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Breach Of Fiduciary Duty

Rey Keith Frimmersdorf of Santa Rosa California a stockbroker formerly registered with Independent Financial Group LLC is the subject of a customer initiated investment related arbitration claim which was resolved for $160,000.00 in damages founded on allegations of (1) violation of California Corporate Securities Law (2) breach of fiduciary duty and (3) suitability in reference to the customer’s allocation of funds in tenant-in-common investments. Financial Industry Regulatory Authority (FINRA) Arbitration No. 15-02507 (June 13, 2016).

FINRA Public Disclosure reveals that Frimmersdorf has been identified in three more customer initiated investment related disputes containing accusations of his improper conduct or sales practice violations during the time that he was associated with Independent Financial Group LLC and Benefit Plan Securities Inc. Specifically, Frimmersdorf was subject of a customer initiated investment related arbitration claim in which he was ordered to pay $35,000.00 in compensatory damages to the customer based upon being found liable for effecting unsuitable transactions in the customer’s account, misrepresenting the terms or conditions of investing, and failing to conduct due diligence on securities held in the customer’s investment portfolio. National Association of Securities Dealers (NASD) Arbitration No. 91-00854.

Thereafter, a customer initiated investment related arbitration claim involving Frimmersdorf’s activities was settled for $59,250.00 in damages supported by allegations including violation of California Corporate Code; misrepresentation; negligent supervision; and breach of fiduciary duty regarding the customer’s direct participation program investment. FINRA Arbitration No. 11-03670 (Feb. 26, 2013).

Subsequently, a customer initiated investment related arbitration claim concerning Frimmersdorf’s conduct was resolved for $479,500.00 in damages based upon accusations that federal and state securities laws had been violated; the customer was placed in unsuitable investments; the customer’s account had been negligently handled; a fiduciary duty owed to the customer had been breached; and the customer was ultimately defrauded. FINRA Arbitration No. 12-01831 (July 17, 2013).

In addition, Frimmersdorf has been subject of at least two regulatory actions where he was censured and fined a total of $9,500.00 by NASD to resolve allegations of his improper activities in the securities industry. Case Nos. SF-1321; CA-829. Frimmersdorf’s registration with Independent Financial Group LLC has been terminated as of December 14, 2017. He is currently employed by Sandlapper Securities LLC.

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Guiliano Law Group

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