Customers Take Aim At SII Investments For Unsuitability

SII Investments, Inc. (CRD#: 2225, Wisconsin) is a previously registered brokerage firm regulated by Financial Industry Regulatory Authority (“FINRA”) who has reported 13 regulatory events and 9 arbitrations – all of which reference allegations of SII Investments’ misconduct in the securities industry. Some of the SII Investments registered representatives, including Jason William Urbaniak, Mario Anthon Ruiz, Roy Andrew Moen and Michael Gerald Whitehouse, have disclosed customer disputes referencing allegations of sales practice violations.

Customer Dispute Involving SII Investments Broker Jason William Urbaniak

Jason William Urbaniak (CRD#: 2834829, Crown Point, Indiana) has been a registered representative of SII Investments, Inc. between July 25, 2002 and February 14, 2018. Urbaniak’s sales practices have come under fire by a SII Investments customer. Particularly, the customer filed FINRA Arbitration #18-00469 on February 5, 2018 in Louisville, Kentucky. The customer claimed that the real estate securities sold to the customer were misrepresented and unsuitable. Apparently, the customer had invested in inappropriate direct participation program (“DPP”) and limited partnership (“LP”) products that were not accurately explained. The customer alleged $300,000.00 in damages as a result of the alleged misrepresentation and unsuitability. The claim is still underway. SII Investments disaffiliated with Jason William Urbaniak on February 14, 2018. Urbaniak has been a registered representative of LPL Financial LLC since February 14, 2018.

Customer Dispute Involving SII Investments Broker Mario Anthon Ruiz

Mario Anthon Ruiz (CRD#: 2795066, Crown Point, Indiana) was an SII Investments registered representative between December 10, 1998 to February 14, 2018. The FINRA BrokerCheck file for Ruiz also indicates that his activities caused the aforementioned customer’s filing of FINRA Arbitration #18-00469. That customer also alleged misrepresentation and unsuitability with respect to the real estate investment trust products purchased by the customer. Like with Urbaniak, Ruiz has ceased working for SII Investments on February 14, 2018 and has since commenced employment with LPL Financial LLC.

Customer Dispute Involving SII Investments Broker Roy Andrew Moen

Roy Andrew Moen (CRD#: 1022088, Burnsville, Minnesota) was a registered representative of SII Investments between December 5, 2001 and February 14, 2018. Moen’s FINRA BrokerCheck file indicates that his sales practices have been disputed by a customer. In particular, the customer filed a complaint with the firm on September 26, 2017. The SII Investments customer claimed that a variable annuity had been sold to the customer despite it being unsuitable. The customer stated that the annuity did not address the customer’s investment objectives and financial circumstances. Records show that on March 15, 2018, SII Investments agreed to pay the customer $18,951.18 to settle the customer’s allegations of unsuitability. Moen has transitioned from SII Investments to LPL Financial LLC on February 14, 2018.

Customer Dispute Involving SII Investments Broker Michael Gerald Whitehouse

Michael Gerald Whitehouse (CRD#: 2410563, Green Bay, Wisconsin) is a prior SII Investments registered representative. He was employed at the firm between August 5, 2002 and November 30, 2017. Whitehouse disclosed on his FINRA BrokerCheck report that a customer filed a FINRA Arbitration #16-03175 on October 31, 2016 in Milwaukee Wisconsin. The Arbitration references Whitehouse’s possible sales practice violations. Particularly, the customer contended that false or misleading statements had been made to the customer about the variable annuity and REIT investment.
In addition, the customer claimed that the annuity and REIT were not fitting for the customer’s needs and objectives. As a result of the alleged misrepresented and unsuitable investments, the customer has requested compensatory damages. The firm believes that the customer is seeking more than $5,000.00 in damages. The customer’s matter is awaiting a resolution. SII Investments disaffiliated with Whitehouse on November 30, 2017. He became a Geneos Wealth Management Inc. registered representative on November 29, 2017.

Have you suffered investment losses from SII Investments brokers Jason William Urbaniak, Mario Anthon Ruiz, Roy Andrew Moen or Michael Gerald Whitehouse? If so, consider contacting Soreide Law Group at (888) 760-6552. Our firm has recovered millions of dollars for investors who have been victimized by unsuitability and misrepresentation. We represent clients on a contingency fee basis and advance all costs.