The Financial Industry Regulatory Authority (FINRA) has fined Centaurus Financial and one of its former registered representatives, DONNIE EUGENE INGRAM (DON INGRAM, DONNIE E INGRAM) and ordered them to pay over $840,000. Centaurus Financial agreed to a censure and $50,000 fine. DONNIE E INGRAM agreed to a six-month suspension and a $15,000 fine, according to FINRA. FINRA stated that Ingram and Centaurus also each agreed to pay $388,962.13 in restitution. This involved alleged sales of unit investment trusts (UITs), real estate investment trusts (REITs) and a non-traded business development company (BDC).
FINRA alleges that between September 2016 and September 2018, DONNIE E INGRAM, a broker registered with Centaurus Financial of Winter Haven, Florida, and an investment advisor with his own firm, Ingram Advisory Services, allegedly recommended 81 customer accounts buy standard versions of a UIT even though a lower-cost, fee-based UIT was available. According to FINRA, this allegedly caused Ingram’s customers to incur unnecessary expenses of over $300,000 and allegedly benefited Centaurus and Ingram.
According to a recent article in Financial Advisor IQ, DONNIE E INGRAM also allegedly recommended in the same time period, that his clients buy an offering of a REIT as well as a BDC so the customers incurred commissions, which they would not have paid if Ingram had sold them the products through his advisory firm. The commissions again benefited Ingram and Centaurus.
FINRA alleged that Centaurus failed to supervise Ingram. Both DONNIE E INGRAM and the firm neither admitted nor denied the allegations when they agreed to the settlement.
According to FINRA’s BrokerCheck, available to the public on FINRA’s website, DONNIE E INGRAM, has been in the securities industry for 34 years and was listed with 10 firms. He was registered both as a broker and as a financial advisor. He is not currently registered. Ingram has 10 disclosures on his FINRA CRD report, 9 are “Customer Disputes.”
If you’ve experienced financial losses due to the actions or recommendations of Centaurus Financial and/or DONNIE E INGRAM, formerly of Centaurus Financial of Winter Haven, Florida, contact the Florida-based Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group represents clients nationwide before FINRA on a contingency fee basis, no fee to you if no recovery.
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