Jan 1, 2026

Cetera Investment Services LLC Financial Advisor Steven Lovell Under Investigation For Alleged Misrepresentations in Annuity Recommendations and Related FINRA Customer Complaints

Our firm is investigating Cetera Investment Services LLC financial advisor Steven Lovell (CRD# 5975704) of Upper Arlington, Ohio for potential investment-related misconduct. Financial Advisor’s Career History Steven Lovell has worked in the securities industry since at least 2011 and has been registered with multiple firms, including: Steven Christopher Lovell Fraud Allegations and Investor Complaints Explained BrokerCheck reflects four (4) customer dispute disclosures for Steven Lovell, involving allegations tied primarily to annuity recommendations and related disclosures. Disclosures (for context): November 2025 Settlement Over Alleged Misrepresentation in 1035 Variable Annuity Exchange A customer alleged misrepresentation regarding a 1035 annuity exchange into a variable annuity that was recommended in 2023. The complaint was received on September 1, 2025, and the matter was reported as settled with a $46,000 settlement on November 13, 2025 (with $0 reported as the individual contribution amount). March 2023 Settlement Over Alleged Failure to Disclose Surrender Schedule and Charges A customer alleged that surrender schedule and charges were not disclosed at the time of purchase of an Equitable Structured Cap Strategies variable annuity in August 2022. The complaint was received on December 22, 2022, alleged damages were reported as $18,604.42, and the matter was reported as settled on March 17, 2023 with a $876.90 settlement (with $0 reported as the individual contribution amount). March 2021 Denial Over Alleged Misrepresentation of Great American Fixed Indexed Annuities A customer alleged that a July 2017 recommendation to purchase two Great American fixed indexed annuities totaling $32,093 was misrepresented. The complaint was received on February 2, 2021, alleged damages were reported as $5,139.72, and the matter was reported as denied on March 29, 2021. January 2021 Closure Over Alleged Misrepresentation of Income Rider Features A customer alleged misrepresentation regarding a January 2016 recommendation to purchase a Pacific Life variable annuity, including allegations tied to an income rider, and also alleged misrepresentation regarding income riders on Great American indexed annuities held by the customer and the customer’s spouse. The complaint was received on October 2, 2020, alleged damages were reported as $5,000 (with an explanation that damages were expected to exceed that amount), and the matter was reported as closed/no action on January 20, 2021. To obtain a copy of Steven Christopher Lovell’s FINRA BrokerCheck report, visit this link. Robert Wayne Pearce Is Committed to Recovering Your Investment Losses FINRA Rule 2111 (Suitability) generally requires a broker to have a reasonable basis to believe a recommendation is suitable for a particular customer based on that customer’s investment profile; where complaints allege misrepresentation tied to annuity exchanges or complex annuity features, suitability analysis often focuses on whether the product and strategy aligned with the investor’s objectives, time horizon, liquidity needs, and risk tolerance. FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade) is a broad ethical rule that can be implicated when disputes involve alleged misrepresentations or omissions—such as allegations that surrender charges, rider limitations, or material product terms were not fairly presented—because investors are entitled to honest communications and fair dealing from registered representatives. FINRA Rule 3110 (Supervision) requires member firms to establish and maintain a supervisory system reasonably designed to achieve compliance with applicable rules; in matters involving repeated annuity-related allegations, supervision issues may include whether the firm maintained adequate procedures for annuity review, exchange oversight, disclosure delivery, and review of sales practice red flags. 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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Jan 1, 2026

Citigroup Global Markets Inc. Financial Advisor Elijah Goble Under Investigation For FINRA Customer Disputes Alleging Unsuitable Structured Product Sales and Improper Account Handling

