Bruce Michael Sabourin of Norwich Connecticut a stockbroker formerly employed by Cetera Advisors LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that Sabourin failed to provide FINRA with information after it was requested of him. Case No. 2014041373601 (May 4, 2015).
FINRA Public Disclosure reveals that Sabourin had been notified about his suspension from FINRA through a January 30, 2015 letter. Sabourin’s suspension went into effect on February 23, 2015. After having been suspended, Sabourin was still asked to either provide FINRA personnel with information by May 3, 2015, or seek termination of the suspension on other grounds. Sabourin’s failure to comply with FINRA in this respect led FINRA to automatically bar him in all capacities on May 4, 2015.
FINRA Public Disclosure confirms that Sabourin has been identified in five customer initiated investment related disputes containing accusations of Sabourin’s violative conduct while employed with Sterne Agee Financial Services Inc., Investors Capital Corporation, Cetera Advisors LLC and MetLife Securities. Particularly, a customer filed an investment related arbitration claim regarding Sabourin’s activities in which the customer requested $92,599.84.00 in damages founded on allegations that unauthorized trades were executed in the customer’s account, causing the customer to suffer unwarranted investment losses on equity investments. FINRA Arbitration No. 09-05718 (Aug. 20, 2013).
On February 8, 2012, another customer initiated investment related complaint involving Sabourin’s activities was resolved for $96,938.00 in damages based upon allegations that Sabourin omitted information from the customer regarding the tax consequences for transactions involving customer’s margin account, mutual fund investments and variable annuity. Then, on February 23, 2012, a customer investment related complaint regarding Sabourin’s conduct was settled for $8,870.78 in damages supported by accusations that Sabourin effected transactions in the customer’s account that were not suitable for the customer because they failed to conform to the customer’s risk profile.
On March 18, 2015, a customer initiated investment related complaint concerning Sabourin’s conduct was settled for $7,914.29 in damages founded on accusations that Sabourin executed inappropriate and excessive equity trades in the customer’s account. Moreover, a customer initiated investment related arbitration claim concerning Sabourin’s activities was resolved for $90,000.00 in damages supported by allegations that Sabourin churned the customer’s account, executed transactions without the customer’s permission, and effected trades in the customer’s account that were not suitable for the customer. FINRA Arbitration No. 17-00908 (Nov. 17, 2017).
FINRA Public Disclosure records reveal that Cetera Advisors discharged Sabourin on May 28, 2014 based upon accusations that Sabourin exercised discretion in a customer’s account and executed transactions on an excessive basis.
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