The Law Offices of Robert Wayne Pearce, P.A. is currently representing a Client of Joseph Michael Todd who has filed an arbitration claim against his employer, Centaurus Financial, Inc. Joseph Michael Todd Formerly With Centaurus Financial, Inc. and Investors Capital Corp. Has Three (3) Customer Complaints For Alleged Broker Misconduct. IMPORTANT: We are providing information about our clients’ allegations and seeking information from other investors who did business with Joseph Michael Todd and had similar investments, a similar investment strategy, and a similar bad experience to help us win our clients’ case. Please contact us online via our contact form or by giving us a ring at (800) 732-2889. Update: SEC Files Suit Against Joseph Michael Todd The SEC finally filed suit against Joseph Michael Todd (“Todd”) engaging in a fraudulent scheme from at least August 2016 through at least November 2022, where he allegedly misappropriated at least $3 million from at least 20 customers of Centaurus Financial, LLC (“Centaurus”), a dually registered broker-dealer and investment adviser that employed Todd as a registered representative. Todd obtained investor funds through deceptive means by instructing his Centaurus customers to write checks payable to his entities Todd Financial Services, LLC (“TFS”) and/or TFS Insurance Services LLC (“TFS Insurance”) or to Todd himself by falsely assuring customers that he and his entities would invest their funds in various securities. Instead, Todd commingled investors’ funds and kept the money for his own personal use, spending it on lavish real estate, boating, hunting, casinos, and adult entertainment. Todd perpetuated the fraud by making material misrepresentations to customers regarding the use of their funds in meetings that took place in person, in phone conversations, and in documents that he prepared and provided to customers. The SEC accused Todd and his entities because of their conduct, Todd, TFS, and TFS Insurance knowingly or recklessly committed securities fraud. In violation of Section 17(a) of the Securities Act of 1933 (the “Securities Act”) [15 U.S.C. §§ 77e(a), 77e(c), and 77q(a)] and Todd, TFS, and TFS Insurance violated Section 10(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) [15 U.S.C. § 78j(b)] and Rule 10b-5 thereunder [17 C.F.R. § 240.10b-5]. The SEC brought the lawsuit to prevent further harm to investors and to seek disgorgement, civil penalties, permanent injunctions, and conduct-based injunctions stemming from the Defendants’ wrongdoing, and a permanent officer-and-director bar against Todd. Joseph Michael Todd Was Terminated by Centaurus Financial, Inc. On July 21, 2022, Joseph Michael Todd was terminated by Centaurus Financial, Inc. for not cooperating with an ongoing investigation into whether Joseph Michael Todd violated firm policy and industry rules with respect to allegations of selling away and the receipt of customer funds. Our law firm was contacted by a customer of Joseph Michael Todd alleging misappropriation or theft of funds. We are currently investigating such claims and are accepting clients who were victims of Joseph Michael Todd’s alleged misconduct. Joseph Michael Todd was fired from Centaurus Financial in July 2022, according to FINRA’s BrokerCheck. Michael Todd was terminated from Centaurus Financial because of claims he sold investments not authorized by the company, a common practice known as “selling away.” Did Joseph Michael Todd Cause You Investment Losses? Joseph Michael Todd, also known as Michael Todd, Formerly With Centaurus Financial, Inc. and Investors Capital Corp. Has Three (3) Customer Complaints For Alleged Broker Misconduct. If you believe you have suffered investment losses resulting from the conduct of Joseph Michael Todd at Centaurus Financial and Investors Capital Corp. you can contact the securities attorneys at The Law Offices of Robert Wayne Pearce, P.A. for a free consultation to discuss your rights. Joseph Michael Todd Customer Complaints Joseph Michael Todd has been the subject of three (3) customer complaints that we know about, one (1) of those complaints was filed in 2022 to recover investment losses. And One (1) of Joseph Michael Todd’s three (3) customer complaints were settled in favor of investors. However, one (1) of Joseph Michael Todd’s customer complaints was closed, and the customers have not taken any further action. There is currently one (1) pending customer complaint filed against Joseph Michael Todd’s former employer Centaurus Financial, Inc. for investment losses caused by alleged misconduct. Allegations Against Joseph Michael Todd A sample of the allegations made in the FINRA reported arbitration claim settlements and/or pending complaints for investment losses are as follows: We currently represent a Client of Joseph Michael Todd who have filed an arbitration claim against his employer, Centaurus Financial, Inc. A summary of the allegations made in the FINRA arbitration filed for investment losses realized by the Claimant were as follows: 1. Introduction Respondent Centaurus employed Joseph Michael Todd (hereafter referred to as either “Mike” or “Mr. Todd”) and held him out as registered