Financial Advisor, John Pariser, Barred By FINRA For Failing To Cooperate In FINRA Investigation

• December 9, 2018
• Broker Discipline
• Independent Financial Group
• Unsuitability
• Unsuitable

The Wolper Law Firm is currently investigating claims against John Pariser, a former Financial Adviser at Independent Financial Group in Pacific Grove, California.  John Pariser has been in the securities industry since the 1990s and previously worked at SWS Financial Services.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on October 4, 2018, John Pariser was sanctioned by FINRA, barring him from the securities industry.  The FINRA order alleges that John Pariser recommended unsuitable securities to clients and refused to cooperate in a FINRA investigation regarding same.  The FINRA sanction states:

“Without admitting or denying the findings, Pariser consented to the sanction and to the entry of findings that he failed to provide FINRA with requested documents and information related to allegations that he referred some of his customers to an individual who was not registered and who may have recommended or sold potentially unsuitable securities to them.”

For a full copy of the FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2018058207401%20Jon%20Pariser%20CRD%202755015%20AWC%20sl.pdf

In addition, John Pariser has numerous customer complaints, including the following:

• August 2018—”Alleges that Mr. Pariser introduced her to an individual who was not licensed and who convinced her to surrender a portion of her VA and invest in “notes.” Alleged damages are $138,000 and the matter remains pending.
• July 2018—”Claimant made investments in unregistered, non-exempt “notes” through individuals who were not affiliated with IFG; however, he claims that Mr. Pariser was somehow involved in convincing him to move his money and that IFG is somehow responsible for these actions.” Alleged damages are $630,000 and the matter remains pending.
• May 2007—”CUSTOMER ALLEGES UNAUTHORIZED PURCHASE OF EQUITIES.” The matter was settled for $50,000.
• June 2006—”CUSTOMER CLAIMS THAT INCORRECT ACCOUNT TYPE ESTABLISHED IN 2002 AND THAT FORD MOTOR COMPANY, GENERAL MOTORS, AND OTHER NYSE COMPANY BONDS WERE IMPROPERLY UNSAFE AND PURCHASED WITHOUT APPROVAL.” The matter was settled for $50,000.

For a full copy of John Pariser’s CRD, click https://brokercheck.finra.org/individual/summary/2755015#disclosuresSection.

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients.  To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.   Part of the suitability analysis requires that the trades are quantitatively suitable, meaning that the broker cannot execute excessive trades or engage in churning.

The Wolper Law Firm is interested in speaking with clients of John Pariser as part of its investigation.  We can be reached at 800.931.8452 or by email at mwolper@wolperlawfirm.com.  The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis.  Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer 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.