Martin David Batstone, of San Diego, California, a stockbroker formerly registered with Independent Financial Group, LLC, has been named in a customer initiated investment related civil action, which settled on January 25, 2017, for $55,000.00 in damages based upon allegations that he failed to appropriately confirm the designation of beneficiaries on the customer’s investment accounts effected by the former spouse of the customer; conduct that the customer alleged amounted to a breach of Batstone’s obligations.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Batstone has been identified in four additional customer initiated investment related disputes containing allegations of his misconduct while employed with American Express Financial Advisors Inc., and Ameriprise Financial Services, Inc. Specifically, on September 7, 2004, a customer filed an investment related written complaint involving Batstone’s conduct, where the customer requested $10,000.00 in damages based upon allegations that Batstone stole the customer’s funds intended for mutual funds investments.
Subsequently, on January 30, 2007, a customer filed an investment related written complaint regarding Batstone’s activities, in which the customer requested $8,000.00 in damages founded upon allegations that the customer failed to consent to a distribution Batstone effected from the customer’s individual retirement account, where the customer’s funds were then placed inside of an annuity. On April 16, 2017, Batstone was named in a customer initiated investment related written complaint, in which the customer requested $13,000.00 in damages based upon allegations that he made unsuitable investment recommendations to the customer, and effected real estate investment trust, mutual fund and annuity transactions involving the customer’s funds despite the investments not having been appropriate for the customer.
Moreover, on April 23, 2017, a customer initiated investment related written complaint involving Batstone’s conduct was settled for $5,400.00 in damages based upon allegations that he failed to abide by the customer’s instructions in reference to a variable annuity investment, which prevented the customer from accumulating interest.
Batstone has also been fined $5,000.00 and suspended from associating with any FINRA member in any capacity based upon consenting to findings that he facilitated equity indexed annuity sales even though he was not authorized by the issuing annuity insurance company to effect the transactions, and failed to inform the customers who invested in the products that there was no relationship or arrangement that Ameriprise Financial Services had with the insurance companies who issued the customers’ insurance policies. Letter of Acceptance, Waiver and Consent, No. 200700981001 (Mar. 2, 2010). Consequently, FINRA found Batstone’s conduct to be violative of NASD Rule 2110.
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