Nov 14, 2025

Osaic Wealth Financial Advisor Jonna Keller Under Investigation For Real Estate and Variable Annuity Misrepresentation FINRA Complaint

Jonna Doris Keller (CRD# 1983864) is a registered broker and investment adviser with Osaic Wealth, Inc. in Sarasota, Florida. Our firm is investigating whether customers of Ms. Keller suffered losses due to alleged misrepresentation and unsuitable recommendations involving real estate investment trusts (REITs), other real estate securities, and variable annuities. Financial Advisor’s Career History According to a 2025 FINRA BrokerCheck report, Jonna Doris Keller has worked in the securities industry for more than two decades and is currently registered with one FINRA member firm and licensed in approximately 30 U.S. states and territories. Ms. Keller is presently registered as a General Securities Representative and investment adviser representative with Osaic Wealth, Inc. (CRD# 23131). She has been associated with Osaic Wealth since September 1, 2023, and works from a branch office located at 3340-A Bee Ridge Road, Sarasota, Florida 34239. Her prior registration and employment history includes: In addition to her brokerage and advisory roles, Ms. Keller has disclosed an outside business activity with First Security Investments of SWF, LLC, where she serves as a managing partner engaged in insurance sales out of the same Bee Ridge Road address in Sarasota, Florida. Jonna Doris Keller Fraud Allegations and Investor Complaints Explained FINRA BrokerCheck records show that Jonna Doris Keller has three customer dispute disclosures: two customer disputes that were settled and one that is pending as of 2025. These matters involve allegations of misrepresentation, negligence, inadequate supervision, and misleading communications regarding variable annuities and real estate securities, including REITs. 2014 Real Estate Securities Arbitration – Misrepresentation and Negligence (Settled) A recent customer dispute disclosure reports that a customer filed a FINRA arbitration against Ms. Keller and her former firm, Sigma Financial Corporation, relating to investments made in or around 2014: While settlements are not findings of wrongdoing, the size of the alleged damages, the nature of the allegations (misrepresentation, negligence, and inadequate supervision), and the fact that a payment was made to resolve the case are significant red flags that investors should understand when evaluating Ms. Keller’s record. 2006 Variable Annuity Misrepresentation Lawsuit – 6% vs. 4% Guarantee (Settled) An earlier customer dispute disclosure relates to a civil lawsuit filed in 2006 that alleged misrepresentation of a variable annuity product: Variable annuity cases often raise questions under FINRA’s suitability and annuity-specific rules, especially where guarantees, income riders, or minimum return features are described in ways that may not match the contract. 2025 Trustee Complaint Over REIT Purchase – Misrepresentation (Pending) A more recent disclosure shows a pending customer complaint received in May 2025: Because this matter is still pending, the allegations have not yet been proven or adjudicated. However, they continue the pattern of real-estate-related misrepresentation allegations previously raised in the 2014 arbitration. Summary of FINRA Disclosures for Jonna Doris Keller Based on the BrokerCheck report, Ms. Keller’s disclosure history can be summarized as: Investors who purchased real estate investment trusts, other illiquid real estate securities, or variable annuities through Ms. Keller should carefully review their accounts and contracts to determine whether similar misrepresentations or unsuitable recommendations occurred. Investors should keep in mind that some of these matters have been settled without admissions of wrongdoing, and the pending complaint involves allegations that have not been proven. Nevertheless, multiple disputes spanning variable annuities and real-estate securities over many years may indicate broader suitability and disclosure issues worthy of investigation. To obtain a copy of Jonna Doris Keller’s full FINRA BrokerCheck report, visit this link: visit this link. Robert Wayne Pearce Is Committed to Recovering Your Investment Losses Rule 2111 requires that a broker or associated person have a reasonable basis to believe a recommendation is suitable for the customer based on the customer’s investment profile—age, financial situation, risk tolerance, investment objectives, time horizon, liquidity needs, and experience. In cases involving illiquid real-estate securities or REITs, a suitability analysis focuses on whether: If Ms. Keller recommended REITs or other real-estate securities in 2014 to customers for whom those products were inappropriate—or if she failed to provide accurate and complete information about the risks and liquidity constraints—investors could argue that those recommendations violated FINRA Rule 2111’s reasonable-basis and customer-specific suitability obligations. FINRA Rule 2330 (Deferred Variable Annuities) The 2006 lawsuit alleging that Ms. Keller misrepresented a variable annuity as having a 6% guarantee instead of 4% implicates FINRA Rule 2330 (Members’ Responsibilities Regarding Deferred Variable Annuities) and related guidance on variable annuities. Rule 2330 establishes specific sales practice standards for recommended purchases and exchanges of deferred variable annuities. Among other things, brokers must: If an annuity was sold on the promise of a “6% guarantee” that did not match the actual 4% guarantee in the policy, that discrepancy can be viewed as a failure to provide full and fair disclosure, and as a violation of Rule 2330’s requirement to ensure customers understand the product’s actual guarantees, costs, and risks. FINRA Rule 2010 (Standards of Commercial Honor and Just and Equitable Principles of Trade) Beyond product-specific rules, the pattern of alleged misrepresentations in both real-estate-related investments and a variable annuity also raises issues under FINRA Rule 2010, which requires members and associated persons to observe high standards of commercial honor and just and equitable principles of trade in the conduct of their business. Rule 2010 is often described as a “catch-all” ethics rule that FINRA uses to sanction unethical conduct that may not fit neatly into a single, product-specific rule violation. Patterns of: can all be characterized as inconsistent with the high standards of honesty and fair dealing required by Rule 2010. In arbitration, investors and their counsel frequently cite Rule 2010 alongside suitability and annuity-specific rules to show that a broker’s conduct fell below industry ethical standards. For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.

