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Financial Advisor Brian Joseph Lockett (Independent Financial Group, LLC) Customer Complaints

Brian Joseph Lockett (CRD # 4573162) is a Financial Advisor at Independent financial Group, LLC in Lynnwood, WA.  Brian Lockett has been in the securities industry since 2002 and previously worked at Geneos Wealth Management, Inc. and Commonwealth Financial Network.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Brian Lockett has been the subject of nine customer complaint disclosures.  Among the recent customer complaints filed against Brian Lockett include the following:

  • September 2016 – “CUSTOMER ALLEGED THAT, IN MID-2012, INVESTMENT ADVISER, THROUGH HIS INDEPENDENT INVESTMENT ADVISORY FIRM, COMPREHENSIVE WEALTH MANAGEMENT, PARTICIPATED IN THE SALE OF UNAPPROVED AND UNSUITABLE INVESTMENTS IN OIL AND GAS AND A PENNY STOCK.” The matter settled for $95,000.
  • August 2016 – “CUSTOMER ALLEGED THAT, IN 2012 AND 2013, INVESTMENT ADVISER, THROUGH HIS INDEPENDENT INVESTMENT ADVISORY FIRM, COMPREHENSIVE WEALTH MANAGEMENT, PARTICIPATED IN THE SALE OF UNAPPROVED AND UNSUITABLE INVESTMENTS IN OIL AND GAS AND A PENNY STOCK.” The matter settled for $192,500.
  • July 2016 – “CUSTOMER ALLEGED RR, THROUGH HIS INDEPENDENT ADVISORY FIRM RECOMMENDED AN UNSUITABLE AND UNAPPROVED PRIVATE INVESTMENT IN 2012. CUSTOMER ALSO ALLEGED THAT DURING THAT SAME TIME FRAME, RR RECOMMENDED AN UNSUITABLE INVESTMENT IN A REAL ESTATE SECURITY.”  The matter settled for $45,000.
  • July 2016 – “CUSTOMER ALLEGES THAT, IN LATE 2012, INVESTMENT ADVISER, THROUGH HIS INDEPENDENT INVESTMENT ADVISORY FIRM, COMPREHENSIVE WEALTH MANAGEMENT, PARTICIPATED IN THE SALE OF AN UNAPPROVED AND UNSUITABLE INVESTMENT IN OIL AND GAS. ADDITIONALLY, CUSTOMER ALLEGES INVESTMENT ADVISER PARTICIPATED IN THE SALE OF A PENNY STOCK IN VIOLATION OF FIRM POLICIES AND PROCEDURES AND OVER INVESTED CUSTOMER IN ILLIQUID INVESTMENTS.”  The matter settled for $180,000.
  • July 2016 – “CUSTOMERS ALLEGE THAT, FROM 2011 TO JULY 2012, INVESTMENT ADVISER, THROUGH HIS INDEPENDENT INVESTMENT ADVISORY FIRM, COMPREHENSIVE WEALTH MANAGEMENT, PARTICIPATED IN THE SALE OF UNAPPROVED AND UNSUITABLE INVESTMENTS IN OIL AND GAS AS WELL AS OTHER CAUSES OF ACTION.” The matter settled for $350,000.

For a copy of Brian Lockett’s CRD, click https://brokercheck.finra.org/individual/summary/4573162#disclosuresSection.

In addition, FINRA recently suspended Brian Lockett in November 2019 for allegedly participating in a “private securities transaction without providing prior written notice to his member firm.”

For a copy of the FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2016050847301%20Brian%20J.%20Lockett%20CRD%204573162%20AWC%20va.pdf.

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, P.A. represents investors nationwide in securities litigation and arbitration on a contingency fee basis.  Matt Wolper, the Managing Principal of the Wolper Law Firm, P.A., 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 mwolper@wolperlawfirm.com.

Attorney Matthew Wolper

Attorney Matthew WolperMatt Wolper is a trial lawyer who focuses exclusively on securities litigation and arbitration. Mr. Wolper has handled hundreds of securities matters nationwide before the Financial Industry Regulatory Authority (FINRA), American Arbitration Association (“AAA”), JAMS, and in state and federal court. Mr. Wolper has handled and tried cases involving complex financial products and strategies ranging from traditional stocks and bonds to options, margin and other securities-based lending products, closed/open-end mutual funds, structured products, hedge funds, and penny stocks. [Attorney Bio]