Public records published by the Financial Industry Regulatory Authority (FINRA) on December 2, 2016 indicate that California-based Independent Financial Group broker/adviser Ernest Cox has received several customer disputes. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Cox (CRD# 4326252).
Ernest Cox has spent fifteen years in the securities industry and has been registered with Independent Financial Group in La Quinta, California since April 2016. Previous registrations include Fortune Financial Services in La Quinta, California; NFP Advisor Services in La Quinta, California; Commonwealth Financial Network in La Quinta, California; and Merrill Lynch in New York, New York. He is a registered broker and investment adviser with six US states.
According to his BrokerCheck report, Ernest Cox has received three customer complaints.
In 2016 a customer alleged Ernest Cox, while employed at Commonwealth Financial Network, led an unsuitable options trading strategy. The complaint settled for $16,000.
In 2016 a customer alleged Ernest Cox, while employed at Commonwealth Financial Network, recommended unsuitable investments. The complaint settled for $75,000.
In 2015 a customer alleged Ernest Cox, while employed at Commonwealth Financial Network, “wrote naked put options in her account.” The complaint settled for $110,000.
According to FINRA rules and federal securities law, brokers must comply with a standard called suitability, meaning they must recommend only investments that are considered suitable for their clients. They must weigh such factors as the customer’s investment goals, experience, age, income, risk tolerance, and others. They may not misrepresent or omit material facts pertaining to an investment, as misrepresentations or omissions might lead a customer to invest unsuitably. Brokers who fail to recommend suitable investments may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you or someone you know has complaints regarding Ernest Cox, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recover lost funds. All cases are taken on a contingency basis: we only receive payment if and when you collect money. Time to file your claim may be limited, so we suggest you avoid delay. Call 877-238-4175 now to speak to an attorney for free.