- July 3, 2019
- Commonwealth Financial Network
Benjamin Bourgeois was formerly a Financial Advisor at Commonwealth Financial Network in Metanie, Louisiana. Benjamin Bourgeois has been in the securities industry since 1991 and previously worked at LPL Financial and Sterne, Agee & Leach, Inc.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on May 28, 2019, FINRA sanctioned Benjamin Bourgeois, barring him from the securities industry. According to the FINRA sanction, “Bourgeois consented to the sanction and to the entry of findings that he failed to produce documents and information requested by FINRA during the course of an investigation into allegations reported on his Form U5 that he, among other things, borrowed money from a customer, converted customer funds, and committed fraud.” This conduct also led to Benjamin Bourgeois’ employment termination in April 2019.
For a copy of the FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2019062162101%20Benjamin%20Frank%20Bourgeois%2C%20Jr.%20CRD%202145555%20AWC%20va%20.pdf
In addition, Benjamin Bourgeois has been the subject of three customer complaints, alleging sales practice violations, including one pending complaint. The allegations of those three complaints are the following:
- April 2019—”Conversion of customer funds made by personal check purportedly for investment purposes; employing devices, schemes or artifices to defraud; making untrue statements of material facts; fraud. Activities are alleged to have begun sometime in or around 2016.” Alleged damages are $519,500 and the matter remains pending.
- November 2002—”[CUSTOMER] ALLEGES THAT MR. BOURGEOIS PLACED HER IN AN UNSUITABLE INVESTMENT (VARIABLE ANNUITY) AND DID NOT DISCLOSE THE CONTINGENT DEFERRED SALES CHARGES, INVESTMENT RISKS AND POTENTIAL FOR LOSS OF CAPITAL ON THE PRODUCT.” The matter was settled for $9,000.
- June 2001—”CUSTOMER ALLEGES BROKER PLACED HIM IN UNSUITABLE SECURITIES GIVEN CUSTOMER’S AGE, FINANCIAL SITUATION AND INVESTMENT EXPERIENCE. CUSTOMER ALSO ALLEGES MISREPRESENTATION OF MATERIAL FACTS IN A PARTICULAR SECURITY. THE TRADES IN QUESTION TOOK PLACE BETWEEN 11/1998 AND 05/2001.” Alleged damages were $150,000.
For a copy of Benjamin Bourgeois’ CRD, click https://brokercheck.finra.org/individual/summary/2145555#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.
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. We can be reached at 800.931.8452 or by email at firstname.lastname@example.org.