Gary Marlin Arford, of Lynwood, Washington, a stockbroker formerly registered with Comprehensive Wealth Management, LLC, was named in a customer initiated investment related arbitration claim on September 12, 2016, wherein the customer requested $140,760.00 in damages based upon allegations that Arford made unsuitable investment recommendations and effected unsuitable transactions in the customer’s account pertaining to penny stocks and oil and gas investments.
In October 2015, Arford was fined $150,000.00 and permanently barred from serving as a broker or advisor or associating with any firms selling securities or advising the investing public based upon findings that, inter alia, Arford committed fraud and misappropriated investor funds. SEC Admin Release 34-76287 (Oct. 28, 2015).
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Arford has been identified in seventeen additional customer initiated investment related disputes containing allegations of Arford’s misconduct while employed with Raymond James Financial Services, Inc., Comprehensive Wealth Management, LLC, and Geneos Wealth Management, Inc. Particularly, on December 21, 2005, a customer initiated investment related arbitration claim involving Arford’s conduct was settled for $50,000.00 in damages based upon allegations that Arford negligently handled the customer’s investment account, breached his fiduciary duties, violated the Securities and Investor Protection Act, and violated National Association of Securities Dealers (NASD) rules in reference to equity transactions.
On December 20, 2012, a customer initiated investment related written complaint regarding Arford’s activities was resolved for $7,750.00 in damages based upon allegations that Arford breached his fiduciary duties and made unsuitable investment recommendations to the customer concerning the purchase of a reverse mortgage. Further, on November 1, 2013, a customer filed an investment related written complaint involving Arford’s conduct, in which the customer requested $180,000.00 in damages based upon allegations that Arford never provided the customer a prospectus prior to effecting oil and gas investment transactions.
On February 7, 2014, another customer initiated investment related written complaint involving Arford’s conduct was settled for $49,800.00 in damages based upon allegations that Arford effected faulty over-the-counter penny stock transactions in the customer’s account. Subsequently, on April 23, 2014, a customer initiated investment related written complaint regarding Arford’s activities was resolved for $158,296.57 in damages based upon allegations that Arford effected unauthorized over-the-counter equity trades in the customer’s account.
Moreover, on April 30, 2014, a customer initiated investment related written complaint regarding Arford’s activities was resolved for $30,000.00 in damages based upon allegations that Arford effected improper penny stock transactions in the customer’s investment account. On July 18, 2014, a customer filed an investment related written complaint involving Arford’s conduct, in which the customer requested $52,969.20 in damages based upon allegations that Arford effected transactions in the customer’s account which were not suitable, and breached his fiduciary duties concerning equity transactions.
On November 19, 2014, another customer initiated investment related arbitration claim regarding Arford’s activities was resolved for $112,500.00 in damages based upon allegations that Arford effected oil and gas investment transactions in the customer’s account which were not suitable, made unsuitable investment recommendations to the customer regarding variable annuity products, breached his fiduciary duties, and made misrepresentations and omissions to the customer concerning penny stock investments.
Moreover, on June 16, 2016, a customer initiated investment related arbitration claim involving Arford’s conduct was settled for $275,000.00 in damages based upon allegations that Arford made misrepresentations to the customer, and effected transactions in the customer’s account which were not suitable. Critically, between January 9, 2015, and August 31, 2016, nine additional customer initiated investment related disputes were filed concerning Arford’s actions, based on allegations against Arford including unsuitability and misrepresentation pertaining to oil and gas investments.
Guiliano Law Group
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