Arni Diamond Disputed By Investors

Investors Dispute Arni Diamond's Alternative Investment Sales

Soreide Law Group provides you with this Investor Alert in regard to securities broker Arni Jay Diamond (CRD#: 2667392, Jacksonville, Florida). As reported on FINRA BrokerCheck, eight or more investors disputed Diamond’s sales practices. Just on October 15, 2020, Dempsey Lord Smith permitted Diamond to resign amid allegations of his failure to follow firm policies and procedures. Here’s more about the disputes involving Diamond’s sales practices.

Dempsey Lord Smith Client Indicates That Arni Diamond Sold DPPs, LPs When Client Was Not Accredited

First of all, a client of Dempsey Lord Smith complained about Arni Diamond in September 2020. Mainly, the client alleged that Diamond solicited investments in DPPs or LPs which were only meant for accredited investors. The client was reportedly not an accredited investor but was still advised to purchase the investment. It seems that these investments were not profitable. For this reason, the client asked for $100,000 in compensation in this pending dispute.

Berthel Fisher Client Indicates That Alternative Investments Were Misrepresented

Secondly, a client of Berthel Fisher took aim at Arni Diamond through a July 2020 lawsuit. Apparently, Diamond caused the client to invest in equipment leasing, oil and gas and real estate securities without telling the client about all of the fees and risks. Also, Berthel Fisher was supposedly negligent and did not conduct reasonable due diligence on investments. For this reason, the client demanded compensation. This matter is ongoing.

Arni Diamond Allegedly Recommends Kalos Client’s Investments In Bad LPs, DPPs

Apparently, a client of Kalos Capital brought a FINRA Arbitration Action in June 2020. Notably, the client stressed that there was a lack of due diligence on the investments that Arni Diamond recommended or sold. The broker might have breached a fiduciary duty by failing to place the client’s interests first. Also, Kalos Capital possibly failed to supervise Diamond. This matter is awaiting a resolution.

Kalos Capital Client Brings Lawsuit Over Unsuitable Recommendations

Further, a client of Kalos Capital brought an investment dispute about Arni Diamond in April 2020. Specifically, the client alleged that Diamond made unsuitable recommendations. It seems that Kalos Capital may have failed to supervise the broker’s recommendations and that these direct investments reflected a breach of fiduciary duty. For this reason, the client demanded more than $100,000 in compensation. This is a developing matter.

Past Disputes About Arni Diamond Summed Up

Four other investors brought disputes about Arni Diamond. These disputes contain allegations of suitability and misrepresentation. In one case, a client received $50,000 after alleging that Diamond put them in investments that did not match their investment goals. Other disputes are either pending or have been denied or closed without further action.

Losses Because Of Diamond?

It seems that Arni Diamond denies allegations of his sales practice violations as alleged by the foregoing clients. Have you experienced losses by investing with Diamond? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with knowledgeable counsel concerning a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and it advances all costs. The law firm has recovered millions of dollars for clients who have sustained losses due to improper conduct of brokers and financial advisors.