AFinancial Industry Regulatory Authority (FINRA) panel of arbitrators has ordered
Trustmont Financial Group Inc.
to pay one of their clients more than $1 million in damages.
The client had accused Trustmont of breach of fiduciary duty, fraud and negligence relating to two 1035 annuity exchanges and a private real estate investment trusts (REITs).
The client had asked for damages of approximately $500,000. Trustmont Financial Group was ordered to pay the client $848,002.31 in compensatory damages and $100,000 in punitive damages. Trustmont is also liable for costs and attorney fees of $15,596 and $82,500. The total of the award is $1,046,098.31.
Trustmont denied all the allegations.
In 2016, Trustmont Financial Group was fined $100,000 for alleged supervisory failures due to inspection of branch offices and the supervision of Unit Investment Trusts (UITs) sales.
TRUSTMONT FINANCIAL GROUP, INC. as also listed on FINRA’s website as:
(THE CODRICK FINANCIAL GROUP, INC., TRUSTMONT FINANCIAL GROUP, INC. DBA TFG)
CRD#: 18312
SEC#: 36439
Based at:
SCENIC DRIVE PROFESSIONAL CENTER
200 BRUSH RUN ROAD, SUITE A
GREENSBURG, PA 15601 UNITED STATES
If you’ve experienced financial losses due to the actions or recommendations of the broker/dealer Trustmont Financial Group, contact Soreide Law Group and speak to an experienced securities lawyer regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group represents clients nationwide before FINRA and we operate on a contingency fee basis—no fee to you if no recovery.
JOHN LAWRENCE ALEX (JOHN L ALEX) has been registered both as a broker and financial advisor with MORGAN STANLEY of Morristown, New Jersey, since11/15/2011. According to FINRA’s BrokerCheck, available to the public on FINRA’s website, JOHN L ALEX has 36 years of experience in the securities industry and has been registered with 4 firms. Alex […]
JOSEPH KELLY (JOE KELLY) has been registered as a broker with VCS VENTURE SECURITIES of New York, NY since 6/17/2026. He was previously registered with SPARTAN CAPITAL SECURITIES LLC of New York, NY from 01/13/2017 - 12/18/2024. According to FINRA’s BrokerCheck, available to the public on FINRA’s website, JOSEPH KELLY has 21 years of experience […]
Soreide Law Group has filed a FINRA arbitration on behalf of our clients (Claimants) against: CENTAURUS FINANCIAL, INC (Respondent). The Claimants reside in Arizona and are retired. The Claimants were seeking stable investments that would provide them with income. The lawsuit states that the Claimants have a long-standing relationship with CENTAURUS FINANCIAL and its Financial Advisor, […]
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