The Financial Industry Regulatory Authority Inc. (FINRA) filed a complaint August 25th. 2016, against ex-broker, CHRISTOPHER B. ARIOLA (CRD# 2957096) (Alternate Name: CHRISTOPHER BASILE ARIOLA). Allegedly while working for Bay Mutual Financial, of Santa Monica, California, Ariola recommended that three elderly retirees invest a substantial portion of their retirement savings in gold and energy stocks from December 2011 through July 2012. FINRA also alleges that Ariola helped a fourth client make similar investments in a retirement account at TD Ameritrade that he controlled.
These four elderly investors all retired from the same bus company in California. According to FINRA, the four lost approximately $140,000 as result of their overly-concentrated investments in gold and energy stocks. FINRA stated that the four elderly retirees had limited financial resources and investment experience, as well as low-to-moderate risk tolerances.
Among the stocks that Ariola allegedly recommended were James River Coal and Hugoton Royalty Trust. These clients were invested heavily in stocks that exposed them to significant investment risk. According to the FINRA complaint, while Ariola was at Bay Mutual Financial, he worked on servicing a 401(k) retirement plan for a bus transportation company in California. When the employees of the bus company elected to roll over their 401(k) money into an individual retirement account at Bay Mutual Financial, Christopher B. Ariola provided them with investment recommendations. Ariola placed some retirement accounts, that according to FINRA, were approximately 80% exposed to gold and energy stocks.
CHRISTOPHER B. ARIOLA was registered in the securities industry for 16 years, and some of the firms he was registered with were:
11/2012 - 09/2014 FINANCIAL TELESIS INC - ALISO VIEJO, CA
09/2004 - 09/2012 BAY MUTUAL FINANCIAL, LLC - SANTA MONICA, CA
If you or an elderly family member lost your retirement savings due to the recommendations of CHRISTOPHER B. ARIOLA, or another broker recommending high-concentrations of gold or energy stocks, call the Soreide Law Group for a no-cost consultation on the possibility of recovering your losses at: 888-760-6552.
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