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iStock_000006693339Medium-300x300Publicly available records published by the Financial Industry Regulatory Authority (FINRA) and accessed on October 26, 2017 indicate that former Concord Wealth Partners and Ameriprise Financial Services broker/adviser Jon Dabareiner has received several customer disputes and is currently not affiliated with any broker-dealer firm. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Dabareiner (CRD# 1893076).

Jon Dabareiner has spent 29 years in the securities industry and was most recently registered with Concord Wealth Partners in Hardy, Virginia (2013-2017). Previous registrations include Ameriprise Financial Services in Hardy, Virginia (1988-2013) and IDS Life Insurance Company in Minneapolis, Minnesota (1988-2006). He has passed two securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination) and Series 7 (General Securities Representative Examination). He is currently not affiliated with any state or firm.

According to his BrokerCheck report, Jon Dabareiner has received six customer complaints and one regulatory sanction, and resigned from two former employers.

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Michael Velarde

Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on October 20, 2017 indicate that Texas-based Wells Fargo Clearing Services broker/adviser Michael Velarde has received several customer disputes. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Velarde (CRD# 1707166).

Michael Velarde has spent 30 years in the securities industry and has been registered with Wells Fargo Clearing Services in El Paso, Texas since 2011. Previous registrations include Merrill Lynch in El Paso, Texas; Citigroup Global Markets in New York, New York; Lehman Brothers in New York, New York; and Merrill Lynch in New York, New York. He has passed five securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination); Series 63 (Uniform Securities Agent State Law Examination); Series 3 (National Commodity Futures Examination); Series 31 (Futures Managed Funds Examination); and Series 7 (General Securities Representative Examination). He is a registered broker and investment adviser with 13 US states and territories: Arkansas, California, Colorado, Florida, Louisiana, Mississippi, Montana, New Mexico, New York, Ohio, South Dakota, Texas and Washington.

According to his BrokerCheck report, he has received four customer complaints.

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Beaumont Financing AuthorityPublicly available records provided by the Securities and Exchange Commission (SEC) and accessed on September 22, 2017 indicate that the SEC has charged a California-based municipal financing authority called the Beaumont Financing Authority in connection to alleged false statements regarding five bond offerings. Fitapelli Kurta is interested in hearing from investors who have complaints regarding the Beaumont Financing Authority.

According to an SEC press release published on August 23, 2017, the SEC announced that the Beaumont Financing Authority “and its then-executive director have agreed to settle charges that they made false statements about prior compliance with continuing disclosure obligations in five bond offerings.” This settlement was concurrent to a settlement by the offerings’ underwriting firm, O’Connor & Company Securities (CRD# 146787), and its co-founder.

The SEC’s complaint states: “the Beaumont Financing Authority had issued approximately $260 million in municipal bonds in 24 separate offerings from 2003 to 2013 for the development of public infrastructure. For each of those offerings, a community facilities district established by Beaumont agreed to provide investors with annual continuing disclosures, including important financial information and operating data. From at least 2004 to April 2013, the district regularly failed to provide investors with the promised information. The Beaumont Financing Authority failed to disclose this poor record of compliance when it conducted the 2012 and 2013 offerings totaling more than $32 million. As a result, the bonds appeared more attractive and investors were misled about the likelihood that the district would comply with its continuing disclosure obligations in the future.”

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Rance CarlsonPublicly available records published by the Financial Industry Regulatory Authority (FINRA) on September 17, 2017 indicate that Missouri-based CommunityAmerica Financial Solutions broker/adviser Rance Carlson has received a pending customer dispute. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Carlson (CRD# 5110433).

Rance Carlson has spent 11 years in the securities industry and has been registered with CommunityAmerica Financial Solutions in Kansas City, Missouri since 2014. Previous registrations include CUSO Financial Services in Kansas City, Missouri (2007-2014) and Edward Jones in Liberty, Missouri (2006-2007). He has passed three securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination); Series 63 (Uniform Securities Agent State Law Examination); and Series 7 (General Securities Representative Examination). He is a registered broker and investment adviser with 37 US states and territories.

According to his BrokerCheck report, he has received one pending customer complaint.

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Equity-Linked CDsAccording to the Securities and Exchange Commission (SEC), an equity-linked certificate of deposit (CD) is an “FDIC-insured certificate of deposit that ties the rate of return to the performance of a stock index such as the S&P 500 Composite Stock Price Index.” Conditions vary by investment, but an equity-linked generally has a term of five years, and a rate of return calculated on the date of maturity dependent on the terms of the contract. “Therefore,” the SEC cautions, “there is no guarantee that any payment in excess of the guaranteed payment will be paid.”

Like any investment products, equity-linked CDs have their share of upsides and downsides. Here are some of the risks you should consider before investing in equity-linked CDs.

