DFPG Investments Financial Advisor Joseph Langlois Discloses $8.5 Million FINRA Arbitration Over Alternative Investments

• November 6, 2026
• Uncategorized

Joseph H. Langlois III (CRD# 4216281), a financial advisor with DFPG Investments, LLC, is the subject of a pending FINRA arbitration in which a customer seeks $8,500,000 in damages. According to his FINRA BrokerCheck report, the customer alleges breach of fiduciary duty and unsuitable recommendations of alternative investments. The arbitration, FINRA Case No. 26-02158, was filed on September 23, 2026. The claims are allegations and have not been proven.

Broker Background

Langlois has been in the securities industry since 2001. He is currently registered as a broker with DFPG Investments, LLC (CRD# 155576) and as an investment adviser representative with Diversify Advisory Services, LLC (CRD# 326060). Both registrations run through a branch office in San Jose, California. He previously worked out of San Diego, California, and is registered as a broker in 35 jurisdictions.

Before joining DFPG in December 2015, Langlois was registered with First Allied Securities, Inc. and First Allied Advisory Services, Inc. (2010–2015), and with MetLife Securities Inc. and Metropolitan Life Insurance Company (2001–2010). He holds the Series 6, 7, 63, 65, and 99 licenses and reports the Certified Financial Planner designation.

Customer Disputes

Langlois’s BrokerCheck report discloses three customer disputes, all involving alternative or real estate investments:

• FINRA Arbitration No. 26-02158 (pending). The customer alleges breach of fiduciary duty and unsuitable recommendations of alternative investments, specifically direct investments, direct participation programs (DPPs), and limited partnership interests. Alleged damages are $8,500,000. The alleged conduct occurred while Langlois was at DFPG Investments.
• FINRA Arbitration No. 21-03081 (settled). A customer alleged that financial advisers recommended unsuitable real estate securities, and asserted claims for failure to supervise, negligence, and breach of contract. Alleged damages were $870,000. The case, which arose from Langlois’s time at First Allied Securities, settled in June 2022 for $60,000. Langlois states that he was not named in the arbitration, that it was filed against his former broker-dealer, and that he continues to advise the client.
• Written complaint (settled). In January 2019, customers alleged that Langlois misrepresented and sold unsuitable real estate investment trusts (REITs) during 2013 and 2014 while at First Allied. The complaint settled in July 2019 for $22,060.11. Langlois states that the customers complained after they were unable to liquidate their non-traded alternative investments, and that his former firm chose to settle to avoid defense costs.

Langlois did not personally contribute to either settlement.

The Risks of Alternative Investments

Alternative investments such as non-traded REITs, DPPs, limited partnerships, and private placements are often illiquid. They typically have no public market, carry high upfront commissions and fees, and can be difficult to value. Investors may be unable to sell for years, and distributions can be reduced or suspended. Because of these features, regulators have long cautioned against concentrating customer portfolios in these products.

Before recommending an investment, a financial advisor must have a reasonable basis to believe it is suitable for the customer in light of the customer’s age, objectives, risk tolerance, and liquidity needs. Investment adviser representatives also owe their clients a fiduciary duty. Brokerage firms must reasonably supervise their representatives’ recommendations.

We Help Investors Recover Investment Losses

If you invested in alternative investments through Joseph Langlois and suffered losses, you may be able to recover them through FINRA arbitration. The Wolper Law Firm represents investors nationwide in claims against brokers and brokerage firms. Attorney Matt Wolper has spent his career representing investors. Call 800.931.8452 or contact us for a free consultation.