John Alex (CRD: 2020710) settled customer disputes at Morgan Stanley and UBS Financial Services between 2011 and 2025, according to BrokerCheck, which lists him as John L. Alex.
On August 14, 2025, the Financial Industry Regulatory Authority (FINRA) ordered PFS INVESTMENTS INC to pay restitution to customers who paid excessive fees. The firm was censured and ordered to pay $710,738.55 plus interest in restitution to the affected customers.
According to the FINRA report, without admitting or denying FINRA’s findings, PFS INVESTMENTS INC consented to the sanctions and to the entry of findings that it allegedly failed to establish and maintain a system reasonably designed to supervise the application of sales charge waivers and fee rebates to which customers were entitled to through rights of reinstatement offered by mutual fund companies.
FINRA’s findings alleged that PFS INVESTMENTS INC did not ensure customers received rights of reinstatement benefits from mutual fund issuers to which they were entitled and those customers paid $710,738.55 in excess sales charges and fees.
According to a recent article in FNG this allegedly occurred from August of 2019 - July of 2024. The article states that PFS INVESTMENTS INC allegedly violated FINRA Rules 3110(a) and 2010. For these alleged violations, the firm was censured and required to pay the $710,738.55 in restitution. FINRA noted that no fine was imposed due to the firm’s cooperation. PFS INVESTMENTS INC has been a FINRA member since 1981 andis headquartered in Duluth, Georgia. They have approximately 19,000 registered representatives in more than 4,000 branch offices.
FINRA rule 3110(a) Supervisory System states in part that “each member shall establish and maintain a system to supervise the activities of each associated person that is reasonably designed to achieve compliance with applicable securities laws and regulations, and with applicable FINRA rules. Final responsibility for proper supervision shall rest with the member.”
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John Alex (CRD: 2020710) settled customer disputes at Morgan Stanley and UBS Financial Services between 2011 and 2025, according to BrokerCheck, which lists him as John L. Alex.
Sam Bhushan (CRD: 4884717) is named in several pending customer complaints and one settled dispute, according to his BrokerCheck report.
Sterling Louviere (CRD: 2021328), listed on BrokerCheck as Sterling Vaughn Louviere, is named in a pending customer claim over Reg D private placements, with Cabin Securities as the firm named.
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