representative, investment adviser, investment manager, financial adviser, and financial planner with special skills and expertise in the management of securities portfolios and financial, estate, retirement, and tax planning matters. Centaurus hired Mr. Todd after he was terminated by two prior broker-dealers for violations of industry rules, firm policies and procedures, including allegations of selling unapproved investments and misappropriation. It also permitted Mr. Todd to operate his Centaurus branch offices under the name “Todd Financial Services” as “a DBA for branding purposes.” The Respondent is being sued in its capacity as broker-dealer and investment adviser, investment portfolio manager, financial planner, and/or as an employer whose employees and agents, including, but not limited to, Mr. Todd, committed the acts and omissions which are the subject of this Statement of Claim. Claimant is a 62-year-old single woman back working 3 months after she had retired and discovered that her Centaurus’ stockbroker and investment advisor Mr. Todd did the following: 1) Stole $425,000 of her funds that were supposed to have been invested in safe, liquid, fixed income securities for her retirement security and income; 2) Acted in his own “best interest” instead of Claimant’s “best interest” in soliciting her to sell $420,000 of her investment grade municipal bonds and reinvesting the sales proceeds in illiquid and high-risk...Keep Reading
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The Law Offices of Robert Wayne Pearce has represented investors across the globe and throughout the United States. Our attorneys have recovered over $170 million for his investor clients in all types of stockbroker fraud and stockbroker misconduct cases.
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- "Bob Pearce is the real-life Marvel Hero who fights for small investors against brokerage institutions who manage investors’ hard-earned money carelessly, and even worse, conduct fraud outright."
Bob Pearce is the real-life Marvel Hero who fights for small investors against brokerage institutions who manage investors’ hard-earned money carelessly, and even worse, conduct fraud outright. For years, we were misled by a brokerage firm who told us they would correct the wrong or compensate us for their mistakes. Only after we started working with Bob, we realized how powerful and wonderful it is to have a top legal expert by your side. Bob is immensely detail oriented, knowledgeable, professional, and confident. We are more than happy with the outcome Bob achieved for us within just a few months. Thank you, Bob!- Q Wang -
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No half efforts here. He and his group of professionals are outstanding strategists that can execute with precise fervor and unyielding determination. Theirs is a huge wave of facts, research, precedents and preparation, that has impressed me in its thoroughness and creativity, and most importantly with the results. No stone goes unturned and no effort is ever spared. In my book, he and they are those of a very rare kind that one wants to keep for a very long time.- Ramon Flores-Esteves -
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Just like the song from HAMILTON, it's so nice to have Bob Pearce on your side. He is the consumate plaintiff's lawyer: smart. dedicated, fully able to try a case but a great negotiator in a mediation. He did a wonderful job for us, fully supporting us through the process and more than holding his own against a large national law firm.- Maurice Z. -
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Mr. Pearce and his staff exceeded all of our expectations. We were able to reach a settlement that was of our complete satisfaction, all within a very smooth, professional and efficient process. Mr. Pearce is now not only our lawyer but our family friend. We highly recommend him and his team!- Severiano L. -
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This law firm is the real deal. We were so lucky that they took our case as they have so much experience in securities and all the wrongdoing that happens in these investment companies where they mislead you and your money (as in our case) into schemes that are not what you think they are. Mr. Robert Pearce is one of the best lawyers around, a truly professional who will fight for you and will tell you as it is all the time. We could not have gone thru this experience if it was not for all the advice, guidance and support he and all of his staff and associates brought to the game. For the best fighting chance, Robert Pearce is the lawyer you want in your corner.- Astrid M. -
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Attorney Robert Pearce was our lawyer in a case against a Brokerage Firm and I'm witness to his ability and intelligence to deal with lawyers from the most prominent law firm in New York which was the key to recovering much of our losses cheered by their negligence. He never felt intimidated and his study of the case and perseverance prevailed at all times.- Jose A. C. -
- "In the end, Bob and I had the last laugh when the arbitrators awarded me almost 6 million dollars."
