Fortune Financial Services

Broker Gerald White in Fortune Financial Services, Inc. Firm Has Customer Complaint

April 6, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Gerald White (White), previously associated with Fortune Financial Services, Inc., has at least one disclosable event. These events include one regulatory event, alleging that White recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on August 15, 2024.

The August 15, 2024 Consent Order alleged that Respondent White violated Section 36b-6(c)(1) of the Connecticut Uniform Securities Act by transacting business as an unregistered investment adviser; and that Respondent White violated the antifraud provisions in Section 36b-5(a) of the Act by failing to disclose to affected investors the risk factors involved or that Respondent White would use a portion of investor funds for his personal expenses.

There are Recent Customer Complaints with Broker Richard Wesselt in Firm Fortune Financial Services, Inc.

February 21, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Richard Wesselt (Wesselt), previously associated with Fortune Financial Services, Inc., has at least 8 disclosable events. These events include 8 customer complaints, alleging that Wesselt 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 $10,000.00 on December 16, 2024.

Clients allege that Wesselt sold them unsuitable variable annuities and life insurance

Broker Michael Gross in Fortune Financial Services, Inc. Firm Has Customer Complaint

February 10, 2025 | by Staff Attorney

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

FINRA BrokerCheck shows a final customer complaint on February 15, 2023.

Failure to correct exam issues related to maintaining financial records, lack of written contracts for some clients, updates to U-4 and ADV.

Jonathan Freeze Barred By FINRA Over Variable Annuity Practices

November 9, 2017 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) advisor Jonathan Freeze (Freeze), in August 2017, was accused by FINRA of failing to cooperate in an investigation into the circumstances surrounding Freeze’s alleged sale of variable annuities. Freeze is formerly associated with Fortune Financial Services, Inc. (Fortune Financial). According to the FINRA action, Freeze was barred by the regulator after the broker failed to respond to requests for documents and information during the investigation.

In 2015, Feeze was also sanctioned by FINRA concerning allegations that he borrowed $20,000 from his customer and failed to provide the firm with prior notice of the loan and failed to obtain prior written pre-approval for the loan. Freeze has also been subject to two terminations for cause and multiple financial disclosures.

Variable annuities are complex financial and insurance products. In fact, recently the Securities and Exchange Commission (SEC) released a publication entitled: Variable Annuities: What You Should Know encouraging investors to ask questions about the variable annuity before investing. Essentially, a variable annuity is a contract with an insurance company under which the insurer agrees to make periodic payments to you. The investor chooses the investments made in the annuity and value of your variable annuity will vary depending on the performance of the investment options chosen. The primary benefits of variable annuities are the death benefit and tax deferment of investment gains.

Gana LLP Investigation: George Montgomery’s Sales of Twin Peak Investment

July 13, 2015 | by Staff Attorney

According to news reports, broker George Montgomery (Montgomery) committed suicide but questions surrounding the death left many believing that foul play was involved. Montgomery, a former ASU running back, before injuries took him off the field.

Montgomery became a registered broker in 1998. From 2005 until October 2011, Montgomery was associated with United Planners’ Financial Services of America (United Planners). Thereafter, from January 2012 until July 2013, Montgomery was associated Fortune Financial Services, Inc. (Fortune Financial).

Montgomery was found July 31, 2014, submerged in Wet Beaver Creek by two hikers with a handgun next to the dead man. When police inspected the scene, investigators found that there were four gunshot wounds and two had penetrated the Montgomery’s chest while there were also a hand wound and one leg also wound.