Christine Warner Investigation
Feburary 2024-Mount Pleasant, TX
According to publicly available records Christine Anne Warner, a Monticello Financial Group broker discloses a final regulatory matter.
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 12/2022, in case #2020065435401 FINRA alleged that Warner failed to supervise the sales practices of two registered representatives who she was charged with overseeing. The findings stated that Warner was her member firm’s designated principal responsible for the review of variable annuity transactions. Contrary to the firm’s written supervisory procedures, Warner failed to compare the information on a representative’s exchanged applications with disclosed surrender charges with other sources of information such as the original applications. Warner failed to detect that the broker had understated the customer’s actual surrender charges on 39 of the 41 exchange applications she reviewed and approved. The surrender charges caused customers to incur surrender charges totaling $227,584
Sanctions imposed by FINRA: A 40 business day suspension and a $5,000 fine to be paid paid by Warner individually.
Warner has been with Monticello Financial Group since 11/2022. She is also registered with Clarity Compliance since 1/2016. Before that she was with Fortune Financial Services, Inc. from 5/2017 to 3/2021.
Warner also discloses the following currently outstanding Judgement/Liens filed in Livingston County New York: Cavalry SPC LLC, $3,296, TD Bank USA (Target), $2,028, Midland Funding, $2,702.
If you have suffered losses in an account handled by Christine Warner contact us for a no charge consultation to learn how you may be able to recover damages through FINRA arbitration.
Firms Have a Duty to Supervise their Financial Advisors (FINRA Rules 3110 & 2090)
Brokers and their firms have a duty to comply with the FINRA suitability rule which requires that they have a reasonable basis to believe that a recommendation is suitable for the customer.
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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