Broker Jon Pariser Allegedly Responsible For Bad Promissory Note Investments
Investor Alert! The Financial Industry Regulatory Authority (FINRA) reports a total of seven client disputes about Independent Financial Group securities broker Jon Pariser (CRD#: 2755015, Pacific Grove, California). The broker, who worked for Independent Financial Group from 2014 to 2018, was sanctioned in 2018 by FINRA for stonewalling an investigation into his investment recommendations. Evidently, Four disputes about Pariser are pending and two settled through payments to clients. Notably, these disputes suggest that Pariser engaged in shady transactions which included convincing clients to invest with unlicensed or unregistered persons who recommended or sold unsuitable, unprofitable investments. Here’s a summary of the disputes and FINRA action:
Independent Financial Group Clients Allege Jon Pariser Liable For Botched Promissory Note Investments
Apparently, a client of Independent Financial Group brought FINRA Arbitration #: 19-01079 on April 14, 2019. The client alleged in this dispute that Jon Pariser was responsible for causing clients’ unsuitable promissory notes investments. It appears that the borrower, who Pariser supposedly sold his business to, defaulted on the promissory note. For this reason, the client demanded $1,268,000 in compensation. This claim is unresolved.
Pariser Allegedly Engages In Unsupervised, Inappropriate Recommendations
Evidently, a second dispute brought by Independent Financial Group clients on December 3, 2018 concerned Jon Pariser’s suspicious actions between 2017 and 2018. Namely, the clients allege that Pariser recommended that clients take up the services of two non-affiliated individuals who urged and ultimately convinced the clients to liquidate their IFS accounts to purchase promissory notes. Allegedly, Independent Financial Group failed to supervise Pariser. The firm supposedly failed to prevent him from making the inappropriate recommendations. Supposedly, the clients have not been repaid on those promissory notes. For this reason, the clients alleged $2,011,000 in damages. This client’s investment dispute awaits a resolution.
IFG Clients Indicate Jon Pariser Responsible For Bad Promissory Note Investments
Moreover, from July 19, 2018 to August 17, 2018, two other Independent Financial Group clients contested Jon Pariser’s actions. Allegedly, Pariser persuaded clients to sell their holdings to invest with non-IFG affiliated individuals who placed their money in unregistered promissory notes. Together, these clients alleged $797,000 in damages. These matters are underway.
FINRA Bars Pariser From Securities Industry For Stonewalling Investigation
Evidently, Pariser entered into a Letter of Acceptance, Waiver and Consent to resolve FINRA’s allegations that he violated FINRA rules by failing to provide information to FINRA while under investigation. Notably, FINRA received information that suggested Pariser possibly referred investors to an unlicensed person who sold unsuitable securities. Evidently, FINRA demanded in August 2018 that Pariser answer to these allegations. However, Pariser refused to provide anything to FINRA in response. For this reason, FINRA barred Pariser from acting as a broker or associating with a broker-dealer firm.
Lars Soreide Highest Ethical Standard Award 2018
Have you experienced losses by purchasing bad investments because of Jon Pariser? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have suffered losses due to misconduct of brokers and brokerage firms.