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Broker Complaints: Centaurus Financial, Inc. (CRD# 30833)

Stock fraud attorneys at Fitapelli Kurta are interested in hearing complaints from investors who lost money with Centaurus Financial, Inc.

Centaurus Financial, Inc. is a registered broker-dealer firm classified as a corporation. Centaurus Financial, Inc. was formed in California in 1992. Centaurus Financial, Inc. is registered with both the SEC and FINRA and its main office is located at 2300 E. Katella Ave. Suite #200 Anaheim, Ca 92806. Centaurus Financial, Inc. is approved in all fifty U.S. states.

Centaurus Financial, Inc. has a history of customer complaints and FINRA violations.

In January 2014, Centaurus Financial, Inc. was fined $25,000 when five of Centaurus Financial, Inc.’s brokers served as wholesalers for an unaffiliated investment management firm. Centaurus Financial, Inc. contracted to directly supervise the brokers in connection with the wholesale of private placements. Centaurus Financial, Inc. did not supervise its brokers, however, and the brokers distributed twelve communications related to the private placements to other FINRA member firms. Several of these communications failed to adequately disclose risks and were misleading to investors. Other communications made unwarranted performance claims and had other deficiencies in the sales material.  

In July 2013, an $803,000 arbitration award was entered against Centaurus Financial, Inc. The customer who complained alleged Centaurus Financial, Inc. misrepresented material facts, omitted material facts, breach its contract with the customer, failed to supervise its broker and was negligent.

In March 2013 an $186,000 arbitration award was entered against Centaurus Financial, Inc. The customer who filed the complaint alleged Centaurus Financial, Inc. breached its fiduciary duty, Centaurus Financial, Inc. made unsuitable investment recommendations, and was negligent.

In February 2010, a $213,000 arbitration award was entered against Centaurus Financial, Inc. The customer who filed the complaint alleged Centaurus Financial, Inc. breached its fiduciary duty, omitted material facts, recommended unsuitable investments, failed to supervise its broker and was negligent.

Later that same month, in February 2010, another arbitration panel entered an arbitration award, this time for $40,000. The customer who filed the complaint alleged a breach of fiduciary duty, failure to supervise, and negligence, on the part of Centaurus Financial, Inc.

In November 2010, a $42,000 arbitration award was entered against Centaurus Financial, Inc. when a customer complaint was filed for misrepresentation of material facts, omission of material facts and unsuitable investment recommendations, stemming from annuities investments.

In April 2009, Centaurus Financial, Inc. was fined $175,000 for failing to protect confidential customer information, failing to adequately respond to information that unauthorized users had accessed its computer fax server, which contained confidential customer information, failing to conduct any investigation regarding that unauthorized access, and sending inaccurate letters to both Centaurus Financial, Inc. representatives and customers regarding this unauthorized access.

In May 2006, Centaurus Financial, Inc. was fined $15,000 for paying one of its suspended brokers’ commissions. Specifically, from February 2003 to September 2003, a Centaurus Financial, Inc. broker was suspended from associating with any member firm. During this time, however, Centaurus Financial, Inc. paid the broker commissions and failed to provide reasonable follow-up and review to ensure the broker did not receive compensation for customer equity transactions during his suspension.

In February 2004, a $719,000 arbitration award was entered against Centaurus Financial, Inc. The customer who filed the complaint alleged breach of fiduciary duty, unsuitable investment recommendations, and failure to supervise, stemming from investment in ING variable annuities.

If you or someone you know has fallen victim to the financial misconduct of Centaurus Financial, Inc., or one of its other brokers, you may be entitled to full recovery of your losses. Many investors do not realize it, but the law provides investors with a path of recovery by way of arbitration through the Financial Industry Regulatory Authority (FINRA).

The law firm of Fitapelli Kurta prosecutes cases before FINRA arbitration panel for investors nationwide who have been victimized by broker-dealer firms like SII Investments, or their brokers. The time to file a claim with FINRA is limited, so do not delay. Call 212-568-1502 now to speak directly to an attorney and discuss the merits of your case for free.

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