Elijah Goble (CRD# 6760147) is a financial advisor and registered representative of Citigroup Global Markets Inc. in Costa Mesa, California, and our firm is reviewing his FINRA-reported customer disputes for potential investment-related misconduct. Financial Advisor’s Career History According to FINRA BrokerCheck, Elijah Goble has been registered with Citigroup Global Markets Inc. since March 26, 2018, operating through Citi Retail Banking in Southern California. Prior to Citi, he was registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated from April 2017 to March 2018 (including as an investment adviser representative from June 2017 to March 2018), and he also reported employment at Bank of America, N.A. as a financial advisor from August 2017 to March 2018. Elijah Goble Fraud Allegations and Investor Complaints Explained FINRA BrokerCheck reflects two customer dispute disclosures for Mr. Goble—one settled customer complaint involving a structured product and one pending FINRA arbitration alleging improper account handling. Allegations reported in BrokerCheck are claims and may be contested; a pending matter has not been adjudicated. Disclosure overview (for context): Customer Complaint Alleging High-Risk “Coupon Barrier Note” Sold Contrary to Conservative Objective FINRA BrokerCheck reports a customer dispute that was received on April 28, 2022 and later marked settled with a settlement amount of $20,236. The customer alleged that during the occurrence period of July 26, 2021 to April 28, 2022, the customer wanted funds invested “conservatively,” believed the maximum loss was limited (as described in the complaint narrative), but alleged the registered representative sold an “extremely high risk” product—identified as a barrier note / coupon barrier note—and that a $40,000 investment at one point declined to $7,000. Pending FINRA Arbitration Alleging Improper Handling of Municipal Debt Account and Significant Damages FINRA BrokerCheck also reports a pending customer dispute described as alleged improper handling of account from March 2025 to May 2025, involving municipal debt. The matter is reported as a FINRA arbitration with case number 25-02248, with alleged damages of $276,189.47 and a notice/process served date of October 16, 2025. The report indicates the arbitration is pending. To obtain a copy of Elijah Goble’s FINRA BrokerCheck report, visit this link. Robert Wayne Pearce Is Committed to Recovering Your Investment Losses Elijah Goble’s reported structured-product complaint can implicate FINRA Rule 2111 (Suitability), which generally requires that a broker have a reasonable basis to believe a recommendation is suitable based on the customer’s investment profile (including objectives like “conservative” investing, risk tolerance, and liquidity needs). In a complaint alleging a high-risk barrier note was sold to an investor seeking conservative placement of funds, suitability is often evaluated by comparing the product’s actual downside mechanics, loss scenarios, and concentration effects against what the investor communicated and what the broker documented. The allegations may also be analyzed under FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade), which broadly requires ethical conduct and fair dealing. Where a customer claims they believed losses were capped or that risks were materially different from what occurred, the inquiry often focuses on whether risk disclosures were clear, balanced, and consistent with the product’s real characteristics, and whether communications omitted material limitations, features, or downside conditions. Finally, disputes alleging improper handling of an account—including issues tied to municipal debt transactions, execution, or administration—can raise supervision and process questions under FINRA Rule 3110 (Supervision). While Rule 3110 primarily governs the firm’s supervisory system, the underlying facts alleged in an arbitration (timeline, instructions, documentation, and handling of transactions) often determine whether reasonable supervisory procedures and escalation controls were followed, and whether gaps in oversight contributed to avoidable investor harm. 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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Jan 1, 2026

Emerson Equity Financial Advisor Ryan Finch Under Investigation For Real Estate Security Sales Practice Violations and FINRA Customer Disputes

