John Stephen Pronovost of Watertown Connecticut a stockbroker currently employed by Cambridge Investment Research Inc. is the subject of a customer initiated investment related written complaint on February 10, 2020 in which the customer requested $172,000.00 in damages based upon allegations that the customer was provided with bad investment advice about two real estate investment trust purchases effected by Pronovost during the time that he was associated with Cambridge Investment Research.
Financial Industry Regulatory Authority (FINRA) Public Disclosure indicates that Pronovost is the subject of twelve more customer initiated investment related disputes pertaining to allegations of his bad business practices while employed by securities broker dealers including Cambridge Investment Research. On September 26, 2018, a customer initiated investment related arbitration claim pertaining to Pronovost’s conduct resulted in the customer being awarded $41,270.44 in compensatory damages supported by Pronovost and Cambridge Investment Research being found liable for causing the customer’s losses. According to the claim, misrepresentations were made by the stockbroker concerning mutual funds. The stockbroker’s LJM Preservation and Growth Fund transaction failed to be suitable and a fiduciary duty that was owed to the customer had been breached by Pronovost. FINRA Arbitration No. 18-01327.
Pronovost is referenced in another customer initiated investment related complaint which was resolved on March 7, 2019 for $250,000.00 in damages based upon accusations of the customer being placed into an inappropriate mutual fund during the period in which Pronovost was associated with Cambridge Investment Research. On April 24, 2019, another customer initiated investment related arbitration claim involving Pronovost’s conduct was settled for $20,000.00 in damages based upon allegations that a mutual fund held in the customer’s Cambridge Investment Research account failed to be suitable for the customer and that misrepresentations were made to the customer by Pronovost. FINRA Arbitration No. 18-01709.
Pronovost is also referenced in a customer initiated investment related arbitration claim which was resolved for $30,000.00 in damages founded on accusations of the Cambridge Investment Research customer being unsuitably sold LJM funds. FINRA Arbitration No. 18-02370 (Aug. 5, 2019). On August 22, 2019, another customer initiated investment related arbitration claim pertaining to Pronovost’s conduct was settled for $60,000.00 in damages supported by allegations of unsuitability relating to the customer’s mutual fund transactions effected by Pronovost when he was employed by Cambridge Investment Research. FINRA Arbitration No. 18-04179.
Pronovost has also been identified in a customer initiated investment related complaint which was resolved on October 2, 2019 for $107,981.00 in damages founded on accusations that mutual funds trades effected by Pronovost were not suitable for the Cambridge Investment Research customer.
Pronovost has been associated with Cambridge Investment Research since February 29, 2008.
