Former Independent Financial Group, LLC financial advisor Jon Pariser (CRD# 2755015) was barred by FINRA regarding unauthorized and discretionary trades in customer accounts. Pariser was registered with Independent Financial Group, LLC in Pacific Grove, California from 2014 to May 2018. Previously, he was registered with SWS Financial Services, Inc. in Pacific Grove, California from 2013 to July 2014, when he was terminated regarding, “During a routine review of e-mail correspondence, firm supervisory personnel discovered e-mail correspondence containing statements potentially indicating that the representative had utilized unauthorized discretion.”
In October 2018, Pariser was barred by FINRA after he consented to the sanction and to the 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.
According to publicly available records, in June 2017 Pariser informed his former clients that he would be retiring and that Christopher Parris (CRD# 4552325), an unlicensed securities broker, would be taking over for him. Parris was last registered with Nationwide Securities, Inc. in Grandview Heights, Ohio from March 2004 to May 2005.
At the time the clients began working with Parris in June 2017, they did not know that Paris was barred by FINRA in November 2015, just more than two years earlier. The clients were sold an annuity previously by Pariser, but then Parris recommended they surrender the annuity in full and instead invest in First Nationle Solution, an alleged Ponzi scheme according to the SEC, which Pariser was allegedly orchestrating. The former clients allege that Independent Financial Group failed to supervise Pariser and allowed him to make an unsuitable recommendation to invest with Parris, causing the claimant to lose more than $135,000.
Pariser has been the subject of three customer complaints between 2006 and 2014, one of which was closed without action, according to his CRD report. The complaints were regarding unauthorized trades and unsafe investments.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Independent Financial Group, LLC may be liable for investment or other losses suffered by Pariser’s customers.
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