Investigation of Commonwealth Financial Network Broker Benjamin Bourgeois
Posted on Wednesday, July 10th, 2019 at 7:06 am
Were you the victim of Commonwealth Financial Network broker Benjamin Bourgeois (CRD# 2145555)? Bourgeois was registered with Commonwealth Financial Network in Metairie, Louisiana from 2015 to April 2019, when he was terminated regarding, “Borrowing money from a customer in violation of FINRA Rule 3240 and Firm policy.”
Previously, Bourgeois was registered with LPL Financial LLC in Metairie, Louisiana from 2014 to 2015 and previously with Sterne, Agee & Leach, Inc. in New Orleans, Louisiana from 2009 to 2014.
In May 2019, FINRA barred Bourgeois after he consented to the sanction and to the entry of findings that he failed to produce documents and information requested by FINRA during the course of an investigation into allegations reported on his Form U5 that he, among other things, borrowed money from a customer, converted customer funds, and committed fraud.
Bourgeois has been the subject of three customer complaints between 2001 and 2019, one of which was closed without action, according to his CRD report:
April 2019. “Conversion of customer funds made by personal check purportedly for investment purposes; employing devices, schemes or artifices to defraud; making untrue statements of material facts; fraud. Activities are alleged to have begun sometime in or around 2016.” The customer is seeking $519,500 in damages and the case is currently pending.
November 2002. “[Customer] alleges that mr. Bourgeois placed her in an unsuitable investment (variable annuity) and did not disclose the contingent deferred sales charges, investment risks and potential for loss of capital on the product.” The customer sought $23,876.55 in damages and the case was settled for $9,000. The case was regarding variable annuities.
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, Commonwealth Financial Network may be liable for investment or other losses suffered by Bourgeois’ customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.