No lawyer except Bob said I had a chance of winning. When UBS Lawyers laughingly offered me zero to settle the dispute, Bob became even more determined to prove everybody wrong. Bob was extremely prepared, and always a step ahead of the opposing attorneys throughout the arbitration. In the end, Bob and I had the last laugh when the arbitrators awarded me almost 6 million dollars.- J. Blanco -
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Robert's team is excellent. They are very competitive in what they do and they are very responsible. Every meeting and phone call was made with dedication and desire to help our family every step of the way. Their professionalism, responsibility and empathy assured us that we were in good hands. Recommend to everyone.- Mayra A. -
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Attorney Pearce is a well-respected advocate for investors throughout the legal community, known as a fierce litigator and tireless not only in Boca Raton but throughout Florida and across the nation. Read his Investors Rights Blog and discover the breadth of his knowledge that can only be gained from over 40 years of legal experience for yourself. As one of the most experienced FINRA arbitration lawyers, Mr. Pearce knows all of the available options for your case and will pursue them vigorously to secure the best possible outcome for you and your stockbroker fraud and stockbroker misconduct case. He has earned a peer rating of AV Preeminent * through the Martindale-Hubbell peer review rating process, the highest available rating through that program.
Mr. Pearce is one of Thomson Reuters Florida Super Lawyers ** for Securities Litigation (Top 5). Read the feature article about him in the Florida 2014 Super Lawyers magazine entitled: “No Excuses – How Robert Wayne Pearce Stared Down Personal Disaster”.
During his more than 40 years of experience practicing securities and commodities law, he has won numerous million-dollar awards and settlements for his clients which has earned him recognition for his success by The Million Dollar Advocates Forum and The Multi-Million Dollar Advocates Forum as one of the Top Trial Lawyers in America TM***.
By hiring Robert Wayne Pearce, an attorney with over 40 years of experience practicing in the area of securities, commodities and investment fraud on both sides of the table in arbitrations and courtroom litigation, you will clearly see his legal experience and knowledge in action. Having a fierce litigator and tireless advocate of your rights, an attorney who will quickly identify both the strengths and the weaknesses of your case will surely increase the likelihood of winning your case.
As promised, today we are announcing the 2023 winner of the Robert Wayne Pearce Investor Fraud Awareness Scholarship. Over the course of the year, we received applications from over 175 students from 95 schools around the country who all wrote quality essays about Risks of Investing in the Cryptocurrency Market. The winner of the $2,500 scholarship is Daniel Jimenez Cardona, a student at Valencia College located in Orlando, Florida, who wrote: Risks of Investing in the Cryptocurrency Market The cryptocurrency market has been a topic of fascination and debate since the inception of Bitcoin in 2009. Over the past decade, cryptocurrencies have gained immense popularity as alternative investments, promising high returns and financial independence. However, beneath the allure of this decentralized digital asset lies a complex landscape fraught with risks and uncertainties. In this essay, we will delve into the various risks associated with investing in the cryptocurrency market. One of the most prominent and widely acknowledged risks in the cryptocurrency market is its extreme volatility. Unlike traditional financial assets like stocks or bonds, cryptocurrencies are known for their price swings that can be both exhilarating and terrifying. Investors often experience rapid price fluctuations that can lead to substantial gains or painful losses within minutes. The speculative nature of the market, coupled with the absence of regulation, contributes to this rollercoaster ride. Another significant risk stems from the lack of regulatory clarity surrounding cryptocurrencies. Different countries have adopted varying stances on digital currencies, leading to an ambiguous global landscape. Some nations have embraced cryptocurrencies and enacted regulations to govern them, while others have banned or restricted their use. This uncertainty makes it challenging for investors to assess the legal framework and potential future restrictions that may impact their investments. Cryptocurrencies operate on a blockchain, which is touted as a secure and immutable technology. However, this does not make them immune to security breaches. Hacks and cyberattacks on cryptocurrency exchanges and wallets have been widespread, resulting in the loss of billions of dollars’ worth of digital assets. Investors are responsible for safeguarding