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Nov 14, 2025

World Equity Group, Inc. and Prostatis Financial Advisors Group Financial Advisor Arthur McPherson Subject of Customer Disputes Alleging Negligent Market-Timing Strategy and Unauthorized Transfer of Funds FINRA Complaint

Arthur Roy McPherson (CRD# 2245364) is a financial advisor and stockbroker currently registered with World Equity Group, Inc. and Prostatis Financial Advisors Group in Melbourne, Florida, and is the subject of multiple customer disputes alleging negligent market-timing and an unauthorized transfer of client funds. Financial Advisor’s Career History According to his FINRA BrokerCheck report, Arthur Roy McPherson has been in the securities industry since the early 1990s and is currently dually registered as both a broker and investment adviser representative. He is presently associated with: McPherson has previously been registered with a number of other broker-dealers and advisory firms, including: f In addition to his brokerage and advisory roles, McPherson has reported other business activities, including serving as President/Agent of McPherson Financial Group, LLC and various investment-related and non-investment-related positions. Arthur Roy McPherson Fraud Allegations and Investor Complaints Explained FINRA BrokerCheck discloses that Arthur Roy McPherson has been involved in at least two customer disputes, including one settled complaint and one pending FINRA arbitration. These matters involve allegations of an unauthorized wire transfer and a negligent market-timing strategy during the COVID-19 market volatility. 2025 Pending FINRA Arbitration Alleging Negligent Market Timing A pending customer arbitration has been filed with FINRA (Docket No. 25-01040) naming McPherson as a respondent. According to the disclosure, claimants associated with Prostatis Financial Advisors Group allege that: The allegations, if proven, are consistent with claims that a broker or advisor recommended an unsuitable strategy that was not aligned with the clients’ objectives or risk tolerance, particularly during extreme market volatility. 2015 Customer Complaint Over Unauthorized Wire Transfer (Settled) BrokerCheck also reports a settled customer dispute dating back to 2015 involving Triumph Wealth Advisors, Inc. and TCM Securities. In that matter, the customer alleged that: In his BrokerCheck “Broker Statement,” McPherson contends that the client was a victim of identity fraud, that funds were wired to a third party without authorization, and that once the error was discovered, the client’s account was promptly reimbursed. f4bf05be-501f-4780-983a-5b67383… Summary of FINRA-Reported Disclosure Events Investors should understand that a pending arbitration consists of unproven allegations, which may ultimately be dismissed, withdrawn, or resolved without any finding of wrongdoing. Nonetheless, multiple customer disputes—especially those involving alleged unauthorized transfers and substantial strategy-related losses—are common red flags that warrant further review by investors and counsel. In light of these disclosures, investors who worked with McPherson and believe they suffered losses due to unsuitable strategies, negligent market timing, or inadequate risk management should consult with an experienced securities attorney about their potential recovery options. To obtain a copy of Arthur Roy McPherson’s FINRA BrokerCheck report, visit this link. Robert Wayne Pearce Is Committed to Recovering Your Investment Losses FINRA Rule 2111—often called the “Suitability” rule—requires a broker to have a reasonable basis to believe that any recommendation is suitable for the customer based on that customer’s investment profile, including factors such as age, financial situation, tax status, investment objectives, risk tolerance, liquidity needs, and time horizon. In the context of the pending 2025 arbitration against McPherson, investors may argue that: Under Rule 2111, arbitrators often consider whether the advisor explained the risks of market-timing, whether the clients understood and accepted those risks, and whether the strategy aligned with their stated objectives. When investors can show that their advisor recommended speculative timing strategies without adequate explanation or documentation, suitability claims under Rule 2111 may be viable. FINRA Rule 2010 requires all members and associated persons to “observe high standards of commercial honor and just and equitable principles of trade.” This broad rule is often cited in combination with more specific rules when alleged conduct reflects unethical or unfair treatment of customers. In cases like those involving McPherson, Rule 2010 may be implicated where: Even when a customer is reimbursed for an unauthorized transfer, regulators and arbitrators may scrutinize the circumstances to determine whether internal controls, verification procedures, or communications with the client were adequate under Rule 2010’s ethical standards. FINRA Rule 3110 requires brokerage firms to establish and maintain a supervisory system reasonably designed to achieve compliance with applicable securities laws and FINRA rules. Although Rule 3110 is formally directed at firms rather than individual brokers, it often plays a significant role in customer cases involving high-risk strategies or transaction irregularities. In matters like those reported for McPherson: For investors, potential Rule 3110 issues can be significant because they may support claims not only against the individual advisor but also against the supervising brokerage firm, which typically has greater resources to satisfy an arbitration award or settlement. For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.

