JOHN S PRONOVOST Formerly of OSAIC Fined and Suspended by FINRA

JOHN STEPHEN PRONOVOST (JOHN S PRONOVOST) was previously listed as a broker with OSAIC INSTITUTIONS INC of Watertown, Connecticut from 02/26/2021 - 08/05/2025. Pronovost was listed with CAMBRIDGE INVESTMENT RESEARCH INC of Watertown, Connecticut from 02/29/2008 - 03/02/2021

According to FINRA’s BrokerCheck, available to the public on FINRA’s website, JOHN S PRONOVOST has 35 years of experience in the securities industry and was listed with 4 firms. He is not currently listed with any FINRA firm. Pronovost has 19 disclosures on his FINRA CRD report.  One is a “Judgment/Lien” from 2020, and one disclosure is a “Regulatory,” dated 6/16/2025, fining him $7,500.00 and suspending him for two months.  The allegations were, “Without admitting or denying the findings, Pronovost consented to the sanctions and to the entry of findings that he engaged in an OBA (Outside Business Activity) by acting as a trustee to the estate of a deceased customer of his former member firm without providing prior written notice to that firm or his current firm. The findings stated that Pronovost became a trustee while he was associated with his former firm, and he remained a trustee and served in that role until September 2022. In April 2022, while he was associated with his current firm, Pronovost was paid $20,000 for his work as a trustee. In addition, Pronovost completed questionnaires for both of the firms, respectively, in which he attested that he had disclosed all of his OBAs when, in fact, he had not disclosed his role as a trustee.”

FINRA’s BrokerCheck also lists 17 “Customer Disputes” on JOHN S PRONOVOST’s CRD report. Two were denied and 15 have settled.  The significance of JOHN S PRONOVOST’s disclosures is underscored in FINRA NOTICE to MEMBERS 03-49. FINRA conducted a review of the CRD’s of all registered representatives, only .41% had been the subject of 3 or more customer complaints. In other words, JOHN S PRONOVOST’s 17 customer complaints rank him in the top one-hundredth percent of all registered representatives for customer complaints. 

Some examples of settled “Customer Disputes” on JOHN S PRONOVOST’s CRD report are as follows:

On 7/27/2018 the dispute filed alleged, “Clients allege advisor sold them an unsuitable investment.”  The settlement amount was $250,000.00.

The dispute dated 10/2/2019 settled for $107,981.00.  The allegations were, “Clients represented by an attorney verbally alleged purchases of unsuitable investments were made in clients' accounts.”

The dispute dated 2/7/2024 filed against JOHN S PRONOVOST settled for $30,000.00.  The allegations were, “The Statement of Claim alleges the financial professional recommended unsuitable investments given the client's age and stated objectives. It is alleged that these recommendations resulted in significant losses to the client.”

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