Fortune Financial Services, Inc. (“Fortune Financial”) (CRD# 42150) has been the subject of numerous complaints filed by FINRA, state regulatory organizations, and defrauded investors. If you lost money investing with Fortune Financial or one of its advisors, you have legal options to recover your losses. Many investors don’t realize they can pursue claims against Fortune Financial through FINRA arbitration, even if they signed documents with arbitration clauses.
At the Law Offices of Robert Wayne Pearce, we have thoroughly investigated Fortune Financial’s regulatory history and customer complaints. We represent investors who suffered losses due to fraud, negligence, and breach of fiduciary duty at this organization. Time limits apply to filing claims, so if you believe Fortune Financial or its advisors caused your investment losses, you should act quickly to protect your rights.
The Law Offices of Robert Wayne Pearce, P.A., offers free consultations to discuss your case and evaluate your legal options.
Can I Sue Fortune Financial Services, Inc.?
If you’ve lost money caused by Fortune Financial and/or its employees’ misconduct then the answer is, YES, you can sue Fortune Financial but the odds are you signed away your right to sue in court and agreed to resolve your dispute in a FINRA arbitration proceeding. Attorney Robert Wayne Pearce knows very well how you can not only sue Fortune Financial in FINRA arbitration proceedings, but WIN that arbitration.
How to Sue Fortune Financial Services, Inc. for Investment Losses
What Can I Do If I Lost Money at Fortune Financial Services, Inc.?
If you lost money at Fortune Financial, you can file a claim to recover your losses through FINRA arbitration—a dispute resolution process specifically designed for securities industry conflicts. Most brokerage account agreements include arbitration clauses that require investors to resolve disputes through FINRA’s forum rather than filing lawsuits in court. This doesn’t mean you can’t pursue your claim; it simply means the process happens in arbitration instead of a courtroom.
FINRA arbitration allows investors to present evidence of broker misconduct, regulatory violations, and unsuitable investments before a neutral panel of arbitrators. Given Fortune Financial’s documented history of supervisory failures, municipal securities violations, and failure to maintain proper compliance systems, many investors have viable claims. The firm’s repeated FINRA sanctions demonstrate a pattern of inadequate oversight that may have directly contributed to losses in customer accounts.
The independent broker-dealer business model that Fortune Financial operates under creates inherent supervision problems. With over 250 registered representatives scattered across remote offices and supervisors managing these offices from geographically distant locations, there’s often no immediate review of transactions, new accounts, or investment recommendations. This lax supervision structure can leave investors vulnerable to unsuitable investments, unauthorized trading, and sales of high-risk securities that were never properly vetted.
Who Can Help Me Sue Fortune Financial Services, Inc.?
An experienced securities attorney who understands FINRA arbitration and has specific knowledge of Fortune Financial’s regulatory problems can help you navigate the claims process. The attorney will investigate your account activity, identify potential violations and breaches of duty, gather supporting documentation, and present your case before the arbitration panel. Legal representation significantly increases your chances of recovering losses, as these cases involve complex securities regulations and require knowledge of industry standards.
What is Fortune Financial Services, Inc.?
Fortune Financial (CRD# 42150) has been registered with the SEC and FINRA as a broker dealer since 1997. The company is controlled by the Blake Daniels and Gregory Bentley and headquartered in Monaca, Pennsylvania with small branch offices located throughout the United States. Its independent broker-dealer Business Model has grown through acquisition and organic development of primarily one and two person registered representative offices supervised remotely. Today there are over 250 registered representatives in every state. It is now one of the 50 largest independent broker-dealer and investment advisory firms in the United States.
Why Does Fortune Financial Services, Inc. Have So Many Bad Reviews and Customer Complaints?
Independent broker-dealers like Fortune Financial are known for weak supervision practices. These firms operate like franchises—opening many small offices nationwide to generate steady revenue without paying for full-service branch offices with on-site managers and compliance staff. This business model creates serious problems for investor protection.
The registered representatives at Fortune Financial typically run their own separate businesses. They’re not employees of the broker-dealer, so the firm has less control over their daily activities. These reps prioritize their own profits, often putting investor protection last. The supervisory structure relies on other independent contractors at remote Offices of Supervisory Jurisdiction (OSJs) to monitor these reps, but these supervisors aren’t full-time and often run their own businesses too.
This means there’s no immediate review of new accounts, securities transactions, or daily business activities. No one onsite can catch forged signatures, false information about client finances, or misleading sales pitches. Compliance audits might happen only once a year. The North American Securities Administrators Association (NASAA) has documented more sales abuse and investor losses at these independent firms compared to traditional brokerages with proper on-site supervision.
Fortune Financial Services, Inc. Has Many Different Regulatory Problems
Fortune Financial rapid growth has not been without consequences. There have been approximately 3 Federal, state and self-regulatory body disclosure events; that is, final and formal proceedings initiated by a regulatory authority (e.g., a state or federal securities agency like the U.S. Securities and Exchange Commission (SEC) or self-regulatory body like the Financial Industry Regulatory Authority (FINRA) and the North American Securities Administrators Association (NASAA)) for a violation(s) of investment-related rules or regulations. In addition, there have been scores of customer complaints filed against Fortune Financial for misconduct by its securities sales and investment advisory representatives that are not reported by the firm on its Central Depository Record.
We have reported and written about these regulatory problems and customer complaints over many years. Fortune Financial is a repeat offender: there are at least 2 FINRA reported disciplinary proceedings citing the firm with one form of supervisory lapses.
