Arni Jay Diamond (also known as Arni Jat Diamond), of Charlotte, North Carolina, a stockbroker formerly registered with Kalos Capital Inc., is the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer requested $280,000.00 in damages founded on accusations that unsuitable real estate security transactions were effected in the customer’s account while Diamond was associated with Kalos Capital. Financial Industry Regulatory Authority (FINRA) Arbitration No. 21-01775 (September 14, 2021). According to the claim, the customer sustained damages by investing in GPB Holdings because of Diamond.
FINRA Public Disclosure shows that Diamond has been identified in eleven additional customer initiated investment related disputes regarding allegations of his misconduct while employed by FSC Securities Corporation and Berthel Fisher Company Financial Services Inc.
On January 18, 2021, a customer initiated investment related arbitration claim regarding Diamond’s conduct was settled for $21,302.00 in damages supported by accusations of a breach of contract by the securities broker dealer relating to direct investments. FINRA Arbitration No. 20-01154. The claim alleges Kalos Capital’s failure to supervise. According to the claim, Diamond provided unsuitable recommendations and breached a fiduciary duty relating to the direct participation program interests or limited partnership interests.
Diamond is also identified in a customer initiated investment related arbitration claim which was resolved for $7,200.00 in damages based upon allegations of a breach of fiduciary duty, failure to supervise, and failure to conduct due diligence concerning the direct investments sold to the customer during the time that Diamond was employed by Kalos capital. FINRA Arbitration No. 20-01438 (January 18, 2021).
Also, on January 18, 2021, a customer initiated investment related arbitration claim concerning Diamond’s conduct was settled for $31,358.00 in damages founded on accusations of inadequate due diligence being conducted by Diamond and Kalos Capital prior to the customer being advised to invest in GPB Investments and United Development Funding (UDF). FINRA Arbitration No. 20-02083. According to the claim, a Ponzi-like scheme had been executed by GPB and UDF.
Diamond is referenced in a different customer initiated investment related arbitration claim which was resolved for $15,000.00 in damages supported by allegations of Diamond’s omissions of fees and risks concerning real estate securities, oil and gas investments, and equipment leasing securities. According to the claim, Berthel Fisher Company failed to adequately perform due diligence before recommendations were made to the customer. The claim also alleges misrepresentation and negligence by Diamond.
On January 18, 2021, an additional customer initiated investment related complaint involving Diamond’s activities was settled for $14,000.16 in damages based upon accusations of unsuitable recommendations of direct investments to a non-accredited investor when Diamond was registered with Dempsey Lord Smith and Kalos Capital.
Diamond is also the subject of a customer initiated investment related written complaint which was resolved for $17,749.00 in damages on January 18, 2021, founded on allegations of unsuitable alternative investment advice by Diamond while he was associated with Kalos Capital.
Diamond was employed by Kalos Capital between July 25, 2013, and September 14, 2018. He was registered with Dempsey Lord Smith between September 14, 2018, and October 15, 2020, and permitted to resign based upon accusations of his failure to comply with company procedures and policies. He was also registered with Supreme Alliance between December 7, 2021, and January 6, 2022.
