older woman

John Michael Cione of San Diego, California, a stockbroker formerly registered with Independent Financial Group, is the subject of a customer initiated investment related FINRA securities arbitration claim which was resolved for $105,000.00 in damages based on allegations of Cione providing unsuitable recommendations concerning alternative investments during the time that he was employed by Independent Financial Group. FINRA Arbitration No. 18-02569 (March 24, 2020).

According to the claim, the customer was placed into unsuitable investments, including real estate investment trusts, oil and gas securities, direct participation program interests, limited partnership interests, and a variable annuity. The claim alleges that the customer sustained losses because of Cione.

Cione has also been censured and fined by National Association of Securities Dealers (NASD) according to a Decision and Order of Offer of Settlement containing findings of Cione violating industry rules when registered with AIMCO Securities Inc. Case No. C02910001 (LA-4340).

Cione was registered with Independent Financial Group between December 10, 2003, and May 2, 2019.