Broker Benjamin Bourgeois Allegedly Converted Funds From LPL Financial Client

Investor Alert! The Financial Industry Regulatory Authority (“FINRA”) reports alarming allegations of improprieties by securities broker Benjamin Frank Bourgeois Jr. (CRD#: 2145555, Metairie, Louisiana). Notably, no less than 4 clients contested the securities recommendations or sales of the securities broker, who worked for Commonwealth Financial Network from 2015 to 2019. Moreover, FINRA barred Benjamin Bourgeois for stonewalling an investigation. Overall, these disclosures suggest that Bourgeois deceived investors and caused their losses. Here’s more:

Benjamin Bourgeois Allegedly Converted LPL Financial Client’s Funds

Evidently, a client of LPL Financial and Commonwealth Financial Network filed FINRA Arbitration #: 19-023566 on September 3, 2019. Allegedly, Bourgeois induced this client to hand him personal checks so that he could invest for the client. It appears that Bourgeois did not make those investments. Supposedly, Bourgeois put the client’s money in his bank account to use for his own purposes. Also, the securities broker allegedly advised the client to buy unreasonable and unsuitable investments. Consequently, the client asked for compensation in this ongoing matter.

FINRA Bars Bourgeois For Not Cooperating In Investigation

Apparently, on May 28, 2019, FINRA issued Acceptance, Waiver and Consent (“AWC”) #: 2019062162101 barring Benjamin Bourgeois for violating FINRA Rules 8210 and 2010. Allegedly, the securities broker chose not to provide information and documentation to FINRA during its investigation. It appears that the financial industry watchdog suspected that he might have stolen money from clients or engaged in deceptive activities which involved bogus borrowing arrangements.

Benjamin Bourgeois Allegedly Schemes To Deceive Commonwealth Financial Network Client

Evidently, a second client of Commonwealth Financial Network contested Benjamin Bourgeois’ securities recommendations or sales through bringing Lawsuit #: 2:19-cv-08104 on April 5, 2019. Similar to other clients, this client indicated that funds intended for investments were converted by the broker as part of a deceptive scheme. It seems that Bourgeois lied to the client concerning the purported investments. As a result, the client alleged $519,500.00 in damages. Apparently, this matter is pending a resolution.

Lars Soreide Highest Ethical Standard Award 2018

Lars Soreide Highest Ethical Standard Award 2018

Losses From LPL Financial Securities Broker Benjamin Bourgeois?

Have you experienced losses by investing with Benjamin Bourgeois? If you have, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a potential recovery of your investment losses. Soreide Law Group provides representation to clients on a contingency fee basis and advances costs. The law firm has recovered millions of dollars for clients who have experienced losses due to misconduct of securities brokers like Bourgeois.