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Nov 13, 2025

Wells Fargo Clearing Services, LLC — Allen H. Wilson — Under Investigation For Unsuitable Investment Recommendations — FINRA Customer Complaints

Our firm is investigating Wells Fargo Clearing Services broker and investment adviser Allen H. Wilson (CRD# 2420229) of Florham Park, New Jersey for potential investment-related misconduct. Financial Advisor’s Career History Exams & Registrations (abbrev.) Branch Office Disclosures Snapshot Allen H. Wilson Fraud Allegations and Investor Complaints Explained Below is a summary of publicly reported FINRA BrokerCheck disclosures for Mr. Wilson. Allegations are drawn from customer complaints/arbitrations and are not determinations of liability. Customer Disputes Regulatory Events (Final) Criminal Matter (Final Disposition) Disclosure List (Quick Reference) To obtain a copy of Allen H. Wilson’s FINRA BrokerCheck report, visit this link. Robert Wayne Pearce Is Committed to Recovering Your Investment Losses FINRA Rule 2111 — SuitabilityFINRA Rule 2111 requires that a broker have a reasonable basis to believe a recommendation is suitable for the customer based on information obtained through reasonable diligence (e.g., risk tolerance, time horizon, investment profile). Allegations that a customer’s portfolio was over-concentrated in risky positions or that recommendations did not match the stated strategy are commonly analyzed under Rule 2111 in arbitrations like those reported above. FINRA Rule 2010 — Standards of Commercial HonorFINRA Rule 2010 is a broad conduct rule requiring high standards of commercial honor and just and equitable principles of trade. Even where specific product rules are not implicated, patterns of unsuitable recommendations, failure to balance risk, or other unethical conduct can be charged as violations of Rule 2010 in regulatory matters or cited by arbitrators when assessing liability and damages. FINRA Rule 3110 — SupervisionAlthough complaints here are directed at the financial advisor, many investor cases also raise Rule 3110 issues, which require firms to establish and maintain a supervisory system reasonably designed to achieve compliance. Claims involving sustained over-concentration or repeated unsuitable trades often explore whether the firm’s reviews, exception reports, and managerial oversight should have prevented or halted the activity sooner. For investors, these facts frequently support a failure to supervise theory of liability, which we pursue in failure to supervise cases. For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by stockbroker fraud and negligence. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced stockbroker fraud attorney.