Our firm is investigating Emerson Equity LLC financial advisor Ryan Finch (CRD# 6379871) of Greenwood Village, Colorado for potential investment-related misconduct. Financial Advisor’s Career History Based on publicly available registration information, Ryan Finch’s securities industry history includes: Ryan David Finch Fraud Allegations and Investor Complaints Explained FINRA BrokerCheck reflects three (3) customer disputes, each reported as pending and involving alleged sales-practice violations tied to real estate securities. Disclosure snapshot (as listed on BrokerCheck) FINRA Arbitration Docket # 25-01398 (Filed July 8, 2025): Alleged $542,000 in Damages Related to 2021 Trades This pending matter alleges wide-ranging misconduct claims—spanning alleged securities-law violations, fraud, fiduciary-duty breaches, and negligence—connected to real estate security activity, with alleged damages stated as $542,000, and a reference to trades placed in 2021. FINRA Arbitration Docket # 25-02118 (Filed November 10, 2025): Claimed Damages Between $500,000 and $1,000,000 This pending arbitration asserts, among other theories, state securities statute violations and Reg BI-related allegations in connection with a real estate security, with claimed damages stated as a range ($500,000–$1,000,000) plus additional requested relief such as fees, interest, and costs. FINRA Arbitration Docket # 25-02459 (Filed November 10, 2025): Request for $250,000 in Damages and Other Relief This pending arbitration alleges breach of fiduciary duty and negligence and references Regulation Best Interest in connection with a real estate security, with requested compensatory damages described as $250,000 (plus additional categories of relief). To obtain a copy of Ryan David Finch’s FINRA BrokerCheck report, visit this link. Robert Wayne Pearce Is Committed to Recovering Your Investment Losses FINRA Rule 2111 (Suitability) generally requires that a broker have a reasonable basis to believe a recommendation is suitable based on the customer’s investment profile; in real estate security disputes alleging negligence, fiduciary-duty breaches, or improper advice, suitability analysis often focuses on whether risk, liquidity, time horizon, concentration, and stated objectives were reasonably matched to what was recommended. FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade) is a broad ethical rule that can be implicated when allegations center on whether key risks and limitations were fairly presented or whether investors were steered into transactions without candid, balanced communications, particularly where complaints assert misstatements, omissions, or unfair dealing around complex or illiquid products. FINRA Rule 2111 (Suitability) generally requires that a broker have a reasonable basis to believe a recommendation is suitable based on the customer’s investment profile; in real estate security disputes alleging negligence, fiduciary-duty breaches, or improper advice, suitability analysis often focuses on whether risk, liquidity, time horizon, concentration, and stated objectives were reasonably matched to what was recommended. 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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Dec 31, 2025

Raymond James Financial Services Advisor Mario Payne Under Investigation For Customer Disputes Alleging Unsuitable Structured Products and Misrepresentations

Our firm is investigating former Raymond James Financial Services financial advisor Mario Payne (CRD# 5445757) of Jacksonville, Florida for potential investment-related misconduct. Financial Advisor’s Career History FINRA BrokerCheck reflects that Mario Payne is not currently registered as a broker, but was previously registered with Edward Jones in Jacksonville, Florida from December 2007 to May 2013 and with Raymond James Financial Services, Inc. in Jacksonville, Florida from May 2013 to February 2019. His most recently reported Form U4 employment history lists Planning Solutions International LLC dba TOAMS Financial (Jacksonville, Florida) from February 2019 to present as Owner/Chief Compliance Officer, and also reflects roles at Raymond James Financial Services, Inc. (Financial Advisor) and Raymond James Financial Services Advisors Inc. (Investment Adviser Representative) from May 2013 to February 2019. Mario Payne Fraud Allegations and Investor Complaints Explained FINRA BrokerCheck discloses eight customer disputes, including six pending matters and two closed matters that were denied. Summary of disclosed customer disputes (for context) Allegations involving structured products and structured notes (2024–2025) Several pending matters allege that, while associated with Raymond James Financial Services, Inc., claimants were placed into a “high-risk, illiquid, complex, and unsuitable” strategy that concentrated accounts in structured products (including structured notes), and that the products were allegedly misrepresented as “safe, guaranteed, and insured.” The disputes reflect significant claimed losses, including alleged damages of $2,000,000 (FINRA Boca Raton, Case 24-02065), $3,000,000 (FINRA Case 24-02064), $3,600,000 (FINRA Boca Raton, Case 24-02063), $4,000,000 (FINRA Boca Raton, Case 25-00298), and $5,000,000 (Duval County, FL, Case 16-2024-CA-006818-AXXX-MA). Earlier customer disputes (2009 and 2018) BrokerCheck also reflects two earlier customer disputes that were closed and denied, including one alleging unsuitable and misrepresented listed equity investments (activity dates 11/10/2017–02/08/2018, alleged damages $20,000) and another 2009 dispute alleging, among other things, suitability, misrepresentation, and unauthorized trading allegations (alleged damages $5,000). To obtain a copy of Mario Joseph Payne’s FINRA BrokerCheck report, visit this link. Robert Wayne Pearce Is Committed to Recovering Your Investment Losses FINRA Rule 2111 (Suitability) generally requires a broker to have a reasonable basis to believe a recommendation is suitable for a customer based on the customer’s investment profile, and it is often implicated when customers allege they were concentrated in high-risk, illiquid, complex products that did not match their stated objectives, liquidity needs, or risk tolerance. FINRA Rule 2210 (Communications with the Public) sets standards for broker-dealer communications to be fair and balanced and not omit material facts, and it can become relevant where investors allege structured products were described as “safe,” “guaranteed,” or “insured” without fully presenting downside risk, liquidity constraints, and complexity. Losing your savings to a dishonest broker or advisor can be devastating, but you do not have to face it alone. Robert Wayne Pearce and his team have spent over four decades helping investors who were misled or defrauded by Wall Street firms. The Law Offices of Robert Wayne Pearce, P.A. takes cases nationwide on a contingency fee basis. You pay nothing unless we recover your losses. Call (800) 732-2889 or email pearce@rwpearce.com today for a free and confidential consultation. FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade) is a broad ethical rule that may be implicated when a customer alleges misrepresentations, omissions, or other conduct inconsistent with fair dealing—such as allegations of misrepresentation and unauthorized trading in a customer complaint.

