM Preservation Growth Fund?

April 19, 2018 | by Staff Attorney

The investment attorneys at Gana Weinstein LLP are investigating customer complaints against Cambridge Investment Research broker John Provonost (Pronovost).

According to BrokerCheck records kept by the Financial Industry Regulatory Authority (FINRA), a customer alleged in February 2018 that Pronovost engaged in unsuitable investments. Another customer alleged in March 2018 that Pronovost engaged in unsuitable investments and misrepresented the investor’s needs.

Pronovost allegedly sold the LJM Preservation and Growth Fund to multiple customers (LJMAX, LJMCX, LJMIX). Investors may have been unaware of the risks associated with this investment, as the fund’s name belies its risky strategy. Gana Weinstein LLP has already filed a case against Cambridge Investment Research, Mr. Pronovost’s employer for the sale of the LJM Preservation and Growth Funds.

Terry Bahgat Accused by SEC of Misappropriating Client Funds

November 5, 2017 | by Staff Attorney

The Securities and Exchange Commission (SEC) recently filed a complaint against former Gradient Securities, LLC (Gradient) and Cambridge Investment Research, Inc. (Cambridge) broker Terry Bahgat (Bahgat) working out of the Amherst, New York. The SEC alleged that from December 2014 through September 2016, Bahgat misappropriated funds seven different clients by obtaining access to their brokerage accounts and then transferring either to himself or WealthCFO – a company that Bahgat controlled. Bahgat operated his advisory business through WealthCFO Advisors, LLC and other firm WealthCFO Partners, LLC.

According to the SEC, in order to effectuate the fraud in some cases Bahgat had his assistant pose as his clients on telephone calls with the brokerage firms in order to obtain bill paying privileges. The SEC alleged that Bahgat’s scheme continued until September 2016 when he then fled the U.S. for Egypt. The Financial Industry Regulatory Authority (FINRA) also barred Bahgat from the securities industry after he failed to respond to a request for information in January. The FINRA investigation involved a different questionable practice – whether Bahgat made misrepresentations in the sale of a variable annuity.

Bahgat entered the securities industry in 1986. From October 2010 until August 2015, Bahgat was associated with Cambridge. From July 2015 until October 2016, Bahgat was registered with Gradient.

Broker Scott Goldman Subject to Unsuitability Complaints

July 17, 2017 | by Staff Attorney

The investment fraud lawyers of Gana Weinstein LLP are examining multiple customer disputes filed with the Financial Industry Regulatory Authority (FINRA) against broker Scott Goldman (Goldman). Goldman’s FINRA BrokerCheck record shows several disclosures mainly pertaining to unsuitable investments.

In December 2016, an elderly customer alleged that during Goldman’s employment at LPL Financial Corporation, he recommended highly unsuitable investments that were heavily concentrated in risky, leveraged precious metal products. In addition, the broker did not properly inform his client of the risks associated with such an investment. This dispute was settled in December 2016, and resulted in $10,000 penalty and Goldman was suspended from the industry.

Another case against Goldman was filed in October 2014 for allegedly making unsuitable recommendations, failing to supervise, and breaching his fiduciary duty during his employment at H. Beck Inc. The alleged damages were worth $250,000. The case was settled in November 2015 for $75,000.