their private keys and using secure platforms, but the risk of theft remains a constant concern. Investing in traditional financial markets offers investors a degree of protection through regulatory bodies and insurance schemes. In contrast, the cryptocurrency market lacks such safeguards. When a traditional bank fails, depositors are typically insured up to a certain amount. In the cryptocurrency world, if a platform goes bankrupt or is hacked, investors may have little to no recourse to recover their losses. This absence of consumer protection heightens the risk for those entering the market. The relatively small market capitalization of cryptocurrencies compared to traditional assets makes them susceptible to market manipulation. Pump-and-dump schemes, where the prices of certain cryptocurrencies are artificially inflated before being sold off at a profit, are not uncommon. Additionally, rumors and social media can play a significant role in influencing prices, leaving investors vulnerable to misinformation and coordinated efforts to drive market sentiment. Unlike stocks or bonds, cryptocurrencies do not generate income or dividends. Their value is often driven by speculation and market sentiment rather than intrinsic worth. This lack of fundamental value makes it challenging to assess whether a cryptocurrency is overvalued or undervalued, leading to investment decisions based on hype and trends rather than sound financial analysis. The success of cryptocurrencies as an investment is closely tied to their adoption for everyday use. While some cryptocurrencies like Bitcoin have gained mainstream recognition, they are not yet widely accepted for day-to-day transactions. Until cryptocurrencies achieve broader adoption and become an integral part of the global financial system, their long-term value remains uncertain. Investing in the cryptocurrency market can be an enticing prospect, offering the potential for substantial returns and financial independence. However, it is crucial for investors to recognize and understand the inherent risks associated with this nascent asset class. Volatility, regulatory uncertainty, security concerns, lack of consumer protections, market manipulation, absence of fundamental value, and limited adoption are all factors that contribute to the complex risk landscape of cryptocurrencies. As with any investment, due diligence, risk management, and a clear understanding of one’s risk tolerance are essential for navigating this ever-evolving market. While cryptocurrencies offer opportunities, they also demand caution and prudence from those who dare to venture into this exciting yet treacherous terrain. We thank all the other applicants for their efforts and announce that the next scholarship to be awarded December 15, 2024, will be given to the student who writes the most thoughtful essay about the Pros and Cons of a Balanced Portfolio.Learn More
Have you experienced significant financial losses with Northstar Financial Services (Bermuda) Ltd.? If you’re an investor reeling from this setback, you’re not alone. Many have faced similar challenges due to these investments. Our firm is dedicated to assisting investors like you. We understand the complexities of this situation and are prepared to help you navigate the legal avenues available to recover your losses. Reach out to us for a consultation and take the first step towards financial recovery. What Happened To My Northstar Financial Services (Bermuda)Investment? Navigating the Aftermath of Northstar Financial Services (Bermuda): A Guide for Investors The collapse of Northstar Financial Services (Bermuda) Ltd. has generated significant financial hardships for numerous investors. This guide provides a comprehensive overview of the situation and potential paths forward. Background: Northstar, formerly owned by Greg Lindberg (currently incarcerated for financial crimes), offered a range of financial products, primarily targeting foreign nationals. The company faced bankruptcy proceedings and legal issues prior to its liquidation in March 2021. Investor Impact: The company’s demise resulted in: Legal Options: Numerous investors are pursuing legal action through various avenues: Investment Losses? We Can Help Discuss your legal options with an attorney at The Law Offices of Robert Wayne Pearce, P.A. Get A Free Consultation or, give us a ring at (800) 732-2889. How Do I Recover My Northstar Financial Services (Bermuda)Investment Losses? Recovery Resources: Investors should consider seeking expert legal counsel to fully understand their options and determine the most effective course of action. Additionally, resources are available through: Moving Forward: The Northstar Financial Services (Bermuda) debacle presents a challenging situation for investors. However, by understanding the situation, exploring legal options, and seeking professional guidance, investors can navigate this complex landscape and pursue potential avenues for recovery. This revised version maintains