PFS Investments Inc.

Broker Charles Riccomini in PFS Investments Inc. Firm Has Customer Complaint

April 9, 2025 | by Staff Attorney

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

FINRA BrokerCheck shows a final customer complaint on August 06, 2024.

Without admitting or denying the findings, Riccomini consented to the sanctions and to the entry of findings that he engaged in an OBA without providing prior written notice to his member firm. The findings stated that Riccomini worked as a marketing affiliate for a company that was owned and operated by three other firm registered representatives. In his capacity as a marketing affiliate, Riccomini referred potential customers to the company and received a commission if the customers purchased e-commerce storefront services or digital real estate. In total, Riccomini received $45,040 in commissions for successfully referring multiple customers, including at least one firm customer.

There are Recent Customer Complaints with Broker Brett Wooten in Firm PFS Investments Inc.

April 4, 2025 | by Staff Attorney

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

FINRA BrokerCheck shows a settled customer complaint with a damage request of $365,000.00 on August 20, 2024.

Brokers are required to adhere to the SEC’s Regulation Best Interest (Reg BI) standard of care under the Securities Exchange Act of 1934 which establishes a ‘best interest’ standard for broker-dealers and associated persons. This standard applies when a registered representative is providing investment advice through making recommendations customers and covers securities transaction, investment strategies, and recommendations concerning advice on opening of an account or accounts. Reg BI is drawn from fiduciary principles that include an obligation to act in the retail investor’s best interest and the broker is prohibited from placing their own interests ahead of the investor’s interest.

Broker David Reyes in PFS Investments Inc. Firm Has Customer Complaint

April 4, 2025 | by Staff Attorney

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

FINRA BrokerCheck shows a final customer complaint on August 22, 2024.

Without admitting or denying the findings, Reyes consented to the sanctions and to the entry of findings that he certified to the State of New York that he had personally completed 15 hours of continuing education required to renew his state insurance license when, in fact, another person had completed that continuing education on his behalf.

Broker Ishmael Williams in PFS Investments Inc. Firm Has Customer Complaint

March 26, 2025 | by Staff Attorney

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

FINRA BrokerCheck shows a pending customer complaint on February 21, 2025.

Williams was named a respondent in a FINRA complaint alleging that he falsely certified to the State of New York that he completed his continuing education (CE) requirements when, in fact, another individual did so on his behalf. The complaint alleges that Williams provided false and misleading responses and testimony to FINRA when he stated that he had personally completed the CE courses and associated exams. The complaint also alleges that Williams failed to provide information and documents requested by FINRA. Williams’ failure to respond to the requests was material to FINRA’s investigation and significantly impeded the completion of FINRA’s investigation into his misconduct.

Broker Lisa Jones in PFS Investments Inc. Firm Has Customer Complaint

February 20, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Lisa Jones (Jones), currently associated with PFS Investments Inc., has at least 2 disclosable events. These events include 2 regulatory, alleging that Jones recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

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

On November 4, 2024, Respondent entered into an Acceptance, Waiver, and Consent (“AWC) with FINRA wherein Respondent consented to a two-month suspension from associating with any FINRA member and to the payment of a fine in the amount of $5,000. According to the findings set forth in the AWC, which Respondent neither admitted nor denied, in August 2021, Respondent disclosed to her firm, PFSI, that she created an LLC to operate an ecommerce storefront and, to manage her storefront, used the services of a company owned and operated by three other PFSI registered representatives, a company whose sole line of business involved assisting customers with setting up and operating ecommerce storefronts. Between August 2021 and February 2023, without informing her firm, Respondent told other PFSI representatives about her e-commerce storefront and the services provided by the company she had engaged, and in return, Respondent was paid at least $16,000 in referral fees for referring five representatives to the company. During the same period, Respondent affirmed on three annual compliance questionnaires that she had completely and accurately disclosed her outside business activities to the Firm. Although Respondent had disclosed her LLC and personal e-commerce storefront, she had not disclosed the receipt of fees for referring others to the company.

Broker Luis Jean-bart in PFS Investments Inc. Firm Has Customer Complaint

February 10, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Luis Jean-bart (Jean-bart), previously associated with PFS Investments Inc., has at least 2 disclosable events. These events include one customer complaint, one tax lien, alleging that Jean-bart recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on July 12, 2024.

Respondent Jean-Bart failed to respond to FINRA requests for information.

There are Recent Customer Complaints with Broker Ashley Upson in Firm PFS Investments Inc.

February 7, 2025 | by Staff Attorney

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

FINRA BrokerCheck shows a settled customer complaint on September 21, 2023.

CLIENT ALLEGES THAT I MISREPRESENTED THE FEATURES OF HIS VARIABLE ANNUITY CONTRACT

Broker Galen Williams in PFS Investments Inc. Firm Has Customer Complaint

February 4, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Galen Williams (Williams), currently associated with PFS Investments Inc., has at least one disclosable event. These events include one customer complaint, alleging that Williams 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 $13,000.00 on December 14, 2024.

The customer alleges the rr made a poor recommendation due to perceived poor performance of a mutual fund.