John Stephen Pronovost of Watertown, Connecticut, a stockbroker registered with Cambridge Investment Research Inc., was the subject of a customer initiated investment related FINRA securities arbitration claim that was settled for $13,284.42 in damages based upon allegations that Pronovost made misrepresentations of material fact in connection with the recommendation and sale of LJM Preservation and Growth Fund when Pronovost was associated with Cambridge Investment Research Inc. Financial Industry Regulatory Authority (FINRA) Arbitration No. 21-03134 (May 13, 2022).
FINRA Public Disclosure shows that Pronovost has been referenced in fifteen other customer initiated investment related disputes concerning Pronovost’s conduct while associated with securities broker dealers, including Cambridge Investment Research Inc.
On September 26, 2018, a FINRA securities arbitration claim involving Pronovost’s conduct resulted in the customer being awarded $41,270.44 in compensatory damages because Pronovost and Cambridge Investment Research Inc. were held liable on the customer’s claims which included that Pronovost made unsuitable recommendations, breached his fiduciary duties, and made misrepresentations of material fact. FINRA Arbitration No. 18-01327.
On August 22, 2019, a FINRA securities arbitration claim regarding Pronovost’s conduct was settled for $60,000.00 in damages based upon alleged unsuitable LJM funds for the customer’s account during the time that Pronovost was associated with Cambridge Investment Research Inc. FINRA Arbitration No. 18-04179.
Pronovost was also referenced in a complaint that was settled on October 2, 2019, for $107,981.00 in damages based upon allegations that Pronovost made unsuitable recommendations of mutual funds.
On February 10, 2020, another customer filed an investment related complaint involving Pronovost’s conduct in which the customer requested $172,000.00 in damages based upon allegations that Pronovost recommended poorly performing real estate investment trusts.
Pronovost was also referenced in a complaint that was settled on March 5, 2020, for $155,000.00 in damages based upon allegations that Pronovost made unsuitable recommendations of mutual funds.
On March 7, 2022, a FINRA securities arbitration claim involving Pronovost’s conduct was settled for $24,500.00 in damages based upon allegations that Pronovost made unsuitable recommendations of mutual funds, real estate securities, and unit investment trusts. FINRA Arbitration No. 21-02608.
Pronovost was also referenced in a FINRA securities arbitration claim that was settled for $22,067.27 in damages based upon allegations that Pronovost made misrepresentations of material fact in connection with the recommendation and sale of mutual funds. FINRA Arbitration No. 21-03133 (May 13, 2022).
Pronovost was associated with Cambridge Investment Research Advisors Inc. in Fairfield, IA, as an investment advisor representative from February of 2008 to January of 2022, and was associated with Cambridge Investment Research Inc. in Watertown, CT, as a stockbroker from February of 2008 to March of 2021.
Pronovost has been associated with Infinex Investments Inc. in Watertown, Connecticut, as a stockbroker and investment advisor representative since February 26, 2021.