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Nov 12, 2025

LPL Financial Broker John Prokos Jr. Under Investigation For Alleged Unsuitable Real-Estate Investment Recommendations — FINRA Complaint

Our firm is investigating LPL Financial broker and investment advisor John Prokos Jr. (CRD# 1553091) of Boca Raton, Florida for potential investment-related misconduct. individual_1553091 Financial Advisor’s Career History Mr. Prokos is currently registered with LPL Financial LLC (CRD# 6413) and has been with the firm since September 1, 2020. He maintains registrations in numerous states and has been associated with branch locations in Boca Raton, FL; San Diego, CA; and Stuart, FL. individual_1553091 Previously registered with the following firms: John Prokos Jr. Fraud Allegations and Investor Complaints Explained Overview of FINRA-reported disclosures: The BrokerCheck report discloses two customer disputes: one settled in 2024 and one denied in 2021. individual_1553091 2024 FINRA Arbitration — Settled 2021 Customer Complaint — Denied Disclosure Summary To obtain a copy of John Prokos Jr.’s FINRA BrokerCheck report, visit this link. Robert Wayne Pearce Is Committed to Recovering Your Investment Losses FINRA Rule 2111 — Suitability. FINRA Rule 2111 requires that a broker have a reasonable basis to believe a recommendation is suitable for the customer, based on the customer’s profile (age, financial situation, risk tolerance, liquidity needs, etc.). Allegations that customers were placed into illiquid real-estate securities without proper alignment to their risk tolerance or objectives implicate the Rule 2111 “customer-specific suitability” obligation and, where applicable, “reasonable-basis” suitability for the product itself. FINRA Rule 2010 — Standards of Commercial Honor. Rule 2010 mandates high ethical standards and conduct consistent with “just and equitable principles of trade.” When unsuitable recommendations or insufficient disclosure of liquidity risks place a broker’s conduct below these standards, Rule 2010 is often charged alongside the underlying sales-practice rule because the behavior undermines market integrity and investor protection. FINRA Rule 2020 — Use of Manipulative, Deceptive, or Other Fraudulent Devices. While not alleged per se in the BrokerCheck summary, patterns of misleading statements or omissions about material risks (e.g., redemption limits, distribution sustainability, or secondary-market constraints for real-estate products) can raise concerns under Rule 2020. In cases where misrepresentations or omissions are proven, Rule 2020 may apply in addition to suitability and ethics rules. For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.

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Nov 12, 2025

Wells Fargo Advisors Broker John Hoile Under Investigation For Alleged Unsuitable REIT Recommendation FINRA Complaint

John Patrick Hoile (CRD# 3235563) is a registered broker and investment adviser currently associated with Wells Fargo Advisors / Wells Fargo Clearing Services, LLC in Raleigh, North Carolina. Our firm is investigating allegations relating to an investor’s claim that a REIT investment recommended while he was with Equitable Advisors, LLC was unsuitable and caused losses in excess of $5,000. Stockbroker and Financial Advisor’s Career History Mr. Hoile has been in the securities industry since 1999 and is currently registered with Wells Fargo Clearing Services, LLC and Wells Fargo Advisors in Raleigh, North Carolina. His registration and employment history, as reported in FINRA’s BrokerCheck, reflects the following firms: He has passed the Series 6, 7, 24, 63, 65 and SIE examinations and is registered in multiple U.S. states and territories. John Patrick Hoile Fraud Allegations and Investor Complaints Explained According to FINRA BrokerCheck records, Mr. Hoile has been the subject of customer disputes involving allegations of unsuitable recommendations in Real Estate Investment Trust (REIT) products tied to his prior association with Equitable Advisors, LLC. These events are reported as follows (allegations are taken from publicly available regulatory filings and may be contested, unresolved, or ultimately decided in Mr. Hoile’s favor): Summary of Reported Disclosures Investors who purchased REITs or other complex real estate securities through Mr. Hoile—particularly during his tenure at Equitable Advisors, LLC—may have potential claims if those recommendations were unsuitable for their risk tolerance, objectives, financial circumstances, or need for liquidity. To obtain a copy of John Patrick Hoile’s FINRA BrokerCheck report, visit this link. Robert Wayne Pearce Is Committed to Recovering Your Investment Losses FINRA Rule 2111 (Suitability) is central to the allegations involving REIT recommendations. The rule requires brokers and firms to have a reasonable basis to believe a recommendation is suitable for the customer based on their investment profile, including their financial situation, risk tolerance, investment objectives, time horizon, and liquidity needs. In disputes alleging unsuitable REIT recommendations, arbitrators may consider whether the broker adequately assessed the client’s profile, explained the risks, illiquidity, and fees, and avoided over-concentration in speculative or illiquid securities. If a REIT was recommended to an investor who needed preservation of capital, income, or liquidity, or where the risks and characteristics were not properly disclosed, such conduct may be argued to violate Rule 2111’s reasonable-basis and customer-specific suitability obligations. FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade) broadly requires associated persons and member firms to observe high standards of commercial honor and just and equitable principles of trade. Even when there is no separate rule violation proven, a pattern of recommendations that ignore a customer’s interests, mischaracterize product risks, or fail to address obvious red flags in a client’s account may be charged or evaluated under Rule 2010. In the context of the REIT allegations involving Mr. Hoile, arbitrators and regulators may analyze whether any proven failure to recommend only suitable investments, if established, also reflects conduct inconsistent with the ethical standards embodied in Rule 2010. FINRA Rule 3110 (Supervision) requires brokerage firms to establish and maintain a supervisory system reasonably designed to achieve compliance with securities laws and FINRA rules, including suitability obligations for complex and illiquid products such as REITs. Where customers allege unsuitable REIT recommendations, questions may arise not only about the individual broker’s conduct but also about whether the employing firm maintained adequate policies, review processes, and oversight of alternative investment sales. If supervisory failures contributed to improper REIT sales, those issues may be relevant in arbitration claims and regulatory scrutiny, even if they do not appear as separate disclosures on an individual broker’s record. For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.

