Randy Lee Birkinbine, of North Oaks, Minnesota, a stockbroker formerly registered with Ausdal Financial Partners Inc., is referenced in a customer initiated investment related securities arbitration claim where the customer requested $100,000.00 in damages founded on accusations of breach of fiduciary duty concerning Birkinbine’s private placements when he was employed by Ausdal Financial Partners. Financial Industry Regulatory Authority (FINRA) Arbitration No. 21-02444 (October 1, 2021). According to the claim, the customer was also sold unsuitable real estate securities. The claim alleges that Ausdal Financial Partners failed to perform due diligence and supervise Birkinbine’s transactions, resulting in damages to the customer.
FINRA Public Disclosure shows that Birkinbine has been identified in four more customer initiated investment related disputes containing allegations of his conduct during the period that he was associated with Invest Financial Corporation, Ausdal Financial Partners, and Workman Securities Corporation. On January 15, 2015, a customer initiated investment related arbitration claim regarding Birkinbine’s conduct was resolved for $35,000.00 in damages based upon accusations of unreasonable due diligence on preferred notes sold to the customer by Birkinbine while he was associated with Workman Securities Corporation. The claim alleges that the customer sustained damages on Quest Energy Management.
Another customer initiated investment related complaint concerning Birkinbine’s activities was settled for $25,847.54 in damages supported by allegations of the customer experiencing damages in relation to a variable annuity purchased through Birkinbine when he was registered with Invest Financial Corporation. The complaint alleges that the customer was supposed to receive seven percent annual appreciation on a guaranteed basis because of their investment in the annuity.
On February 21, 2018, an additional customer filed an investment related complaint involving Birkinbine’s conduct in which the customer sought $150,000.00 in damages founded on accusations of the stockbroker’s failure to tell the customer important information regarding oil and gas investments at the time of purchase. The complaint alleges that the customer has not been able to access their principal, and they are expected to receive less than the principal payment.
Birkinbine is also identified in a customer initiated investment related arbitration claim which was resolved for $55,000.00 in damages based upon allegations that Birkinbine had the customer’s assets overconcentrated in private placements and real estate securities. FINRA Arbitration No. 20-02846 (December 8, 2021). The claim alleges that the illiquid investments were not suitable.
Birkinbine has been employed by Ausdal Financial Partners as a stockbroker since June 24, 2011, and as an investment adviser representative since October 22, 2016.