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Dec 31, 2025

LifeMark Securities Corp. Financial Advisor Michael Pineda Under Investigation for Alleged Unsuitable Alternative Investment Recommendations and FINRA Customer Complaints

Our firm is investigating LifeMark Securities Corp. financial advisor and stockbroker Michael Pineda (CRD# 2337780) of Denver, Colorado, for potential investment-related misconduct involving alternative investments and related FINRA customer complaints. Financial Advisor’s Career History Michael R. Pineda has worked in the securities industry for several decades and has been registered with multiple brokerage firms throughout his career. He has been registered with LifeMark Securities Corp. since August 2017 as both a Registered Representative and Investment Adviser Representative. Prior to LifeMark, his employment history includes roles at Prudential Financial Planning Services, Pruco Securities, LLC, Royal Alliance Associates, Inc., MetLife Securities Inc., VALIC Financial Advisors, Transamerica Capital, and other firms dating back to the early 1990s. His registrations have spanned multiple states, including Colorado. Michael Pineda Fraud Allegations and Investor Complaints Explained FINRA’s BrokerCheck records disclose multiple reportable events involving Mr. Pineda, including customer disputes and an employment termination. These disclosures arise primarily from allegations connected to alternative or corporate debt investments that later experienced financial distress. Customer Dispute – Settled (FINRA Arbitration No. 22-01766) FINRA records note that Mr. Pineda was not named as a party to the arbitration and did not contribute financially to the settlement, which was resolved without any admission of wrongdoing. Customer Dispute – Pending (FINRA Arbitration No. 25-02408) LifeMark Securities Corp. has stated that it believes the recommendation was suitable based on the information available at the time and the client’s stated objectives and risk tolerance. Employment Termination Disclosure (Pruco Securities, LLC) Mr. Pineda disputes the firm’s findings and states that the client executed all required documents. FINRA Rule 2111 (Suitability) generally requires a broker or financial advisor to have a reasonable basis to believe that a recommended investment or investment strategy is suitable for a customer based on that customer’s investment profile. In matters involving alleged unsuitable alternative investment recommendations, this rule is often examined to determine whether the product matched the investor’s risk tolerance, liquidity needs, and objectives. FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade) is a broad ethical rule that may be implicated when allegations involve misrepresentations, omissions, or conduct inconsistent with fair dealing. Claims that investors were not fully informed of risks associated with complex or illiquid investments may be analyzed under this standard. FINRA Rule 4511 (Books and Records) requires firms and associated persons to maintain accurate records. Allegations involving improper documentation, non-genuine signatures, or deficient paperwork may raise compliance concerns under this rule, particularly where transaction records are central to the dispute. 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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Dec 31, 2025

