Robert C. Wynn of Glendale, California, a stockbroker registered with Park Avenue Securities LLC, is the subject of a customer initiated investment related arbitration claim, which settled for $75,000.00 in damages supported by accusations that stock trades were executed in the customer’s securities account that were neither suitable nor authorized by the customer. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-01457 (July 17, 2017).
FINRA Public Disclosure reveals that Wynn is referenced in four customer initiated investment related disputes containing allegations of Wynn’s misconduct during the time he was associated with Park Avenue Securities. In particular, on February 1, 2001, a customer filed an investment related written complaint involving Wynn’s conduct, where the customer sought $8,456.57 in damages founded on allegations that Wynn made misrepresentations to the customer in reference to the customer’s variable life insurance contract purchase.
Subsequently, on December 30, 2002, a customer filed an investment related written complaint regarding Wynn’s activities, in which the customer requested $140,000.00 in damages based upon accusations of suitability, breach of fiduciary duty, and misrepresentation regarding mutual fund, variable annuity and variable universal life insurance products. Thereafter, a customer initiated investment related arbitration claim pertaining to Wynn’s conduct was settled for $32,000.00 in damages supported by allegations that Wynn made misrepresentations to the customer, breached his fiduciary obligations, and effected unsuitable variable life and annuity transactions and mutual fund trades. NASD Arbitration No. 03-01700 (Dec. 16, 2004).
Further, on March 23, 2007, a customer filed an investment related written complaint involving Wynn’s conduct, where the customer sought $520,816.00 in damages founded on allegations that the customer was not apprised that a variable annuity was irrevocable, and that the variable annuity was not suitable for the customer in consideration of her financial situation.
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