Christopher B. Ariola Barred by FINRA for Over-Concentration of Elderly Clients in Gold and Energy Stocks

Soreide Law Group obtained the following information from FINRA’s March 2017 Disciplinary Report:
Christopher B. Ariola (CRD #2957096, Santa Monica, California)
was barred by FINRA and ordered to pay a total of $137,993.13, plus prejudgment interest of $18,657.43, in restitution to clients for allegedly making unsuitable recommendations to elderly retirees to invest a substantial portion of their limited retirement assets in high-risk gold and energy stocks.
FINRA’s findings stated that these recommendations were unsuitable given these clients’ financial circumstances, investment objectives and low risk tolerances, and because the recommendations resulted in the clients’ accounts being unduly concentrated in gold and energy stocks.
Allegedly, Ariola made similar unsuitable recommendations with respect to a former client’s retirement account that he controlled on the former client’s behalf. As a result of his alleged unsuitable recommendations, these clients suffered combined losses of $137,993.13.
FINRA’s findings also stated that Christopher B. Ariola allegedly obtained access to the former client’s retirement account and engaged in securities trading in that account on the client’s behalf without providing the required written notice of such outside brokerage account to his member firm or of his registered status with it to the firm that held the retirement account.
(FINRA Case #2012034139101)
FINRA has permanently barred Christopher B. Ariola from acting as a broker or otherwise associating with firms that sell securities to the public.

Christopher B. Ariola  was registered in the securities industry for 16 years, has 6 disclosures listed on his BrokerCheck report with 4 pending customer disputes, and was listed with 6 firms the last two listed below:
11/05/2012 - 09/03/2014 FINANCIAL TELESIS INC. - ALISO VIEJO, CA
09/21/2004 - 09/24/2012 BAY MUTUAL FINANCIAL, LLC - SANTA MONICA, CA
If you were a client of Christopher B. Ariola formerly with Financial Telesis Inc. of Aliso Viejo, CA and sustained losses due to his actions or recommendations, particularly a high-concentration of energy and gold stocks, contact Soreide Law Group for a no-cost consultation with a lawyer regarding the possible recovery of your financial loss at:  888-760-6552.
Soreide Law Group represents our clients nationwide before FINRA and we operate on a contingency fee basis.