November 2020- Metairie, LA
According to publicly available records, former Commonwealth Financial Network, financial advisor Benjamin Bourgeois, Jr. is barred from FINRA and discloses 3 prior customer disputes, a pending customer dispute and a termination.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In May of 2019 in FINRA case 2019062162101 Bourgeois was permanently barred from the securities industry to resolve allegations that he failed to produce documents and information requested by FINRA during the course of an investigation into allegations reported on his Form U5 that he, among other things, borrowed money from a customer, converted customer funds and committed fraud.
In August of 2019 a customer of LPL Financial and Commonwealth Financial Network , alleged that over several years beginning as early as March 2014 Bourgeois induced her to write personal checks purportedly to make investments but which he instead deposited into his personal bank account for his own use and that he potentially recommended unsuitable investments. The case settled for $15,000.
In April 2019 a customer of Commonwealth Financial Network alleged conversion of customer funds made by personal check purportedly for investment purposes; employing devices, schemes or artifices to defraud; making untrue statements of material facts; fraud. Customer is seeking $519,500 in damages. The case is still pending.
In April of 2019 Bourgeois was discharged from Commonwealth Financial Network following allegations of borrowing money from a customer in violation of FINRA Rule 3240 and Firm Policy.
Bourgeois was employed by Commonwealth Financial Network from May of 2015 until his termination. Before that time he was registered with LPL Financial and Sterne Agee Asset Management.
If you have losses in an account handled by Benjamin Bourgeois, Jr., call to learn how you may be able to recover damages through FINRA arbitration.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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