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Nov 12, 2025

Centaurus Financial Broker Marco Azizi Under Investigation For Alleged Unsuitable High-Risk and Illiquid Investment Recommendations – FINRA Complaints

Marco Bartolo Azizi (CRD# 2154719) is a registered broker and investment adviser currently with Centaurus Financial, Inc. in San Jose, California. Our firm is investigating whether customers of Mr. Azizi may have suffered investment losses due to allegedly unsuitable, high-risk, speculative, and illiquid investment recommendations and related sales practice violations reported in multiple FINRA customer dispute disclosures. Financial Advisor’s Career History According to FINRA BrokerCheck, Marco Bartolo Azizi has been registered in the securities industry since 1991. He is currently registered with Centaurus Financial, Inc. (CRD# 30833), headquartered in Anaheim, California, and working from a branch office in San Jose, California, where he has been registered since July 20, 2016. His prior registrations include: Mr. Azizi has passed the Series 7, Series 24, SIE, and state law exams and is licensed in multiple U.S. states and territories. Marco Bartolo Azizi Fraud Allegations and Investor Complaints Explained FINRA BrokerCheck discloses multiple customer disputes involving allegations that Mr. Azizi recommended unsuitable, high-risk, speculative, and illiquid investments—often in complex debt or real estate securities—and, in some instances, breached his fiduciary duty. These matters include settled claims, denied/closed claims, and at least one pending arbitration. Allegations are investment-related and, if proven, may implicate core suitability and supervisory standards designed to protect investors. Key reported disclosures include (descriptions summarized from BrokerCheck; settlements may occur without any admission of liability): These disclosures collectively show a pattern of investor allegations focused on unsuitable, illiquid, and higher-risk products which, if substantiated, may violate industry rules requiring that brokers understand their customers’ profiles and recommend only suitable investments. Investors should understand that pending and settled matters are not findings of liability against Mr. Azizi, and he vigorously denies wrongdoing in several disclosures. However, multiple disputes of a similar nature can be a red flag for customers who experienced losses in similar products or strategies. To obtain a copy of Marco Bartolo Azizi’s FINRA BrokerCheck report, visit this link. Robert Wayne Pearce Is Committed to Recovering Your Investment Losses FINRA Rule 2111 (Suitability) requires brokers to have a reasonable basis to believe that any recommended investment or strategy is suitable for the customer based on the customer’s investment profile, including age, financial situation, risk tolerance, objectives, liquidity needs, and experience. Allegations that Mr. Azizi recommended high-risk, speculative, and illiquid corporate debt and real estate securities to customers who may not have been appropriate for such products, if proven, could indicate violations of Rule 2111’s reasonable-basis and customer-specific suitability obligations. FINRA FINRA Rule 2090 (Know Your Customer) requires firms and their associated persons to use reasonable diligence to know the essential facts concerning each customer and account in order to make appropriate recommendations and comply with applicable laws and rules. If the pending and prior claims involving allegedly unsuitable, complex, or illiquid investments stem from recommendations made without properly understanding customers’ financial circumstances, objectives, and risk tolerance, those allegations—if substantiated—may reflect failures to satisfy Rule 2090’s KYC obligations in conjunction with suitability duties. FINRA FINRA Rule 2010 (Standards of Commercial Honor and Just and Equitable Principles of Trade) is a broad ethical rule requiring brokers and firms to conduct business with high standards of commercial honor and fair dealing. When customers allege patterns of unsuitable high-risk recommendations, inadequate risk disclosure, or disregard for fiduciary-like obligations, FINRA and arbitrators may view such conduct—if proven—as inconsistent with Rule 2010’s mandate, even absent a separate technical rule violation. Alleged misuse of complex, illiquid products or failure to place customers’ interests first can, if established, be sanctioned under this catch-all rule. FINRA The Law Offices of Robert Wayne Pearce, P.A. is a nationally recognized securities law firm representing investors in FINRA arbitration and securities fraud cases on a contingency fee basis. Robert Wayne Pearce, the founding attorney, has more than 45 years of experience recovering millions for victims of broker misconduct and investment fraud. He previously defended major brokerage firms and now uses that insight to protect investors nationwide. To discuss your case directly with Mr. Pearce, call (800) 732-2889 or email pearce@rwpearce.com for a free consultation.