a professional tone while still addressing the emotional impact on investors. It emphasizes the specific actions investors can take and provides key resources to aid their recovery efforts. Because the Northstar Financial investment contracts were not being issuedwithin the U.S., they certainly required a higher level of scrutiny prior to beingsold to clients. Simply put, a certificate of deposit offered by a U.S. bankrequires a far lower level of scrutiny than an esoteric insurance or annuity-likeproduct offered by a Bermuda-based financial company. However, it appearsthat many brokerage firms failed to adhere to the standard required of themwhen selling the Northstar Financial investment contracts, including: Bancwest Investment Services J. P. Morgan Securities, LLC Bankoh Investment Services Ocean Financial Services Bank of Hawaii Raymond James & Associates, Inc. Cetera Investment Services Raymond James Financial Services Community America Financial Solutions SunTrust Investment Services East West Bank Truist Financial Services Hancock Whitney Investment Services United Nations Federal Credit Union J. P. Morgan Chase Bank Unionbanc Investment Services Recover Your Northstar Financial Services (Bermuda)Investment Losses in a FINRA Arbitration The Law Offices of Robert Wayne Pearce, P.A. is prepared to help investorswho have sustained damages or monetary losses not only in NorthstarFinancial investments but other investments in your account in FINRAarbitration. If you were one of those investors who have suffered losses, youshould seek the immediate advice of an experienced securities litigationattorney with more than 40 years of experience representing investors ininvestment fraud and broker-dealer negligence cases. It is imperative thatyou seek our consultation as soon as possible, as there are applicableeligibility rules and/or statutes of limitation that may forever bar your claimagainst the broker-dealer who sold you the Northstar Financial investments ifyou do not file your claim in a timely manner. We Don’t Get Paid Unless You Get Paid! The Law Offices of Robert Wayne Pearce, P.A. will accept most cases on acontingency fee basis. This means if we do not recover any of your money,you will not incur any fees owed to our firm. In other words, our attorney’sfees are collected only if we successfully settle your case or obtain a monetaryaward at the final arbitration hearing. We will also bear the cost of your casethrough the litigation process, and we will be reimbursed for such costs onlyif we are successful in recovering your monetary losses. Robert Wayne Pearce, P.A. Recovers Investment Losses The attorneys at the Law Offices of Robert Wayne Pearce, P.A. are ready andwilling to devote their experience to evaluate your case and, if it has merit,achieve the best possible outcome in an arbitration proceeding. For over 40years we have represented investors in arbitration and securities litigationmatters, including FINRA arbitration proceedings in nearly every state.Contact us now at 561-338-0037 or online to schedule your free initialconsultation.Learn More
The Law Offices of Robert Wayne Pearce, P.A. is currently investigating claimsagainst stockbrokers related to recommendations to purchase the variousiCap investments and is offering free consultations to those who havesuffered iCap investment losses. If you have suffered iCap investment losses,our experienced securities litigation attorneys are prepared to discuss thematter and provide their legal opinion as to whether you can recoverdamages against the broker-dealer who recommended and sold you one ormore of the iCap investments. Please contact our law firm at 561-338-0037 oronline for a free consultation. At the end of September 2023, it was reported that iCap Enterprises, Inc., areal estate investment holding company and its many affiliates (“collectively“iCap”) through which it raised capital filed for bankruptcy under Chapter 11 ofthe United States Bankruptcy Code in the Eastern District of Washington. It isestimated that iCap has perhaps $50 million in assets and over $500 millionin liabilities. It stopped making the interest payments due the investorsapproximately 6 months prior to filing bankruptcy. The lopsided amount ofdebt relative to the assets indicates that any reorganization or liquidation willleave investors holding unsecured debt with substantial losses. What Happened To My iCap Investment? Most of the capital was raised through private placements of various forms ofdebt, bonds and notes. These were high yield, high risk, illiquid investmentsthat stockbrokers should have been wary of and not recommended toinvestors with conversative or moderate risk tolerances. Based upon what wehear from investors, many stockbrokers misrepresented the risk of theseinvestments and recommended them anyway in violation of their fiduciary. Investment Losses? We Can Help Discuss your legal options with an attorney at The Law Offices of Robert Wayne Pearce, P.A. Get A Free Consultation