Armando G. Roman, of Scottsdale, Arizona, 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 $100,000.00 in damages based upon allegations that Roman made the unsuitable investment recommendation of real estate investment trusts (REITs) when Roman was associated with Independent Financial Group LLC. FINRA Arbitration No. 23-00259 (February 6, 2023).
This is not the first time that Roman has been referenced in a customer initiated investment related dispute concerning Roman’s conduct in the securities industry. FINRA Public Disclosure shows that Roman was the subject of a customer initiated investment related FINRA securities arbitration claim in which customers were collectively awarded $1,000,000.00 in compensatory damages because Roman and Independent Financial Group LLC were held jointly liable for sales practice violations. FINRA Arbitration No. 21-00811 (December 14, 2023).
The Statement of Claim alleged breach of fiduciary duty, conversion, fraud, elder abuse, violations of state and federal securities laws, violations of regulatory rules, negligence, misrepresentation, and breach of contract in connection with the sale of direct investments during the time that Roman was associated with Independent Financial Group. The customers specifically invested in DPPs, including American Realty Capital Healthcare II Inc., American Realty Capital Trust V Inc., CION Investment Corp, FS KKR Capital Corporation III, Griffin-American Healthcare REIT III Inc., Griffin Capital Essential Asset REIT II, NorthStar Healthcare Income, Strategic Storage Trust Inc., and Walton US Land Fund 3 LP.
On December 28, 2022, a different customer filed an investment related FINRA securities arbitration claim involving Roman’s conduct in which the customer requested $343,475.00 in damages based upon allegations that Roman overconcentrated the customer’s account in illiquid investments, including direct investments, real estate securities, and oil and gas investments. The claim alleged that those investments were not suitable or consistent with their risk tolerance and investment objectives during the period that Roman was associated with Independent Financial Group LLC. FINRA Arbitration No. 22-02969.
Roman was associated with Independent Financial Group LLC in Scottsdale, Arizona from July 26, 2006, to July 1, 2021.
