James McArthur Permitted to Resign from IBN Financial Services Following SEC Complaint

James McArthur (CRD #: 2797856) was permitted to resign from his firm, according to his BrokerCheck record, accessed on August 13, 2022. Read on if you want to learn more about James McArthur’s conduct as a broker.

Resignation from IBN Financial Services

On June 17, 2022, James McArthur was permitted to resign from IBN Financial Services after allegedly offering and selling securities as part of an unregistered fraudulent offering for over $500 million.

SEC Civil Action

On June 9, 2022, the Securities and Exchange Commission filed a civil suit against James McArthur, Vincent Camarda, and A.G. Morgan Financial Advisors alleging their involvement in an unregistered securities offering that raised over $75 million from more than 200 investors.

James McArthur and the other defendants allegedly solicited investors and offered or sold promissory notes to investors in connection with a more than $500 million unregistered offering with lending company Complete Business Solutions Group, doing business as Par Funding.

From August to November 2017, James McArthur and Vincent Camarda solicited nearly a dozen investors to invest at least $2.6 million in promissory notes issued by Par Funding.

The SEC alleges that James McArthur, Vincent Camarda, and A.G. Morgan Financial Advisors collectively received more than $7 million in compensation from Par Funding for their sales of unregistered securities.

The SEC further alleges that James McArthur violated Sections 5(a) and (c) of the Securities Act and Section 15(a)(1) of the Exchange Act.

The Securities Act of 1933

Sections 5(a) and (c) of the Securities Act of 1933 prohibit the purchase or sale of unregistered securities across state lines and require the filing of a registration statement for all securities offerings.

The Securities Exchange Act of 1934

Section 15(a)(1) of the Securities Exchange Act of 1934 bans brokers and firms from associating with unregistered brokers or broker-dealers.

Background Information

James McArthur has passed the following exams:

• Series 65 – Uniform Investment Adviser Law Examination
• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination
• Series 6 – Investment Company Products/Variable Contracts Representative Examination
• Series 26 – Investment Company Products/Variable Contracts Principal Examination 

He has also worked for the following firms:

• IBN Financial Services (CRD#:42360)
• Traderfield Securities (CRD#:20130)
• American Portfolios Financial Services (CRD#:18487)
• LPL Financial (CRD#:6413)
• Park Avenue Securities (CRD#:46173)
• MML Investors Services (CRD#:10409)
• Securities Service Network (CRD#:13318)
• MetLife Securities (CRD#:14251)
• Metropolitan Life Insurance Company (CRD#:4095)
• AXA Distributors (CRD#:25900)
• Pruco Securities (CRD#:5685)

Kurta Law Can Help

If you worked with James McArthur and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.