Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Ryan Bennett (Bennett), previously associated with First Heartland Capital, Inc., has at least one disclosable event. These events include one tax lien, alleging that Bennett recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on November 13, 2024.
Without admitting or denying the findings, Bennett consented to the sanctions and to the entry of findings that he failed to provide written notice to his member firm that his engagement in an OBA exceeded the scope of his prior notice. The findings stated that upon joining the firm, Bennett disclosed that he had been engaging in an OBA with a company that provides online estate planning services, by referring individuals to the company in exchange for referral commissions. Bennett requested approval to continue the activity while associated with the firm. The firm stated that it would approve Bennett’s continued engagement in this OBA but would prohibit Bennett from accepting compensation for any referrals he made. In response, Bennett stated in writing to the firm that he would not engage in the OBA at all. Nevertheless, Bennett executed a partnership agreement with the company, on behalf of a marketing entity that Bennett had co-founded. Bennett referred eleven individuals, including nine firm customers, to the company for estate planning services. Through his marketing entity, Bennett received $2,750 in commissions in connection with these referrals. The findings also stated that Bennett held a beneficial interest in six outside brokerage accounts without prior written consent from the firm. Bennett did not disclose these accounts to the firm or take any steps to provide duplicate transaction confirmation or periodic account statements to the firm.
