- March 16, 2022
- Royal Alliance
Mark E. Young (CRD#: 1800687) is a dually registered Broker and Investment Advisor at Royal Alliance Associates, Inc. in Topeka, KS.
He entered the securities industry in 1988 and previously worked for Investment Advisors Asset Management, LLC; BTS Asset Management, Inc.; Investment Advisors & Consultants, Inc.; and Security Distributors, Inc.
Current And Past Allegations Of Conduct Leading To Investment Loss
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in September 2021, a customer dispute was filed against Mark E. Young. The allegations state, “misrepresentation and unsuitability alleged with regard to a private investment fund…dates 2015 to 2017.” Damages of more than $4.1M are requested. The customer dispute is pending.
In addition, Mark E. Young has been the subject of one customer complaints, including the following:
- August 2020 — “misrepresentation and unsuitability alleged regarding placements in a private investment fund.” The customer dispute was settled for $3M.
For a copy of Mark E. Young’s FINRA BrokerCheck, click here.
We Help Investors Recover Investment Losses
The Financial Industry Regulatory Authority (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.
FINRA Rule 3280 provides: “No person associated with a member shall participate in any manner in a private securities transaction except in accordance with the requirements of this Rule. Prior to participating in any private securities transaction, an associated person shall provide written notice to the member with which he is associated describing in detail the proposed transaction and the person’s proposed role therein and stating whether he has received or may receive selling compensation in connection with the transaction; provided however that, in the case of a series of related transactions in which no selling compensation has been or will be received, an associated person may provide a single written notice.”
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.
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