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Broker Complaints: Sagepoint Financial, Inc. (CRD# 133763)

The securities and investment fraud law firm, Fitapelli Kurta is interested in speaking to investors who have complaints against Sagepoint Financial, Inc.

Sagepoint Financial, Inc. is a broker-dealer firm located in Phoenix, Arizona. Sagepoint Financial, Inc. was formed in Delaware in 2004 and is registered with both the SEC and FINRA. Sagepoint Financial, Inc. is a subsidiary of AIG Advisor Group, Inc. and it is approved in 52 U.S. states and territories. Sagepoint Financial, Inc. has approximately 1,570 independent brokers and sales agents in its 953 offices nationwide.

Sagepoint Financial, Inc. has a history of FINRA violations and customer complaints, filed against Sagepoint Financial, Inc. or its brokers. Specifically, Sagepoint Financial, Inc. has eight regulatory events (usually consisting of complaints filed by investors or FINRA violations) and nine arbitration awards and judgments entered against it, according to the Sagepoint Financial, Inc. BrokerCheck Report.

  • Most notably, on December 4, 2013, Sagepoint Financial, Inc. was fined $700,000 for failing to supervise one of its brokers, Guy F. Weber. Guy F. Weber was a Missouri-registered agent who apparently engaged in unethical or dishonest practices, in violation of Missouri law.
  • On December 20, 2011, Sagepoint Financial, Inc. was fined $300,000 for failing to implement an adequate supervisory system. Specifically, between November 2003 and August 2008, Sagepoint Financial, Inc. offered specific investment recommendations without making the customer first complete a client account application or any other document which recorded the customer’s financial needs or investment objectives.
  • On June 1, 2011 an arbitration award was entered against Sagepoint Financial, Inc. for $284,000. According to Sagepoint Financial, Inc.’s BrokerCheck Report, the complaint was stemming from unsuitable investment recommendations in annuities and negligence.  
  • On May 8, 2010, Sagepoint Financial, Inc. was fined $215,000 and order to pay $203,000 in restitution to customers when Sagepoint Financial, Inc. failed to reasonably supervise its agent.
  • On August 10, 2011, Sagepoint Financial, Inc. was fined $600,000 an ordered to pay $700,000 in restitution to Sagepoint Financial, Inc. customers. According to Sagepoint Financial, Inc.’s BrokerCheck Report, Sagepoint Financial, Inc. failed to supervise their broker located in Johnstown, Pennsylvania.
  • On February 4, 2010, Sagepoint Financial, Inc. was fined $85,000 and ordered to pay $290,000 in restitution to the five Sagepoint Financial, Inc. customers once again for failure to supervise a registered representative who sold unregistered securities in Nevada. 
  • On Jun 15, 2010 an arbitration award was entered against Sagepoint Financial, Inc. for $123,000. The complaint alleged Sagepoint Financial, Inc. breached its fiduciary duty, omitted material facts, made unsuitable investment recommendations, and failed t supervise its brokers.
  • On June 16, 2008 a FINRA arbitration panel entered a $125,484 award against Sagepoint Financial, Inc. The customer who filed the complaint alleged Sagepoint Financial, Inc. misrepresented material facts, made unsuitable investment recommendations, and failure to supervise its broker.
  • On January 11, 2008 an arbitration panel at FINRA entered a $409,000 award against Sagepoint Financial, Inc. The complaint alleged Sagepoint Financial, Inc. breached its fiduciary duty, misrepresented material facts, failed to supervise its brokers, and was negligent.
  • On December 21, 2008 an arbitration award was entered against Sagepoint Financial, Inc. for $161,200. The complaint alleged unsuitable investment recommendations, negligent supervision of Sagepoint Financial, Inc. brokers, fraud, negligent misrepresentation and breach of fiduciary duties.

If you or someone you know has fallen victim to the financial misconduct, or have a complaint against Sagepoint Financial, Inc. or one of their 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 Sagepoint Financial, Inc. 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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