Jon Mark Dabareiner, of Hardy, Virginia, an investment adviser representative with Concord Wealth Partners, has been terminated on September 25, 2017, based upon allegations that he committed violations of industry standards and rules.
This is not the first time that Dabareiner has been terminated by an employer based upon allegations of misconduct. Particularly, Dabareiner was a stockbroker associated with Ameriprise Financial Services, Inc., until February 6, 2013, at which point he was terminated based upon reusing customer’s signatures in violation of the firm’s policies.
Dabareiner has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he caused customer’s signatures to be forged on customer account documents and altered forms to effect securities transfers; conduct violative of FINRA Rule 2010. Letter of Acceptance, Waiver and Consent, No. 2013035749801 (Nov. 21, 2014).
Additionally, FINRA Public Disclosure reveals that Dabareiner has been identified in fifteen customer initiated investment related disputes containing allegations of Dabareiner’s improper conduct while employed with Ameriprise Financial Services, Inc. and Concord Wealth Partners. Specifically, on June 23, 1999, a customer initiated investment related written complaint pertaining to Dabareiner’s conduct was settled for $32,324.22 in damages supported by accusations that an annuity transfer was effected without the customer’s authorization, wrap account fees had not been disclosed to the customer, and the customer’s instructions to purchase stocks were not followed.
Thereafter, on July 10, 2000, a customer initiated investment related written complaint regarding Dabareiner’s activities was resolved for $8,994.00 in damages founded on allegations that the customer was not made aware of the restrictions and fees associated with a transfer of her assets, as well as the surrender and liquidation of her accounts.
Afterwards, a customer initiated investment related arbitration claim involving Dabareiner’s conduct was settled for $140,000.00 in damages based upon allegations that Dabareiner made omissions to the customer concerning investments, and sold mutual funds to the customer that were inappropriate. The customer further alleged that Ameriprise failed to supervise Dabareiner’s activities. National Association of Securities Dealers (NASD) Arbitration No. 06-01872 (Jan. 30, 2007).
Subsequently, a customer initiated investment related arbitration claim regarding Dabareiner’s activities was resolved for $150,000.00 in damages supported by accusations of negligence, fraud, breach of contract, unauthorized trading, breach of fiduciary duty, and misrepresentation in regard to mutual fund and stock transactions. FINRA Arbitration No. 09-07260 (Oct. 28, 2010). The customer further alleged that his securities had been improperly sold from his account after a loan was secured by his brokerage assets.
Further, on May 7, 2013, a customer initiated investment related written complaint pertaining to Dabareiner’s conduct was settled for $82,756.00 in damages founded on allegations that Dabareiner made misrepresentations to the customer regarding a variable universal life insurance policy issued by Riversource. On September 12, 2017, another customer filed an investment related written complaint regarding Dabareiner’s activities, where the customer sought $1,000,000.00 in damages based upon accusations that Dabareiner engaged in sales practice violations with regard to the customer’s investments.
The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us. Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts. All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source.
This posting and the information on our website is for general information purposes only. This content should be not considered legal advice, and any responses, comments, e-mails, other communications do not form any attorney client relationship. Attorney Advertisement. See Important Disclaimer
Guiliano Law Group
Our practice is limited to the representation of investors. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.
For more information concerning common claims against stockbrokers and investment professionals, please visit us at securitiesarbitrations.com
To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com
