Gary Gustave Benson of Encino California a stockbroker currently employed by NPB Financial Group LLC is referenced in a customer initiated investment related written complaint on August 22, 2017 where the customer sought unspecified damages supported by allegations that (1) unauthorized mutual fund trades were executed in the customer’s account and (2) transactions were effected in the customer’s account that were not suitable for the customer.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Benson is referenced in eight more customer initiated investment related disputes pertaining to accusations of his misconduct during the time that he was associated with NPB Financial Group, LLC, Associated Securities Corporation and National Planning Corp. Specifically, on September 3, 2010, a customer filed an investment related complaint regarding Benson’s conduct in which the customer requested $503,270.00 in damages based upon allegations that Benson placed the customer in a variable annuity whose terms and conditions had been misrepresented to the customer.
On October 11, 2011, another customer initiated investment related complaint involving Benson’s activities was resolved for $30,000.00 in damages supported by allegations that Benson made misrepresentations and omissions with respect to the customer’s direct participation program and limited partnership interests transactions. Thereafter, a customer initiated investment related civil action filed in the Superior Court of California that involved Benson’s conduct was settled for $110,000.00 in damages founded on accusations that fiduciary duties owed to the customer had been breached in connection with the customer’s real estate investments. Civil Action No. BC448858 (Aug. 24, 2012).
Moreover, a customer initiated investment related arbitration claim regarding Benson’s conduct was settled for $225,000.00 in damages based upon accusations that Benson: placed the customer in investments that failed to align with the customer’s objectives for investing and financial situation; misrepresented tenant in common investments; and failed to adequately undertake due diligence measures before making investment recommendations to the customer about the real estate securities. FINRA Arbitration No. 12-04044 (Dec. 24, 2013).
Then, a customer initiated investment related arbitration claim concerning Benson’s activities was resolved for $215,000.00 in damages founded on allegations that Benson gave the customer bad advice concerning a 1031 Exchange into three tenant in common investments because those investments failed to provide the customer sufficient income to address the customer’s income needs. FINRA Arbitration No. 12-03825 (Feb. 28, 2014). Another customer initiated investment related civil action brought in the Superior Court of California which involved Benson’s conduct was settled for $210,000.00 in damages supported by accusations that Benson breached his fiduciary duties to the customer and converted the customer’s funds. Civil Action No. BP153451 (Dec. 16, 2015).
Benson’s registration with NFB Financial Group LLC commenced on May 11, 2006.
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