Arlo Jean Stoll of Salem Oregon is a stockbroker currently registered with Cetera Advisors LLC who is the subject of a customer initiated investment related written complaint on December 28, 2016 in which the customer requested $76,778.00 in damages founded on allegations of breach of fiduciary duty, negligence, and suitability relating to the customer’s direct investment program and real estate investment trust transactions.
Stoll operated an “independent” branch office under the name “Diversified Wealth Benefits” located at 925 Commercial Street S.E., Suite 200, Salem, Oregon 97302-4174. Stoll hold himself out as a “C.S.A.” or Certified Senior Advisor, and among other things purports to offer his customers, “customized financial programs” which include tax planning, investment management, retirement strategies and estate conservation. Purportedly because Diversified Wealth Benefits is a “full-service independent financial firm,” it has “the flexibility to place the client’s needs ahead of anything else.” Prior to the initiation of this arbitration, Stoll has also been the subject of at least one other disclosed customer initiated, investment related arbitration involving the sale of oil and gas related investments.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Stoll has been identified in five additional customer initiated investment related disputes pertaining to accusations of Stoll’s improper conduct during the time that he was employed with Pacific West Securities, Inc. In particular, on January 3, 2011, a customer filed an investment related written complaint involving Stoll’s conduct where the customer sought $65,000.00 in damages based upon allegations that Stoll inappropriately solicited an oil and gas investment and failed to provide paperwork to the customer that corresponded to the investments Stoll solicited.
Subsequently, a customer initiated investment related arbitration claim regarding Stoll’s activities was resolved for $32,500.00 in damages supported by accusations that the customer had been defrauded, fiduciary duties were breached, and unsuitable annuity and direct investment transactions were effected with the customer’s funds. FINRA Arbitration No. 13-02353 (Apr. 5, 2014). A day later, a customer initiated investment related arbitration claim that pertained to Stoll’s conduct was settled for $32,500.00 in damages founded on allegations that Stoll made misrepresentations and omissions to the customer, placed unsuitable transactions in the customer’s account and defrauded the customer in regard to direct investment and variable annuity products. FINRA Arbitration No. 13-01961 (Apr. 6, 2014). In those cases, the Claimants were 96 and 94 year old sisters.
Moreover, on October 20, 2016, a customer filed an investment related written complaint that pertained to Stoll’s conduct, in which the customer requested $18,250.00 in damages based upon accusations that the customer was placed in two variable annuities that were not appropriate for the customer. On December 29, 2016, another customer initiated investment related written complaint regarding Stoll’s activities was resolved for $31,500.00 in damages supported by allegations of suitability and misrepresentation relating to the customer’s investment in direct participation program and limited partnership interest products.
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