Bernard Joseph Audet of Newtown Square Pennsylvania a stockbroker registered with MML Investors Services and New England Securities is referenced in a customer initiated investment related civil action that was resolved for $8,000,000.00 in damages founded on allegations that a fiduciary duty that was owed to the customer had been breached by the stockbroker and that misrepresentations had been made in regard to variable life insurance policies that Audet sold when he was employed by New England Securities. Civil Action No. AiCS Document (Apr. 28, 2020).
Audet has been identified in six more customer initiated investment related disputes regarding accusations of his misconduct when he was employed by New England Financial. FINRA confirms that a customer initiated investment related complaint involving Audet’s activities was settled for $527,450.23 in damages supported by allegations of misrepresentations being made by Audet relating to a variable survivorship life insurance policy.
Another customer initiated investment related complaint involving Audet’s conduct was resolved for $195,000.00 in damages based upon accusations that the stockbroker provided the customer with false information relating to the purchase of a new variable life insurance policy. Audet is also the subject of a customer initiated investment related complaint which settled for $48,173.19 in damages founded on allegations of Audet causing the New England Securities customer to be unable to take advantage of the refund of a rider fee relating to a variable universal life insurance policy.
Audet is referenced in another customer initiated investment related written complaint on January 9, 2020 where the customer sought more than $5,000.00 in damages supported by accusations that the customer had been placed into variable universal life insurance policies that were not suitable for the customer. Misrepresentations had allegedly been made by the stockbroker.
Since March 25, 2017, Audet has been registered with MML Investors Services as a stockbroker and investment adviser representative.