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Nov 12, 2025

Oppenheimer & Co. Inc. Financial Advisor Gregory Iglow Under Investigation for Alleged Unsuitable Bond Investments and Misrepresentation in FINRA Complaints

Our firm is investigating Oppenheimer & Co. Inc. financial advisor Gregory Baines Iglow (CRD# 2783963) of Los Angeles, California, for potential investment-related misconduct, including unsuitable investment recommendations, fraud, misrepresentation, and negligence involving municipal and corporate bonds. Financial Advisor’s Career History According to FINRA BrokerCheck, Gregory B. Iglow entered the securities industry in 1997 and is currently registered as a Financial Consultant with Oppenheimer & Co. Inc. (CRD# 249) at its Los Angeles, California, branch, located at 10880 Wilshire Boulevard He has held this position since June 14, 2007. Prior to joining Oppenheimer, Iglow was employed with: He is currently licensed in 27 U.S. states and territories and registered with nine self-regulatory organizations, including FINRA and the New York Stock Exchange Gregory B. Iglow Fraud Allegations and Investor Complaints Explained According to FINRA’s Central Registration Depository (CRD), Gregory Iglow has nine customer disputes, including two final actions, five denied or withdrawn complaints, and two pending FINRA arbitration cases Customer Dispute – Award (FINRA Case #09-05195) Customer Dispute – Settlement (Los Angeles County Superior Court, Case #BC427035) Other Historical Complaints (Denied or Withdrawn) Pending Customer Complaints (2023–Present) Summary of Disclosures: To obtain a copy of Gregory B. Iglow’s FINRA BrokerCheck report, visit this link. Robert Wayne Pearce Is Committed to Recovering Your Investment Losses FINRA Rule 2111 – Suitability Under FINRA Rule 2111, brokers must have a reasonable basis to believe a recommendation is suitable for a customer’s financial circumstances. The pending and historical disputes against Iglow alleging unsuitable bond and private placement recommendations may represent violations of this rule if proven. FINRA Rule 2010 – Standards of Commercial Honor and Principles of Trade Rule 2010 requires brokers to maintain high standards of ethical conduct. Allegations of misrepresentation, omission of material facts, and breach of fiduciary duty may violate this rule if the investments were mischaracterized or sold without full disclosure. FINRA Rule 2020 – Use of Manipulative, Deceptive, or Other Fraudulent Devices This rule prohibits fraudulent or misleading behavior in the sale of securities. The auction rate securities and bond misrepresentation allegations cited in the prior and pending complaints may reflect violations of FINRA Rule 2020 if investors were misled about liquidity, risk, or creditworthiness. For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.