Oppenheimer & Co. Inc. Advisor Zachary Taylor Under Investigation For Alleged Unsuitable Options Trading and FINRA Customer Complaints

Our firm is investigating former Oppenheimer & Co., Inc. financial advisor Zachary Taylor (CRD# 6074776) of Newport Beach, California, for potential investment-related misconduct involving options trading and customer disputes. Financial Advisor’s Career History Zachary E. Taylor began his securities industry career in 2012. According to FINRA records, he was previously registered with Wells Fargo Advisors, LLC (2012), Merrill Lynch, Pierce, Fenner & Smith Incorporated (2013–2020), Oppenheimer & Co., Inc. (2020–2023), and Saxony Securities, Inc. (2023). He most recently worked in the Newport Beach, California area before his discharge from Oppenheimer & Co., Inc. in May 2023. Zachary Taylor Fraud Allegations and Investor Complaints Explained FINRA’s BrokerCheck report reflects multiple disclosure events involving Mr. Taylor, including regulatory action, customer complaints, and employment termination. These matters primarily relate to options trading strategies, alleged mismanagement, unauthorized trading, and suitability concerns. FINRA Regulatory Action (Final) In August 2025, FINRA sanctioned Taylor for willfully violating Regulation Best Interest (Exchange Act Rule 15l-1(a)(1)). FINRA found that while associated with Oppenheimer & Co., Inc., Taylor recommended speculative options strategies—specifically selling large volumes of put options—to at least three senior customers with moderate risk tolerances and balanced investment objectives. FINRA concluded the recommendations were unsuitable and not in the customers’ best interests. Two related customer arbitrations were settled by the firm for a combined $420,000. Taylor consented to a nine-month suspension without admitting or denying the findings. Customer Disputes and Settlements FINRA records disclose four customer disputes, all of which were settled: Employment Termination and Other Disclosures Oppenheimer & Co., Inc. discharged Taylor in May 2023 after determining he could not provide sufficient documentation to support claimed trading authority in a client account. FINRA records also reflect a prior criminal matter from the early 1990s, a Chapter 7 bankruptcy filing in 2024, and an outstanding civil judgment/lien reported in 2024. Robert Wayne Pearce Is Committed to Recovering Your Investment Losses FINRA Rule 2111 (Suitability) FINRA Rule 2111 requires a broker to have a reasonable basis to believe that an investment recommendation is suitable for a customer based on the customer’s investment profile, including age, risk tolerance, and objectives. Allegations that senior or moderate-risk investors were placed into speculative options strategies may implicate this rule. Regulation Best Interest (Reg BI) Regulation Best Interest obligates brokers to act in the best interest of retail customers when making recommendations, without placing their own interests ahead of the client’s. FINRA’s regulatory findings against Taylor were based on violations of Reg BI related to unsuitable and high-risk options strategies. FINRA Rule 3260 and unauthorized trading concerns arise because FINRA rules prohibit discretionary trading without proper written authorization. Customer allegations that trades were executed without authority or without adequate documentation can raise serious compliance and supervision issues under FINRA standards. FINRA rules prohibit discretionary trading without proper written authorization. Customer allegations that trades were executed without authority or without adequate documentation can raise serious compliance and supervision issues under FINRA standards. Losing your savings to a dishonest broker or advisor can be devastating, but you do not have to face it alone. Robert Wayne Pearce and his team have spent over four decades helping investors who were misled or defrauded by Wall Street firms. The Law Offices of Robert Wayne Pearce, P.A. takes cases nationwide on a contingency fee basis. You pay nothing unless we recover your losses. Call (800) 732-2889 or email pearce@rwpearce.com today for a free and confidential consultation.

