John Stephen Pronovost of Watertown, Connecticut, a stockbroker formerly registered with Cambridge Investment Research, is the subject of a customer initiated investment related FINRA securities arbitration claim where the customer requested $43,534.53 in damages supported by accusations of misrepresentation by Pronovost regarding the customer’s investment in LJM Preservation and Growth Fund, resulting in damages to the customer. Financial Industry Regulatory Authority (FINRA) Arbitration No. 21-03133 (January 11, 2022).
FINRA Public Disclosure shows that Pronovost has been identified in sixteen additional customer initiated investment related disputes concerning allegations of his misconduct while he was registered with Cambridge Investment Research. On May 21, 2019, a customer initiated investment related FINRA securities arbitration claim regarding Pronovost’s conduct was resolved for $75,000.00 in damages based upon accusations that mutual fund trades were not consistent with the customer’s risk tolerance between January 2017 and February 2018. FINRA Arbitration No. 18-01249.
Pronovost is named in a customer initiated investment related FINRA securities arbitration claim where the customer was awarded $41,270.44 in damages founded on findings of Pronovost selling the customer unsuitable and misrepresented investments in LJM Preservation and Growth Fund. FINRA Arbitration No. 18-01327. The Statement of Claim also contains allegations of breach of fiduciary duty resulting in damages.
On October 2, 2019, another customer initiated investment related complaint involving Pronovost’s conduct was settled for $107,981.00 in damages supported by accusations of unsuitable trading concerning mutual funds in the customer’s Cambridge Investment Research account.
On February 10, 2020, a different customer filed an investment related complaint regarding Pronovost’s activities in which the customer sought $172,000.00 in damages based upon allegations of losses caused by Pronovost’s unsuitable recommendations at Cambridge Investment Research relating to two real estate investment trusts.
Pronovost is also referenced in a customer initiated investment related written complaint which was resolved for $155,000.00 on March 5, 2020, founded on accusations of unsuitable mutual fund transactions by Pronovost while he was registered with Cambridge Investment Research. According to the complaint, the customer invested in two real estate securities, resulting in damages.
On October 14, 2021, a different customer initiated investment related FINRA securities arbitration claim involving Pronovost’s conduct was settled for $24,500.00 in damages supported by allegations of unsuitable unit investment trusts, real estate securities, and mutual funds transactions at Cambridge Investment Research. FINRA Arbitration No. 21-02608.
Pronovost is also identified in a customer initiated investment related FINRA securities arbitration claim where the customer requested $25,968.84 in damages supported by accusations of Pronovost making misrepresentations to the customer in regard to LJM Preservation and Growth Fund during the time that Pronovost was employed by Cambridge Investment Research. FINRA Arbitration No. 21-03134 (January 6, 2022).
Pronovost was registered with Cambridge Investment Research Inc. as a stockbroker between February 29, 2008, and March 2, 2021, Cambridge Investment Research Advisors Inc. as an investment adviser representative between February 29, 2008, and January 25, 2022, and Infinex Investments Inc. as a stockbroker and investment adviser representative since February 26, 2021.