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Nov 12, 2025

Osaic Wealth, Inc. Financial Advisor Vince Lagatta Under Investigation for Alleged Misrepresentation and Unsuitable Structured Note Recommendations in FINRA Complaint

Our firm is investigating Osaic Wealth, Inc. financial advisor Vince Lagatta (CRD# 3098611) of Gilbert, Arizona, for potential investment-related misconduct involving allegations of misrepresentation and unsuitable investment recommendations related to structured notes and insurance products. Financial Advisor’s Career History According to FINRA’s BrokerCheck report, Vince Lagatta began his career in the securities industry in 1998 and is currently registered as a Broker and Investment Adviser Representative with Osaic Wealth, Inc. (CRD# 23131) in Gilbert, Arizona, where he has been registered since June 2024 His prior employment includes: Lagatta is currently licensed in 10 U.S. states, including Arizona, California, Colorado, Illinois, Missouri, Nevada, New Mexico, Oregon, Texas, and Washington He also serves as a Financial Advisor for Raise Asset Management, LLC, a registered investment-related business he owns, and has prior involvement with non-investment organizations such as Raven Ministries and Valley Christian High School Baseball Program Vince Lagatta Fraud Allegations and Investor Complaints Explained According to FINRA’s Central Registration Depository (CRD), Vince Lagatta has three customer disputes on record, including one pending complaint, one settled complaint, and one denied complaint 1. Pending Customer Complaint – Structured Note Investment (2024) 2. Settled Customer Complaint – 419 Plan Insurance Product (2013) 3. Denied Customer Complaint – Fixed Annuity Purchase (2014) Summary of Disclosures: To obtain a copy of Vince Lagatta’s FINRA BrokerCheck report, visit this link. Robert Wayne Pearce Is Committed to Recovering Your Investment Losses FINRA Rule 2111 – Suitability FINRA Rule 2111 requires brokers to recommend investments that are suitable for the investor’s financial situation and objectives. The structured note complaint alleging misleading representations and principal loss may constitute a violation of this rule if the product was recommended without fully disclosing risk factors or liquidity constraints. FINRA Rule 2010 – Standards of Commercial Honor and Principles of Trade This rule requires brokers to uphold the highest ethical standards. Allegations of misrepresentation of insurance plan tax benefits and misleading structured note explanations could violate Rule 2010 if proven to have misled investors about the product’s true characteristics. FINRA Rule 2210 – Communications with the Public Rule 2210 prohibits false or misleading statements in client communications. If Lagatta’s recommendations regarding structured notes or insurance products included incomplete or inaccurate descriptions of potential losses or surrender restrictions, it may constitute a breach of this rule. According to FINRA’s BrokerCheck report, Vince Lagatta began his career in the securities industry in 1998 and is currently registered as a Broker and Investment Adviser Representative with Osaic Wealth, Inc. (CRD# 23131) in Gilbert, Arizona, where he has been registered since June 2024. For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.

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Nov 7, 2025

Northwestern Mutual Advisor Ryan Ainsworth Under Investigation For Alleged Misrepresentation

Ryan Ned Ainsworth, CRD# 5740339, is currently the subject of a customer dispute alleging misrepresentation, breach of fiduciary duty, breach of contract, negligent misrepresentation, and covenant of good faith and fair dealing violations connected to advisory accounts and mutual fund transactions. Our firm is investigating Northwestern Mutual Investment Services broker and investment adviser Ryan Ainsworth of Gilbert, Arizona, for potential investment-related misconduct. Financial Advisor’s Career History Ryan Ainsworth has been registered with Northwestern Mutual Investment Services, LLC (CRD#: 2881) since 2011, working primarily from branch offices in Washington and Arizona. His career includes roles as a registered representative, financial advisor, and insurance agent affiliated with various Northwestern Mutual entities. He holds licenses in 17 U.S. states and territories and has passed the SIE, Series 6, Series 63, and Series 65 examinations. Past and current positions include: Ryan Ned Ainsworth Fraud Allegations and Investor Complaints Explained According to FINRA disclosure records, Ainsworth has one settled customer dispute involving serious allegations related to his conduct. Customer Dispute – Settled Summary of Disclosures To obtain a copy of Ryan Ainsworth’s FINRA BrokerCheck report, visit this link. Robert Wayne Pearce Is Committed to Recovering Your Investment Losses FINRA Rules Implicated Ruling Part 1 Based on the allegations of misrepresentation and negligent misrepresentation, FINRA Rule 2020 (“Use of Manipulative, Deceptive or Other Fraudulent Devices”) is relevant. This rule prohibits brokers from engaging in any fraudulent or deceptive act in connection with the purchase or sale of securities. If a broker provides inaccurate or misleading information that influences an investor’s decisions, such conduct may constitute a violation of Rule 2020. Ruling Part 2 The alleged breach of fiduciary duty and breach of contract may implicate FINRA Rule 2010, which requires brokers to observe “high standards of commercial honor and just and equitable principles of trade.” Failure to act in a customer’s best interest, failure to disclose material information, or failure to execute duties with honesty and fairness can violate Rule 2010. Ruling Part 3 Allegations relating to advisory account mismanagement may also fall under FINRA Rule 2111 (“Suitability”). This rule requires that any securities recommendation must be suitable based on the customer’s investment profile. If unsuitable recommendations or failure to properly consider a client’s financial situation occurred, Rule 2111 may apply. The Law Offices of Robert Wayne Pearce, P.A. is a nationally recognized securities law firm representing investors in FINRA arbitration and securities fraud cases on a contingency fee basis. Robert Wayne Pearce, the founding attorney, has more than 45 years of experience recovering millions for victims of broker misconduct and investment fraud. He previously defended major brokerage firms and now uses that insight to protect investors nationwide. To discuss your case directly with Mr. Pearce, call (800) 732-2889 or email pearce@rwpearce.com for a free consultation.

