Bruce Amman Investigation
April 2024-Golden, CO
According to publicly available records Bruce Amman, a former broker who last worked for LPL Financial, discloses a final regulatory matter resulting in a one year suspension , a termination from employment and three IRS tax liens.
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 April 2022 Amman consented to the sanction and to the entry of findings that he participated in a private securities transaction involving one of his member firm customers without providing prior written notice to the firm. The customer invested approximately $3.5 million in the investment, which was a security and structured as a private placement. FINRA ordered sanctions of a one year suspension May 2022 to May 2023 as well as a $5,000 fine .
In June 2020, Amman was terminated from LPL Financial after allegations of short-term mutual fund product switches in brokerage accounts. He had been with LPL Financial since 9/2008 , and operated as Colorado Financial Partners, Public Investment Consultants and Amman Wealth Management.
The Internal Revenue Service has filed three tax liens against Amman in the following amounts:
- August 2019 – $21,799.60
- July 2018 – $32,450.19
- May 2016 $95,803.99
Prior to working at LPL Financial , Amman had been employed with PVG Asset Management Corporation since September 2020.
If you have questions about an account handled by Bruce Amman contact us for a no charge consultation to learn how you may be able to recover damages through FINRA arbitration.
Private Placements under Reg D: What is a Private Placement? According to the U.S. Securities and Exchange Commission (SEC):
“Under the federal securities laws, a company may not offer or sell securities unless the offering has been registered with the SEC or an exemption from registration is available. Offerings exempt from the SEC’s registration requirements pursuant to Securities Act Section 4(a)(2) or its safe harbor under Regulation D of the Securities Act are often referred to as private placements.”
The SEC warns that unregistered offerings may be utilized to conduct investment scams and that investors should have the ability to weather a total loss in these illiquid investments. See this SEC Investor Alert about red flags to watch out for in unregistered offerings.
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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