A BRIEF OVERVIEW OF REGULATORY PROBLEMS FORTUNE FINANCIAL SERVICES, INC. HAS FACED
Fortune Financial has been repeatedly censured, warned, and fined for its own misconduct and failure to supervise its army of financial advisors.* A few of the notable FINRA Sanctions for its Supervisory Failures are below:
Fortune Financial Sanctioned By FINRA For Supervisory Lapses
During the course of a FINRA audit, staff discovered that Fortune Financial effected transactions in municipal securities even though it was not properly qualified under the rules of the Municipal Securities Rulemaking Board (“MSRB”), and it failed to establish a supervisory system and written supervisory procedures (“WSPs”) to supervise municipal securities transactions. FINRA staff also discovered that Fortune Financial failed to conduct required branch office inspections, provide for reasonable review of correspondence, and retain all written correspondence. In addition, Fortune Financial failed to establish written procedures reasonably designed to supervise, and to record, representatives’ approved participation in private securities transactions. Moreover, FINRA found that Fortune Financial also failed to establish, maintain and enforce a reasonably designed system of supervisory control policies and procedures, and it failed to prepare a proper annual CEO certification. Finally, FINRA found that Fortune Financial failed to approve, prior to use, seven web sites established by representatives associated with the firm. FINRA concluded that all of this conduct violated MSRB Rules G-2, G-3 and G-27, Rule 17a-4 of the Securities Exchange Act of 1934 (Exchange Act), NASD Conduct Rules 3010, 3012, 3040, 3110 and 2210 and FINRA Rules 313 0 and 2010 and sanctioned the brokerage firm, by imposing a censure and a $45,000 fine.
Fortune Financial Sanctioned By FINRA For Supervisory Failures
In another FINRA investigation, the regulator discovered that Fortune Financial failed to: retain electronic communications relating to the firm’s business; obtain prior FINRA approval for a material change in business operations; register branch offices; and establish, maintain and enforce a supervisory system and/or written supervisory procedures that were reasonably designed to achieve compliance with all rules and regulations applicable to the firm’s business.
As a result, FINRA concluded that Fortune Financial violated Rule 17a-4 of the Securities Exchange Act of 1934 (“Exchange Act”) and FFS and Daniels violated NASD Conduct Rule 3110 (“Rule 3110”), NASD Membership and Registration Rule 1017 (“Rule 1017”), NASD Conduct Rule 3010 (“Rule 3010”) and NASD Conduct Rule 2110 (“RuIe 2110”), and censured and fined the brokerage firm $175,000.
*Above are only some of the regulatory disciplinary actions filed against Fortune Financial by FINRA. There is at least one more SEC, FINRA, NASSA, and/or state securities regulator investigations and enforcement actions reported on BrokerCheck as regulatory disciplinary proceeding disclosures.
How to File an Official Complaint Against Fortune Financial Services, Inc. or One of Its Brokers with FINRA
To file an official complaint against Fortune Financial or one of its brokers with FINRA, investors can submit a complaint through FINRA’s online complaint center or by contacting FINRA directly. The complaint should include detailed information about the misconduct, supporting documentation, and a clear explanation of the financial harm suffered. FINRA will review the complaint and may investigate the broker or firm if the allegations warrant further examination.
Filing a complaint with FINRA serves an important regulatory function, but it does not directly recover your investment losses. To seek financial compensation, you must file a FINRA arbitration claim against Fortune Financial and/or the responsible broker. This is a separate legal proceeding where you present evidence of wrongdoing and request monetary damages for your losses.
How The Law Offices of Robert Wayne Pearce, P.A. Can Help You Recover Losses at Fortune Financial Services, Inc.
The Law Offices of Robert Wayne Pearce assists investors throughout the entire arbitration process—from initial case evaluation to presenting evidence before the arbitration panel. Attorney Pearce has over 45 years of personal experience in FINRA arbitration and has recovered more than $175 million for defrauded investors during his career. The firm handles all aspects of your case: investigating your account activity, identifying violations, gathering documentation, preparing legal filings, and advocating for maximum recovery at the arbitration hearing.
We offer free consultations to evaluate your potential claim and explain your legal options. During this consultation, we’ll review your account statements, discuss what happened with your investments, and assess whether you have grounds to pursue a FINRA arbitration claim against Fortune Financial.
Did Fortune Financial Services, Inc. Advisor Misconduct Cause You Investment Losses?
When financial advisor misconduct has caused you to lose substantial value to your investment accounts, you have the right to seek reimbursement from the responsible parties. Fortune Financial is responsible like any employer for its financial advisors acts and omissions. In addition, it has an independent duty to supervise its stockbrokers and investment advisors. These cases can be extremely complex, and so having the support of a reputable attorney who is experienced in recovering investment losses for investors is key to your success. Many customers make the mistake of contacting Fortune Financial without representation with an attorney about their complaints and have their complaints denied.
Related Read: Can You Sue Your Brokerage Firm?
Consult With An Attorney Who Recovers Investment Losses Caused By Fortune Financial Services, Inc. Today
The securities attorneys at The Law Offices of Robert Wayne Pearce, P.A., have helped countless investors over the last 45 years recover the losses from their investment accounts that were caused by broker negligence or misconduct. The firm has extensive experience with Fortune Financial cases, and Attorney Pearce is committed to seeing that those responsible for the losses you have suffered are held fully accountable.
Give us a call at 800-732-2889. Let’s discuss your case and see what we can do to help you get the compensation you need and deserve.
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