Andrea Ruth Klipfel (also known as Andrea Ruth Camirand), of Paso Robles, California, a stockbroker registered with Independent Financial Group LLC, is the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim in which the customer requested $373,888.00 in damages based upon allegations that Klipfel engaged in “unsuitable trading” and made misrepresentations of material fact in connection with the sale of variable annuities and mutual funds during the time that Klipfel was associated with Independent Financial Group LLC. FINRA Arbitration No. 23-01853 (July 12, 2023).
Ms. Klipfel denies these allegations. According to FINRA Public Disclosure, the “firm and [the] representatives intend to defend claim as frivolous and without basis in fact. In addition, a preliminary review shows evidence that Claimant (who has brought the claim as the successor trustee of the now deceased accountholder’s trust) and her husband (the accountholder’s son who was at one point the successor trustee) were involved in many of the investment decisions and even signed investment-related paperwork. The allegations of wrongdoing are not supported by evidence and appear to be speculative and unsupported by any evidence. In addition, Claimant’s standing to bring a claim is questionable as is her ability to claim that investments made on behalf of the accountholder were unsuitable since suitability is a subjective determination made at the time the investment is recommended. To judge an investment made by another in hindsight is without merit and is unsupported by precedent and/or case law.”
However, this is not the first time that Klipfel has been referenced in a customer initiated investment related dispute concerning Klipfel’s conduct while associated with securities broker dealers. FINRA Public Disclosure also shows that on May 20, 2013, a customer initiated investment related complaint involving Klipfel’s conduct was settled for $6,943.13 in damages based upon allegations that Klipfel made unsuitable recommendations in mutual funds when Klipfel was associated with Edward Jones. The purchase in question involved the Franklin Gold and Precious Metals Fund.
Ms. Klipfel has been registered with FINRA and/or the NASD for more than twenty (20) years. Klipfel has been associated with Grove Point Investments LLC and Grove Point Advisors LLC in Paso Robles, California since March 7, 2023. Previously, she was associated with Independent Financial Group LLC in Paso Robles, California from November 8, 2019, to March 8, 2023, and with LPL Financial LLC in Paso Robles, California from September 28, 2016, to November 25, 2019.
