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Gary Arford Barred Following SEC Investigation

shutterstock_216799618According to the Financial Industry Regulatory Authority (FINRA), former Washington-based Independent Financial Group broker Gary Arford has been permanently barred from acting as a broker or an investment adviser. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Arford (CRD# 2440941).

Gary Arford has spent thirteen years in the securities industry and was most recently registered with Independent Financial Group in Lynnwood, Washington (2013-2014); Geneos Wealth Management in Lynnwood, Washington (2003-2005; 2011-2013); Commonwealth Financial Services in Waltham, Massachusetts (2000-2003); Raymond James Financial Services in St. Petersburg, Florida (1997-2000); American Express Financial Advisors in Minneapolis, Minnesota (1995-1997); IDS Life Insurance Company in Minneapolis, Minnesota (1995-1997); Allmerica Investments in Worcester, Massachusetts (1995); and Cuna Brokerage Services in Waverly, Iowa (1994-1995). He is currently not registered with any firm or state.

According to his BrokerCheck report, Gary Arford is the subject of one regulatory sanction, six customer complaints, and four pending customer complaints. He was additionally discharged from his positions at Independent Financial Group and Comprehensive Wealth Management.

In October 2015 the Securities and Exchange Commission (SEC) sanctioned Gary Arford following allegations he defrauded a private fund and its investors in “at least four ways.” According to the SEC’s complaint, Mr. Arford misrepresented material facts in order to induce the fund to “commit a total of $4 million” to investment in a company “purportedly planning to build an operate a hotel on undeveloped land in a Seattle suburb.” He allegedly “took personal ownership” of the undeveloped property in question, “and then pledged it as collateral for personal debts.” He allegedly also used fund assets for unrelated purposes. In consequence, Mr. Arford was permanently barred from the securities industry and ordered to pay more than $4 million in fines, disgorgement, and interest.

In 2014 a customer alleged Gary Arford, while employed at Geneos Wealth Management and Comprehensive Wealth Management, breached his fiduciary duty, misrepresented material facts, and unsuitably recommended certain investments. The complaint settled for $112,500.

In 2014 a customer filed a complaint against Gary Arford, while he was employed at Comprehensive Wealth Management, alleging discomfort with a penny stock investment. The complaint settled for $30,000.

In 2014 a customer filed a complaint against Gary Arford, while he was employed at Comprehensive Wealth Management, alleging discomfort with a penny stock investment. The complaint settled for $49,800.

In 2014 a customer alleged Gary Arford, while employed at Geneos Wealth Management and Comprehensive Wealth Management, executed an unauthorized trade. The complaint settled for more than $158,200.

In 2012 customers alleged Gary Arford, while employed at Geneos Wealth Management and Comprehensive Wealth Management, breached his fiduciary duty by recommending they obtain a reverse mortgage. The complaint settled for $7,750.

If you have lost money investing with Gary Arford, you may be able to recover your losses. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on contingency: Fitapelli Kurta only gets paid if and when you collect money. By law there is a limited window to file claims, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.