or, give us a ring at (800) 732-2889. Who Are The iCap Companies that Filed Bankruptcy? The recently filed bankruptcy is a consolidated bankruptcy intended tobenefit iCap and not the investors by wiping out the various companiesunsecured debt. You might hear that the debt is simply being restructured,However, don’t be fooled into thinking that the holders of the unsecuredbonds and notes will get any of their money back in the bankruptcy. If youare an investor in any unsecured bonds and notes in the following companies, you should start exploring alternative avenues other thanthemselves to recover your investment losses: iCap Broadway LLC VH Senior Care LLC iCap Realty LLC iCap Pacific Development LLC Senza Kenmore, LLC UW 17TH AVE, LLC 725 Broadway, LLC iCap @ UW, LLC iCap Campbell Way LLC VH Willows Townhomes, LLC iCap Vault Management, LLC iCap Funding LLC iCap Holding 6 LLC iCap Holding LLC VH Pioneer Village LLC Vault Holding I, LLC iCap Management LLC VH 1121 14th, LLC iCap Enterprises, Inc. iCap Pacific Income 5 Fund, LLC iCap Holding 5 LLC iCap Vault, LLC iCap Equity LLC iCap Pacific Northwest Opportunityand Income Fund iCap Northwest Opportunity Fund, LLC Vault Holding, LLC iCap Pacific Income 4 Fund LLC iCap Investments, LLC iCap Vault 1, LLC VH 2nd Street Office, LLC iCap Pacific NW Management Given the predictable outcome of bankruptcy, it is likely that investors’ onlysource of recovery of their losses will be the stockbrokers and their brokeragefirms who offered and sold the securities investments to them. Don’t Be Discouraged By The iCap Bankruptcy! Chapter 11 bankruptcy protection is not the end of the line for investors.Investors should seek the opinion of a skilled and experienced securitiesattorney about getting just compensation for their investment losses. Broker-dealers and their agents who misrepresented and/or made unsuitablerecommendations about the iCap investments may still be held liable forlosses in investor accounts. In other words, an account holder can still file aFINRA arbitration against the broker-dealer to recover losses in iCap and itsaffiliates bonds, notes, and limited liability membership interests formisrepresentations, unsuitable recommendations, failure to conductadequate due diligence, negligence, etc. You should not let your broker-dealer or broker/financial advisor convince you otherwise. What Are The iCap Private Placement Investments? Private placements is a broad term that describes securities that are notoffered for sale through a public exchange. These can include promissorynotes, private equity offerings, small start-up businesses, etc. PrivatePlacements are issued under Regulation D under the Securities Act of 1933.Regulation D provides exemptions from the more rigorous Securities andExchange Commission (SEC) registration requirements and allowscompanies to offer and sell securities without extensive disclosures. It is theabsence of standard disclosure requirements that often creates theopportunity for fraud. The Securities Exchange Commission, federal courts, and FINRA have allfound that brokerage firms have a duty to conduct a reasonable investigationconcerning the private placements issuer’s representations concerning thesecurity. A brokerage firm’s due diligence obligation also stems fromsuitability obligations requiring the broker to have reasonable grounds tobelieve that a recommendation to purchase, sell, or exchange a security issuitable for the customer. In order to meet the due diligence obligation, thebrokerage firm and/or financial advisor must make reasonable efforts togather and analyze information about the private placement, the issuer andits management, the business prospects of the issuer, the assets held by or tobe acquired by the issuer, the claims being made by the issuer in the offeringmaterials, and the intended use of proceeds of the offering. The failure todetermine this and other material information would necessarily preclude afinancial advisor from disclosing to a customer the material aspects of atransaction. The iCap Investments Were Sold for High Commissions! It appears from our investigation that the iCap issuers of securities partneredwith other brokerage firms to privately sell the bonds, notes, andmembership interests to their retail customers. The commissions on suchsales by the brokerage firms were as high as 10%. Some of the firms that havesold iCap investments to their customers include: Advisory Group Equity Services, Ltd. Gardner Financial Services, Inc. Ausdal Financial Partners, Inc. Green Vista Capital, LLC Bradley Wealth Management, LLC IBN Financial Services, Inc. Cambridge Investment Research, Inc. IBS Financial Services Group Center Street Securities, Inc. Kingsbury Capital, Inc. Chauner Securities, Inc. Pariter Securities, LLC Claraphi Advisory Networks, LLC Somerset Securities, Inc. Cobalt Capital, Inc. Stillpoint Capital, LLC Financial Goal Securities, Inc. Titan Securities Freedom Investors Corp. Wall Street Strategies, Inc...Learn More