Securities Lawyers Blog
According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) former advisor Jon Pariser (Pariser), formerly associated with Independent Financial Group, LLC (Independent Financial) in Pacific Grove, California was sanctioned by FINRA resulting in a bar from the industry. In October 2018 Pariser consented to the FINRA sanction and an entry of findings that he failed to provide FINRA with requested documents and information related to allegations that he referred some of his customers to an individual who was not registered and who may have recommended or sold potentially unsuitable securities to them.
It is believed that Pariser recommended that his clients invest with Christopher Parris, an unlicensed broker. At that time Parris has been accused by the SEC of running an investment fraud scheme through First Nationle Solution. According to an Securities and Exchange Commission (SEC) complaint filed in June 2018, Parris and others orchestrated the First Nationle Solution Ponzi scheme and bilked investors out of over $102 million. Parris and others have been accused of using brokers like Pariser to liquidate safe or non-fraudulent investments in order to obtain financing of their scheme.