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Dec 31, 2025

Hornor, Townsend & Kent Financial Advisor Aaron Wagner Under Investigation for Variable Annuity Misrepresentation and FINRA Customer Complaints

Aaron Wagner (CRD# 5663584) is a former financial advisor who was registered with Hornor, Townsend & Kent, LLC and previously associated with AXA Advisors, LLC and Pruco Securities, LLC, with reported office locations including Boise, Idaho and Bellevue, Washington. Financial Advisor’s Career History Aaron Wagner entered the securities industry in or around 2009. According to FINRA records, he was registered with AXA Advisors, LLC from August 2009 through February 2013. He later became registered with Pruco Securities, LLC from February 2013 until October 2014. Wagner then joined Hornor, Townsend & Kent, LLC, where he was registered from March 2015 through July 2020. He is not currently registered with any FINRA member firm. Aaron Clayton Wagner Fraud Allegations and Investor Complaints Explained FINRA’s BrokerCheck report reflects multiple customer complaints and a termination following allegations of misconduct. These disclosures primarily involve alleged misrepresentations in the sale of variable annuity products and the use of unapproved marketing materials. Variable Annuity Misrepresentation Allegations (2010–2012) Several customer complaints arose from transactions occurring while Wagner was associated with AXA Advisors, LLC. Customers alleged they were not properly informed about the nature, fees, and surrender charges associated with variable annuity products. Key allegations include: Summary of disclosed customer disputes: Employment Termination for Compliance Violations (2014) While registered with Pruco Securities, LLC, Wagner was discharged on September 15, 2014. The firm alleged that he used and facilitated the use of unapproved marketing materials by registered representatives. Wagner disputed the allegation but acknowledged that the materials were discontinued once the firm instructed that they be stopped. Termination disclosure: Robert Wayne Pearce Is Committed to Recovering Your Investment Losses FINRA Rule 2111 (Suitability) requires financial advisors to have a reasonable basis to believe that a recommended investment is suitable for a customer based on their financial situation, risk tolerance, and investment objectives. Allegations that customers were unaware they had purchased variable annuities or were not informed of surrender charges directly implicate suitability concerns, particularly where complex, long-term products may not align with an investor’s needs. FINRA Rule 2210 (Communications with the Public) governs the use of marketing and sales materials and requires that communications be fair, balanced, and not misleading. The allegations that Wagner used or facilitated unapproved marketing materials, as well as complaints asserting inadequate disclosure of fees and charges, fall squarely within the scope of this rule. FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade) requires brokers to observe high standards of commercial honor and just and equitable principles of trade. Customer allegations involving misrepresentation and nondisclosure of key product features, even when ultimately denied or settled without payment, are commonly evaluated under this broad ethical standard. 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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Dec 31, 2025

Hornor, Townsend & Kent Financial Advisor Aaron Wagner Under Investigation for Variable Annuity Misrepresentation and FINRA Customer Complaints

Aaron Wagner (CRD# 5663584) is a former financial advisor who was registered with Hornor, Townsend & Kent, LLC and previously associated with AXA Advisors, LLC and Pruco Securities, LLC, with reported office locations including Boise, Idaho and Bellevue, Washington. Financial Advisor’s Career History Aaron Wagner entered the securities industry in or around 2009. According to FINRA records, he was registered with AXA Advisors, LLC from August 2009 through February 2013. He later became registered with Pruco Securities, LLC from February 2013 until October 2014. Wagner then joined Hornor, Townsend & Kent, LLC, where he was registered from March 2015 through July 2020. He is not currently registered with any FINRA member firm. Aaron Clayton Wagner Fraud Allegations and Investor Complaints Explained FINRA’s BrokerCheck report reflects multiple customer complaints and a termination following allegations of misconduct. These disclosures primarily involve alleged misrepresentations in the sale of variable annuity products and the use of unapproved marketing materials. Variable Annuity Misrepresentation Allegations (2010–2012) Several customer complaints arose from transactions occurring while Wagner was associated with AXA Advisors, LLC. Customers alleged they were not properly informed about the nature, fees, and surrender charges associated with variable annuity products. Key allegations include: Summary of disclosed customer disputes: Employment Termination for Compliance Violations (2014) While registered with Pruco Securities, LLC, Wagner was discharged on September 15, 2014. The firm alleged that he used and facilitated the use of unapproved marketing materials by registered representatives. Wagner disputed the allegation but acknowledged that the materials were discontinued once the firm instructed that they be stopped. Termination disclosure: Robert Wayne Pearce Is Committed to Recovering Your Investment Losses FINRA Rule 2111 (Suitability) requires financial advisors to have a reasonable basis to believe that a recommended investment is suitable for a customer based on their financial situation, risk tolerance, and investment objectives. Allegations that customers were unaware they had purchased variable annuities or were not informed of surrender charges directly implicate suitability concerns, particularly where complex, long-term products may not align with an investor’s needs. FINRA Rule 2210 (Communications with the Public) governs the use of marketing and sales materials and requires that communications be fair, balanced, and not misleading. The allegations that Wagner used or facilitated unapproved marketing materials, as well as complaints asserting inadequate disclosure of fees and charges, fall squarely within the scope of this rule. FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade) requires brokers to observe high standards of commercial honor and just and equitable principles of trade. Customer allegations involving misrepresentation and nondisclosure of key product features, even when ultimately denied or settled without payment, are commonly evaluated under this broad ethical standard. 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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Dec 12, 2025

