The securities fraud law firm, Fitapelli Kurta, is interested in hearing from investors who have lost money with Independent Financial Group, LLC or any of its’ brokers.
Independent Financial Group is a registered broker-dealer firm with both FINRA and the SEC. They were formed in Delaware in 2001 and their main office is located in San Diego, California, with registrations in all 50 states.
Independent Financial has a long history of disciplinary actions with FINRA. Most notably:
- On June 3, 2014, Independent was fined $35,000 when two of its brokers, James Crawford and Neal Woodard made materially false statements regarding securities. According to the firms BrokerCheck Report, the two brokers recommended that their customers purchase Real Estate Investment Trusts (REITs) and other alternative investments without believing that the investments were suitable for those clients.
- On March 3, 2013 Independent Financial broker, David Gene Elhoff (CRD# 855864) had a customer complaint filed against him. The customer alleged negligence, breach of fiduciary duty, and breach of contract in connection with a 1031 exchange tenant-in common (TIC) investment. In that case, the customer sought $500,000 in damages and the claim settled for $165,000.
- On June 26, 2011 David Elhoff had a similar complaint filed against him by a customer. In that case, the customer alleged fraud, misrepresentation, negligence and breach of contract related to two TIC investments. The customer sough $340,000 in damages.
- From July 30, 2010 to August 8, 2011 Independent Financial was operating in Nevada without a license. As such, FINRA fined them $1,000.
For a full list of Independent Financial Group’s FINRA and SEC violations, see their BrokerCheck Report. If you or someone you know has suffered financial loss as a result of Independent Financial Group, David Gene Elhoff, or any of its other brokers, please contact the securities fraud law firm of Fitapelli Kurta today for your free consultation. Our firm specializes in these types of cases and