Investors may have incurred losses due to the actions of Armando G. Roman [CRD: 4414526, Scottsdale, Arizona], according to customer dispute disclosures found on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Notably, Roman worked for Independent Financial Group LLC from July 26, 2006, to July 1, 2021. For further details on Roman's disclosures, continue reading below.
Notably, a client of Independent Financial Group LLC accused Roman of unsuitable trading. Specifically, on February 6, 2023, the client filed FINRA Arbitration No. 23-00259 about Roman, claiming that he recommended investments in real estate investment trusts that were not suitable. The client, seeking $100,000 in damages, alleges that these investments did not align with their financial objectives. This arbitration remains unresolved.
Also, Roman faced allegations from a client of Independent Financial Group LLC, asserting overconcentration in illiquid investments. Filed on December 28, 2022, FINRA Arbitration No. 22-02969 involves direct investments, real estate securities, and oil and gas investments. The client, claiming damages of $343,475, argues that these investments were inconsistent with their risk tolerance and investment objectives. This complaint is currently pending.
Specifically, an investor accused Roman, while at Independent Financial Group LLC, of breach of fiduciary duty. The case, filed as FINRA Arbitration No. 21-00811 on March 26, 2021, involved direct investments. The claim sought $3,500,000 in damages. However, on December 14, 2023, a FINRA Arbitration Panel found Roman liable, ordering him to pay compensatory damages totaling $1,000,000 between three different entities.
Have you been affected by Armando Roman's advice? Contact Soreide Law Group online or at (888) 760-6552 for a consultation with a securities attorney. Soreide Law Group is dedicated to assisting investors nationwide in recovering their losses on a contingency basis, advancing all costs. Despite the claims, Roman and his previous employer, Independent Financial Group LLC, deny any wrongdoing in sales practices.
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