Darren Grossman Facing Allegations of Unsuitable Advice at Centaurus Financial

Financial Industry Regulatory Authority (FINRA) BrokerCheck reveals disclosures about securities broker Darren Robert Grossman (CRD#: 5762586, Bala Cynwyd, Pennsylvania). Grossman has been registered with Centaurus Financial Inc. since March 21, 2017. Previously, he was associated with MSI Financial Services Inc. from January 2011 to March 2017.

Recent disclosures reveal concerns about Grossman’s conduct, including allegations of recommending unsuitable, high-risk, and illiquid investments to clients.

Client Allegations About Grossman Include Unsuitable Recommendations

On February 21, 2024, a client of Centaurus Financial Inc. filed a pending FINRA arbitration (FINRA Arbitration No. 24-00327), alleging that Grossman recommended unsuitable, high-risk, and illiquid investments between January 2020 and October 2020, breaching his fiduciary duty. The client is seeking $250,000 in damages. Grossman denies any wrongdoing and asserts that the recommendations were suitable and aligned with the client's financial objectives. He maintains that clients reviewed and acknowledged investment documentation outlining risks.

Centaurus Financial Client Filed Dispute About Darren Grossman Alleging Breach of Fiduciary Duty

Previously, on August 2, 2022, another Centaurus Financial Inc. client alleged that Grossman recommended unsuitable, high-risk, and illiquid investments in November 2019 and October 2020. The client sought $150,000 in damages. The case settled on February 28, 2024, with a payout of $64,786. Grossman denied any misconduct and stated that his broker-dealer unilaterally settled the matter without his agreement or financial contribution.

Additionally, on August 17, 2021, a Centaurus Financial Inc. client alleged that in January 2018, Grossman recommended a high-risk, unsuitable investment and breached his fiduciary duty. The client sought $50,000 in damages. However, the client withdrew the complaint on September 1, 2021. Grossman denied any wrongdoing and asserted that the client knew about the investment, leading to the arbitration's withdrawal.

Contact Soreide Law About Grossman Today

Looking for more information about Darren Grossman? If so, reach out to Soreide Law Group online or at (888) 760-6552 to speak with a securities attorney. Soreide Law Group works on a contingency basis, advances all costs, and assists investors across the country with recovering losses from sales practice misconduct. Grossman and Centaurus Financial deny accusations of sales practice violations.