Financial Advisor Bradley Tennison Barred By FINRA
The Wolper Law Firm is currently investigating claims against Bradley Tennison, a former Financial Advisor at Geneos Wealth Management, Inc. in Mesa, Arizona. Bradley Tennison first entered the securities industry in 1992 and previously worked for Oberlin Financial Corp. and First Allied Securities.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on July 2, 2018, Bradley Tennison was censured by FINRA for, among other things, allegedly engaging in private securities transactions at Geneos Wealth Management. This unlawful practice is referred to in industry as “selling away.” Bradley Tennison was indefinitely barred from associating with a FINRA member brokerage firm and was also discharged by Geneos Wealth Management, his employer.
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.
Bradley Tennison’s publicly available BrokerCheck reports further reveals three prior customer complaints. In April 2018, a customer alleged:
“Mr. Tennison recommended she wire $300,000 to an investment called “The Joseph Project”. The former client verbally alleges that at Mr. Tennison’s direction she processed a wire transfer from her bank account for what she understood to be a 12 month investment with a 5% enhancement. She claims she has not received statements or the return of any principal. The former client claims Mr. Tennison acted outside of regulations and asks for assistance in resolving this issue.”
The customer has alleged damages of $300,000 and this matter remains pending.
In March 2010, a second client alleged “limited partnership investment rep made was unsuitable.” The matter was subsequently settled. In 2003, a third customer filed a complaint alleging “breach of fiduciary duty and unsuitability.” The matter was settled for $79,380.
If you or someone you know was a customer of Bradley Tennison or Geneos Wealth management and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at firstname.lastname@example.org to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyers who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. His industry insight, experience and knowledge gives his clients a competitive advantage.