Former Ascendant Alternative Strategies Investment Adviser Aaron Maurer Suspended by FINRA
Aaron Maurer (CRD#: 3007121), also known as Doug Maurer, is a previously registered Broker and previously registered Investment Advisor.
He entered the securities industry in 1998 and previously worked for Ascendant Alternative Strategies, LLC; Stephen A. Kohn & Associates, LTD.; RP Capital, LLC; TD Ameritrade, Inc.; Morgan Stanley DW, Inc.; Automated Trading Desk Brokerage Services, LLC; Chicago Securities Group, LLC; Burke Christensen & Lewis Securities, Inc.; and Madison Securities, Inc.
Current And Past Allegations Of Conduct Leading To Investment Loss
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in November 2021, FINRA sanctioned Aaron Maurer, levying a civil and administrative penalty/fine of $10,000 and suspending him from all capacities for a period of two years beginning December 6, 2021 and ending December 5, 2023. The FINRA sanction states, “Without admitting or denying the findings, Maurer consented to the sanctions and to the entry of findings that he engaged in unapproved private securities transactions by soliciting investors to purchase securities issued by a company of which he was a 25 percent owner and a board member. The findings stated that Maurer raised a total of $1,100.000 through securities transactions in which he solicited and sold membership units, which were equity interests, in the company to investors, some of whom were customers of his member firm. Maurer had certified that he reviewed and understood his firm’s WSPs that prohibited representatives from engaging in private securities transactions, whether or not there was compensation paid for effecting the transaction and required all of the firm’s representatives to conduct their selling activities through it. Although Maurer disclosed his ownership interest in the company and role as a board member to the firm in an onboarding questionnaire related to his activities, he identified the company as a non-investment related OBA. Maurer did not provide written notice or receive approval from the firm for his participation in the transactions before beginning to solicit and sell investments in the company.”
For a copy of the FINRA sanction, click here.
In addition, Aaron Maurer has been the subject of one customer complaints, including the following:
- September 2017–“Misrepresentation of fact, risks, and suitability when selling non-registered securities.” The customer dispute was settled for $5.7 million.
For a copy of Aaron Maurer’s FINRA BrokerCheck, click here.
We Help Investors Recover Investment Losses
The Financial Industry Regulatory Authority (FINRA) strictly prohibits financial advisors from “selling away” or selling securities and investments to clients that are not offered by the brokerage firm with which they are employed. For example, it is illegal and a violation of industry rules for a financial advisor to recommend or even suggest that a client invest in the financial advisor’s own business or a business operated by his or her friends or family. It is not necessary that the financial advisor earn any compensation for recommending an outside investment.
The purpose behind this prohibition is to ensure that a financial advisor only offers to sell securities that have been vetted by his or her employer brokerage firm through a rigorous due diligence process. Most brokerage firms have an approved list of investments, products, and research that can be provided or made available to clients. Any deviation by the financial advisor from the approved product list may constitute selling away.
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