Cetera Investment Services Advisor David Roessner Under Investigation For Alleged Misrepresentation, Failure to Follow Instructions, and Structured Product Complaints – FINRA Complaint

Our firm is investigating Cetera Investment Advisers LLC and Cetera Investment Services LLC broker and investment adviser David Glen Roessner (CRD# 5568932) of Oak Ridge, Tennessee, for potential investment-related misconduct based on multiple customer disputes reported in his FINRA BrokerCheck record. Financial Advisor’s Career History David Glen Roessner has been employed in the securities industry since 2009 and has worked for several national and regional firms over the course of his career. His registration and employment history includes: Over this time, Roessner has held multiple securities licenses and is currently registered with FINRA and licensed in numerous U.S. states and territories. David Glen Roessner Fraud Allegations and Investor Complaints Explained According to his FINRA BrokerCheck report, David Glen Roessner has three customer dispute disclosures, two of which were settled and one closed with no action. These matters involve allegations of failure to follow instructions, misrepresentation, and a structured product complaint relating to a market-linked CD. Important: FINRA notes that some disclosures may involve allegations that are contested, unresolved, or settled without any admission of wrongdoing by the broker or the firm. 2018 Failure to Follow Instructions Complaint (Settled) Disclosure Bullet Summary: 2018 Promissory Note Misrepresentation Complaint (Settled) Disclosure Bullet Summary: 2024 Structured Product Complaint (Closed – No Action) Disclosure Bullet Summary: While two disputes were settled and one was closed without action, these disclosures collectively raise questions about whether customer instructions were followed, how the risks of products such as promissory notes and market-linked CDs were described, and the suitability of these investments for the customers involved. To obtain a copy of David Glen Roessner’s FINRA BrokerCheck report, visit this link. Robert Wayne Pearce Is Committed to Recovering Your Investment Losses FINRA Rule 2010 requires all brokers to observe high standards of commercial honor and just and equitable principles of trade. Allegations that David Glen Roessner failed to follow client instructions when investing funds can implicate Rule 2010 because disregarding a customer’s explicit directions is inconsistent with honest and fair dealing in the brokerage industry and may evidence a failure to uphold the integrity expected of registered representatives. FINRA Rule 2020 prohibits brokers from using or employing any manipulative, deceptive, or fraudulent device in connection with the purchase or sale of any security. The 2018 misrepresentation complaint involving a promissory note suggests that, if the customer was provided incomplete, misleading, or inaccurate information about the note’s risks, terms, or features, such conduct could violate Rule 2020 by depriving the investor of a fair and informed opportunity to evaluate the investment. FINRA Rule 2111, the suitability rule, requires that a broker have a reasonable basis to believe a recommendation is suitable for a customer based on their investment profile, including risk tolerance, objectives, and financial situation. The structured product complaint regarding an HSBC Market-Linked CD raises potential Rule 2111 concerns, as these complex CDs often carry principal risk, liquidity constraints, and market-linked payoff structures that may not be suitable for conservative or income-focused investors if those risks were not properly evaluated in light of the client’s profile. 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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Dec 12, 2025

