John Stephen Pronovost of Watertown Connecticut a stockbroker formerly registered with Cambridge Investment Research is referenced in a customer initiated investment related written complaint on October 16, 2020 in which the customer requested $88,800.00 in damages supported by allegations that the customer was placed into unsuitable real estate securities and mutual funds while Pronovost was registered with Cambridge Investment Research.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Pronovost has been identified in thirteen additional customer initiated investment related disputes regarding accusations of his misconduct while employed by Cambridge Investment Research. Pronovost is the subject of a customer initiated investment related FINRA securities arbitration claim where the customer was awarded $41,270.44 in damages based on Pronovost and Cambridge Investment Research having been found liable on the customer’s claims of misrepresentation, suitability and breach of fiduciary duty in regard to LJM Preservation and Growth Fund. FINRA Arbitration No. 18-01327 (Sept. 26, 2018).
On October 3, 2018, another customer filed an investment related complaint involving Pronovost’s conduct in which the customer sought $39,709.00 in damages based upon allegations that there were insufficient disclosures made to the customer relating to the fees of LJM fund. The complaint alleges that LJM was not suitable for the customer.
On August 22, 2019, a different customer filed an investment related arbitration claim involving Pronovost’s activities where the customer requested $60,000.00 in damages founded on accusations that unsuitable LJM funds had been sold to the customer through Pronovost at Cambridge Investment Research. FINRA Arbitration No. 18-04179.
On October 2, 2019, an additional customer initiated investment related complaint involving Pronovost’s conduct was settled for $107,981.00 in damages supported by allegations that unsuitable investments had been held in the customer’s accounts because of Pronovost.
Pronovost is the subject of a customer initiated investment related written complaint on February 10, 2020 in which the customer sought $172,000.00 in damages founded on accusations of unsuitable investment recommendations by Pronovost concerning two real estate investment trusts. The complaint alleges that the customer’s REIT purchases were not profitable and have resulted in illiquidity for the customer.
Pronovost is also the subject of a customer initiated investment related written complaint which was settled for $13,631.00 in damages on January 5, 2021 based upon accusations that transactions effected in the customer’s account were not suitable for the customer and that misrepresentations had been made to them concerning mutual fund products. Another customer initiated investment related complaint involving Pronovost’s conduct was settled on January 5, 2021 to resolve allegations that mutual fund transactions were unsuitable for the customer’s Cambridge Investment Research account. The complaint also alleges misrepresentation by the stockbroker.
On March 2, 2021, Pronovost’s registrations with Cambridge Investment Research and Cambridge Investment Research Advisors Inc. have been terminated. On February 26, 2021, Pronovost became a stockbroker and an investment adviser representative of Infinex Investments Inc.