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Nov 7, 2025

Calton & Associates, Inc. — John Raymond Drabek — Under Investigation For Customer Disputes Alleging Unsuitable non-traded REITs Recommendations and Related Sales Practice Violations

Our firm is investigating former Calton & Associates, Inc. broker John Raymond Drabek (CRD# 1335813) of Mesa, Arizona for potential investment-related misconduct. Financial Advisor’s Career History Based on FINRA’s BrokerCheck file, Mr. Drabek is not currently registered. His prior registration and employment history includes: John Drabek Fraud Allegations and Investor Complaints Explained FINRA records show two customer dispute disclosures involving Mr. Drabek: 2023–2024 Customer Arbitration (Settled): 2012–2013 Customer Arbitration (Settled): Disclosure Snapshot (for context): Key Dates & Exams (relevant background): Mr. Drabek passed the Series 7 (01/19/1985), Series 24 (01/30/2003), SIE (10/01/2018), Series 63 (02/11/1985), and Series 66 (12/14/2009). To obtain a copy of John Raymond Drabek’s FINRA BrokerCheck report, visit this link. Robert Wayne Pearce Is Committed to Recovering Your Investment Losses FINRA Rule 2111 (Suitability): Rule 2111 requires that a broker have a reasonable basis to believe a recommended transaction or investment strategy is suitable for the customer, based on the customer’s investment profile (including risk tolerance, liquidity needs, time horizon, and financial situation). Allegations of unsuitable recommendations in non-traded REITs—like those involving Griffin Realty Trust and CIM Real Estate Finance Trust—raise Rule 2111 concerns because such products often entail illiquidity, distribution sustainability issues, valuation opacity, and heightened risks that may be inconsistent with many investors’ profiles. When customers claim significant losses or illiquidity from these products, arbitrators frequently assess whether the broker satisfied reasonable-basis and customer-specific suitability obligations, and whether the risks were fairly presented. FINRA Rule 3110 (Supervision): Rule 3110 mandates that firms establish and maintain a supervisory system reasonably designed to achieve compliance with applicable securities laws and FINRA rules. Customer allegations of failure to supervise often accompany unsuitable-recommendation cases, particularly where a pattern of sales in higher-risk, complex or illiquid products appears in a broker’s book without adequate pre-approval, product training, concentration reviews, exception reporting, or principal-level scrutiny. If supervisory lapses contributed to the disputed recommendations or concentrations, Rule 3110 issues may be implicated at the firm level. FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade) & Rule 2020 (Use of Manipulative, Deceptive or Other Fraudulent Devices): Allegations such as misrepresentation, negligence, and breach of contract may also touch Rule 2010’s broad requirement to observe high standards of commercial honor and just and equitable principles of trade. Where customers assert that material risks, fees, liquidity limits, or distribution practices of non-traded REITs were omitted or misstated, arbitrators sometimes analyze whether the conduct violated Rule 2010 and, in more severe cases of deceptive conduct, Rule 2020. The precise application depends on the facts proved in each dispute record and hearing. For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.

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