Emerson Equity LLC Financial Advisor John Ledesma Under Investigation For Alleged Real Estate Securities Fraud, Breach of Fiduciary Duty, and Negligence FINRA Complaint

Our firm is investigating Emerson Equity LLC broker and investment advisor John Paul Ledesma (CRD# 2379751) of Irvine, California for potential real estate securities–related misconduct, including alleged fraud, negligence, and violations of federal and state securities laws. Financial Advisor’s Career History According to FINRA’s BrokerCheck report, John Paul Ledesma has been registered in the securities industry since 1993 and is currently associated with Emerson Equity LLC. He works out of the firm’s branch office located at 9870 Research Drive, #104, Irvine, CA 92618, and has been registered with Emerson Equity LLC since May 6, 2021. Ledesma’s reported registration and employment history includes: He has also reported other business activities such as operating John Paul Ledesma Real Estate Brokerage as an independent real estate broker and conducting investment-related business under the trade name “DBA Beacon 1031” in connection with his securities business at Emerson Equity LLC. John Paul Ledesma Fraud Allegations and Investor Complaints Explained FINRA discloses three pending customer disputes involving real estate securities sold by John Paul Ledesma while he was associated with Emerson Equity LLC. All three matters are described as customer-initiated, investment-related arbitrations filed with FINRA and remain pending. Across these cases, investors allege: Although BrokerCheck lists “Alleged Damages: $0.00” in each dispute, the claimants in all three cases seek compensatory damages in amounts to be determined by an arbitration panel, along with benefit-of-the-bargain damages, lost opportunity costs, model portfolio damages, prejudgment interest, costs, attorneys’ fees, and punitive damages. Overview of Pending FINRA Customer Disputes Below is a summary of the three pending customer disputes reported by FINRA: Alleged Misconduct Pattern Taken together, the three pending customer disputes suggest a pattern of: All of these matters are unresolved at this time, and no final findings of liability have yet been reported by FINRA. To obtain a copy of John Paul Ledesma’s FINRA BrokerCheck report, visit this link: Robert Wayne Pearce Is Committed to Recovering Your Investment Losses FINRA Rule 2010 – Standards of Commercial Honor and Principles of TradeFINRA Rule 2010 requires brokers to “observe high standards of commercial honor and just and equitable principles of trade” in all business conduct. Allegations that John Paul Ledesma engaged in fraud, breach of fiduciary duty, and gross negligence in connection with real estate securities would, if proven, constitute violations of Rule 2010 because such conduct falls below the ethical and professional standards expected of registered representatives. Misrepresenting or omitting material facts, or placing a broker’s or firm’s interests ahead of the client’s, is inconsistent with the high standards of commercial honor required by this rule. FINRA Rule 2111 – SuitabilityFINRA Rule 2111 requires that a broker have a reasonable basis to believe that a recommended transaction or investment strategy is suitable for the customer, based on that customer’s investment profile (including age, financial situation and needs, investment experience, risk tolerance, and objectives). The pending complaints against Ledesma involve real estate securities, which are often illiquid and higher-risk. If Ledesma recommended these products without properly assessing whether they were suitable for each investor—or if he failed to disclose the true risks, liquidity constraints, and potential for loss—such conduct could violate Rule 2111 by placing customers into investments that did not match their needs and risk profiles. Such conduct may also involve negligence and breaches of fiduciary duties under industry standards. FINRA Rule 2210 – Communications with the PublicFINRA Rule 2210 governs broker communications with the public and prohibits false, exaggerated, unwarranted, promissory, or misleading statements or claims, as well as omissions of material facts. The customer complaints alleging fraud, misrepresentation, and violations of various state securities and consumer protection laws suggest that material information about the real estate securities may not have been fully or fairly disclosed. If marketing materials, emails, presentations, or oral sales pitches downplayed risk, overstated potential returns, or omitted significant drawbacks, such communications could violate Rule 2210 by misleading investors about the nature and risks of the securities they were purchasing. 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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