“Liquidity Risk.” the SEC notes that “Investors typically will have limited opportunities, if any to redeem their equity-linked CDs prior to maturity.” There’s no guarantee of a secondary market, and many CDs don’t allow investors to make early withdrawals without the approval of the issuing institution. Early withdrawals, furthermore, will likely incur penalties, as well as the loss of interest you would earn in a normal CD.

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Envoy AdvisoryPublicly available records provided by the Securities and Exchange Commission (SEC) as well as an Investment News report published on September 11, 2017 indicate that the SEC has censured Colorado-based advisory firm Envoy Advisory in connection to alleged rule violations. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Envoy Advisory.

According to Investment News, Envoy Advisory was issued a cease-and-desist order as well as a censure for allegedly “recommending Class A mutual fund shares to its clients when lower-cost institutional shares of the same funds were available.” The conduct allegedly took place from January 2013 through March 2017.

The SEC’s proceedings say of the alleged conduct: “Envoy recommended, and plan participants and IRA Holders held, Class A mutual fund shares when less expensive institutional share classes of the same mutual funds were available. In contrast to institutional shares, Class A shares may charge investors marketing and distribution fees, typically 25 basis points per year, pursuant to Section 12(b) of the Investment Company Act of 1940 and Rule 12b-1 thereunder (“12b-1 fees”). The 12b-1 fees (also commonly known as “trail” or “trailer” fees) are paid out of the assets of the fund. Here, the 12b-1 fees paid by mutual funds held by plan participants and IRA Holders went to Envoy’s affiliated broker-dealer, Envoy Securities, LLC (“Envoy Securities”). During the Relevant Period, Envoy Securities received at least $24,893.26 in 12b-1 fees in connection with investments in higher-fee share classes by plan participants and IRA Holders.”

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 CDsMarket-linked CDs are certificates of deposit whose returns are based on either the performance of a market index, a basket of equities, or both. They are also known as index-linked CDs or equity-linked CDs. In general, the principal amount one invests in a market-linked CD is FDIC-insured up to $250,000. Market-linked CDs have obvious advantages for investors. They are principal-protected, diversified, and offer returns based on the market. As with any product, however, they come with their share of risks, and due to a variety of factors may often fall short of conventional CDs. Here are the chief risks you should know about when considering an investment in market-linked CDs.

1) The returns on a market-linked CD are not treated as taxable gains, but as interest. This means your tax rate on the product will probably exceed the 15% rate applied to long-term capital gains, and investors are also required to declare the interest on a market-linked CD annually as opposed to only when the investment matures.

2) Market-linked CDs generally do not pay dividends, which means investors do not have the opportunity to reinvest their dividends.

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Andrea Golis

Public records published by the Financial Industry Regulatory Authority (FINRA) and accessed on August 25, 2017 indicate that Minneapolis-based Thrivent Investment Management broker Andrea Golis has been named in a pending complaint by state regulatory authorities. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Ms. Golis (CRD# 1401462).

Andrea Golis has spent 19 years in the securities industry and has been registered with Thrivent Investment Management in Minneapolis, Minnesota since 2007. She was previously registered with Piper Jaffray & Company in Minneapolis, Minnesota. She is currently not registered with any US state.

According to her BrokerCheck report, she has received one pending regulatory complaint.

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Jeffrey Delaney

Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on August 16, 2017 indicate that former South Carolina-based Pruco Securities broker Jeffrey Delaney has been sanctioned by FINRA and suspended from acting as a broker. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Delaney (CRD# 4199148).

Jeffrey Delaney has spent 2 years in the securities industry and was most recently registered with Pruco Securities in Columbia, South Carolina (2015-2016). He was previously registered with Sagepoint Financial in Columbus, Georgia (2014-2015). He has passed two securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination) and Series 6 (Investment Company Products/Variable Contracts Representative Examination).

According to his BrokerCheck report, Jeffrey Delaney has been sanctioned by FINRA, has received one customer complaint, and was discharged from his former employer.

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Mike Milne Publicly available records published by the Financial Industry Regulatory Authority (FINRA) and accessed on July 20, 2017 indicate that former Florida-based Kovack Securities broker/adviser Mike Milne has received a pending customer dispute and is currently not affiliated with any broker-dealer firm. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Milne (CRD# 1842992).

Mike Milne has spent 26 years in the securities industry and was most recently registered with Kovack Securities in Ocala, Florida (2011-2015). Previous registrations include BrokersXPress in Ocala, Florida; Raymond James Financial Services in Ocala, Florida; Raymond James & Associates in Gainesville, Florida; SunTrust Securities in Atlanta, Georgia; Banc of America Investment Services in Boston, Massachusetts; Barnett Investments in Jacksonville, Florida; JMC Financial Corporation in Boston, Massachusetts; and PFS Investments in Duluth, Georgia. He is currently not registered with any state or firm.

According to his BrokerCheck report, he has received one FINRA sanction and one pending customer complaint, and was discharged from a former employer in connection to alleged rule violations.