John Stephen Pronovost of Watertown Connecticut a stockbroker currently employed by Cambridge Investment Research Inc. is the subject of a customer initiated investment related complaint which was settled for $218,295.00 in damages on October 2, 2019 supported by allegations that mutual fund transactions executed by the stockbroker failed to be suitable.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Pronovost is referenced in ten additional customer initiated investment related disputes containing accusations of his violative conduct during the time that he was employed by Cambridge Investment Research Inc. In particular, Pronovost is the subject of a customer initiated investment related arbitration claim in which the customer was awarded $41,270.44 in compensatory damages based upon Pronovost being found liable on the customer’s claims which included that misrepresentations had been made to the customer; fiduciary obligations were not complied with; and the stockbroker’s sale of LJM Preservation and Growth Fund was wholly unsuitable. FINRA Arbitration No. 18-01327 (Sept. 26, 2018).
Pronovost is referenced in another customer initiated investment related complaint which was resolved for $250,000.00 in damages on March 7, 2019 based upon allegations of unsuitable mutual funds being sold by the stockbroker. On April 4, 2019, a customer filed an investment related complaint concerning Pronovost’s activities where the customer requested $30,982.00 in damages founded on accusations of the misrepresentation of terms, conditions, risks, performance or other details pertaining to the mutual fund trades Pronovost effected during the period in which he was associated with Cambridge Investment Research Inc.
Also, a customer initiated investment related arbitration claim regarding Pronovost’s activities was settled for $20,000.00 in damages supported by allegations that mutual fund trades placed in the customer’s account were inappropriate; and false or misleading statements had been made by the stockbroker concerning those mutual fund investments. FINRA Arbitration No. 18-01709 (Apr. 24, 2019). Pronovost is the subject of yet another customer initiated investment related arbitration claim which was resolved for $30,000.00 in damages based upon accusations that the customer had been sold LJM Funds which were in no way appropriate and which caused the customer to incur unwarranted losses. FINRA Arbitration No. 18-02370 (Aug. 5, 2019).
In addition, a customer initiated investment related arbitration claim involving Pronovost’s conduct was settled for $60,000.00 in damages founded on allegations that the LJM Funds Pronovost sold were inappropriate for the customer given the customer’s goals, risk tolerance or overall investment circumstances. FINRA Arbitration No. 18-04179 (Aug. 22, 2019).
Pronovost has been registered with Cambridge Investment Research Inc. since February 29, 2008.
