Centaurus Financial Broker Bryon Martinsen Allegedly Sells Unsuitable Alternative Investments
The investment disputes continue to pile on for Centaurus Financial Inc. securities broker and financial advisor Bryon E. Martinsen (CRD#: 1621649, Kings Park, New York). It appears that a slew of investors complained and brought lawsuits in regard to Martinsen’s investment activities. Namely, these disputes suggest that the broker, who joined Centaurus Financial in 1999, made unsuitable recommendations and had misrepresented investments. Here’s a closer look at the securities broker’s disclosures and what you could do if you incurred losses from him.
Centaurus Financial Client Indicates That Bryon Martinsen Sold Unsuitable Alternative Investments
Evidently, a client of Centaurus Financial brought a lawsuit in April 2020 about Bryon Martinsen’s investment activities from 2013-2020. It seems that Martinsen overconcentrated the client’s accounts in limited partnership interests, direct participation programs or real estate securities. Apparently, the client also purchased a variable annuity at Martinsen’s direction or had otherwise invested in bad subaccounts. For the purportedly unsuitable and misrepresented investments, the client demanded $5,000,000 in compensation.
Martinsen’s Real Estate Security Recommendations Were Unsuitable, Claim Indicates
Also, in April 2019, a Centaurus Financial client brought a lawsuit over Bryon Martinsen’s real estate security recommendations. It appears that Martinsen did not consider the client’s goals, risk tolerance, objectives, needs or other suitability criteria. FINRA BrokerCheck shows that the client made “several other allegations” associated with Martinsen’s actions from 2009 to 2018. It is unclear what those allegations are because Martinsen omitted or concealed mention of them in his disclosures. Specifically, he merely mentions that there are other allegations. Evidently, the client demanded $1,700,000 in damages because of Martinsen’s unreasonable and unprofessional actions.
Centaurus Financial Client Suggests That Bryon Martinsen Pushed Bad Investments As Financial Advisor
Notably, a third client of Centaurus Financial brought a dispute about Bryon Martinsen in February 2019. Apparently, like the other disputes indicated, Martinsen told this client to buy investments which were inconsistent or incompatible with the client’s investor profile. Also, Martinsen states that there are several other allegations rather than specifying what they are. It is possible that some of those unspecified allegations against Martinsen include him deceiving the client or even breaching a fiduciary duty. It appears that Martinsen settled the claim through a payment of $25,000 to the client in July 2019.
Other Investors Paint A Horrible Picture Of Bryon Martinsen
Furthermore, prior investor disputes suggest that Bryon Martinsen omitted and misrepresented really important information in connection with investments he sold. In one dispute, a client alleged that Martinsen violated his fiduciary responsibility, failing to place the client’s interests before his own. Also, that claim alleges that Martinsen breached a contract and engaged in private securities transactions. Also, BrokerCheck shows that an investor received compensation after alleging Martinsen’s negligence and his deceptive tactics in connection with sales of non-traded real estate investment trusts, private placements and leasing equipment funds.
Did Martinsen Sell You Bad Investments?
Have you experienced losses by investing through Bryon Martinsen? 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 and financial advisors.