Next Financial Group’s Mark Lee Tevebaugh Allegedly Sold Bad Investments

Mark Lee Tevebaugh (CRD#: 1567001, Indian Harbour Beach, Florida) is a general securities representative for Next Financial Group, Inc. According to person’s Financial Industry Regulatory Authority (“FINRA”) BrokerCheck Report, four customers have alleged that he engaged in sales practice violations. Check out the following summary of claims alleging Mark Tevebaugh’s unsuitable and unauthorized transactions.

NEXT Customer’s Arbitration Involving Mark Tevebaugh

 
Most recently, on February 6, 2018, a customer of NEXT Financial Group, Inc. filed a FINRA Arbitration #18-02563. Namely, the customer claimed that from September 2014 to October 2016, Mark Tevebaugh put nearly $110,000.00 worth of the customer’s assets in bad investments. Mark Tevebaugh allegedly invested the customer’s funds in real estate investment trust (“REIT”) and business development company (“BDC”) investments. Apparently, those risky investments were not appropriate for the customer. Therefore, the customer demanded $110,000.00 in compensation to remedy the issue. While this may be true, the claim is pending.

First Network Investment Corporation Customer’s Complaint About Mark Tevebaugh

 
Formerly, Mark Tevebaugh worked for Financial Network Investment Corporation (now Cetera Advisor Networks). Allegedly, Mark Tevebaugh arranged an unsuitable purchase of a fixed annuity for a Financial Networks Investment Corporations customer. Specifically, on November 22, 2010, the customer filed a dispute alleging that a indexed annuity product was not suitable. Because of this, the customer requested compensation of $15,668.25. However, First Network Investment Corporation denied the allegations.

Settlement Of MONY Securities Corporation Customer’s Complaint

 
A customer of MONY Securities Corporation, another one of Mark Teverbaugh’s previous employers, filed a complaint about his sales practices on February 22, 2002. Principally, the customer raised allegations of fraud, unauthorized trading, breach of fiduciary duty, forgery, omissions and unsuitability. Allegedly, Mark Tevebaugh gave bad advice to the customers about using their life insurance cash value to buy a variable annuity. By acting on Mark Teverbaugh’s advice, the customers apparently did not know that there would be tax consequences. According to the customer, Mark Tevebaugh, or someone under his control, forged the customer’s signature on account documents. As a result, on June 20, 2002, MONY Securities Corporation opted to settle the customer’s claim by payin

g the customer $29,243.97.
Investors who have incurred losses from NEXT Financial Group broker Mark Lee Tevebaugh are encouraged to contact Soreide Law Group at (888) 760-6552 for a free consultation. Our firm has recovered millions of dollars for investors who have suffered losses due to broker misconduct such as brokers engaging in unauthorized trading or outside business activities. We represent clients on a contingency fee basis and advance all costs.