Mark Lee Elafros, of Northbrook, Illinois, a stockbroker formerly registered with Ausdal Financial Partners Inc., is the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer requested compensatory damages based upon accusations of Elafros making unsuitable private placement and unit investment trust sales to the customer when he was employed by Ausdal Financial Partners and Madison Avenue Securities LLC. Financial Industry Regulatory Authority (FINRA) Arbitration No. 21-01177 (May 10, 2021).

This is not the first time Elafros has been accused of sales practice violations by an investor. FINRA Public Disclosure shows that a customer initiated investment related civil action involving Elafros’ conduct was settled for $40,000.00 in damages supported by allegations of breach of fiduciary duty and misrepresentation as it pertained to the customer’s investments in business development companies (BDCs), real estate securities, and fixed annuities. According to the complaint, alternative investments were unsuitable, and the customer was defrauded.

Elafros’ stockbroker and investment adviser representative registrations with Ausdal Financial Partners Inc. have been terminated as of September 20, 2018. He was registered with American Trust Investment Services as a stockbroker between September 24, 2018, and October 10, 2019. Between November 19, 2018, and April 1, 2019, he was registered with American Trust Investment Services Advisory as an investment adviser representative. Elafros also registered with Brookstone Capital Management LLC as an investment adviser representative between January 15, 2020, and March 30, 2021. Since May 24, 2021, Elafros has been associated with Charles Schwab Co. Inc. as a stockbroker and investment adviser representative.

Tags: ,

Comments are closed.