John Pronovost Involved in His 15th Unsuitability Dispute
John Pronovost (CRD #:1990612), a registered broker and investment advisor with Infinex Investments, is involved in his 15th investor dispute, according to his BrokerCheck record, accessed on January 11, 2022.
In 2021, John Pronovost was involved in two investor disputes, each alleging misrepresentation and unsuitable investment recommendations. The investors are seeking $58,539.53.
Unsuitable Investment Allegations
Between 2018 and 2020, John Pronovost has been involved in ten unsuitability disputes that have since been settled. All of the disputes alleged that John Pronovost recommended unsuitable investments. The disputes were collectively settled for $733,051.
In two of the disputes, the investors alleged that the recommended sale of LJM Funds was unsuitable.
Denied Investor Disputes: 2018-2020
- According to allegations filed on February 10, 2020, John Pronovost recommended the purchase of two REITs, which resulted in a loss of money. The client further alleged she was unable to sell the investments.
- On October 3, 2018, a dispute was filed against John Pronovost after he allegedly sold his client’s LJM funds without authorization. According to the investor, this sale was unsuitable. The client alleged he omitted the fees associated with the fund.
What is Unsuitability?
“Unsuitability” is a term used to describe recommendations and trades that are inconsistent with the customer’s goals and investment profile.
Under FINRA Rule 2111, a customer’s investment profile includes the customer’s:
- Age
- Financial situation and needs
- Tax status
- Investment objectives
- Investment experience
- Risk tolerance.
Brokers should take into account any risk tolerances or goals the person has expressed before making recommendations, and take note if those preferences change over time.
Investors who rely on their brokers for recommendations may be able to recover their losses through FINRA arbitration.
Background Information
John Pronovost 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 24 – General Securities Principal Examination
- Series 26 – Investment Company Products/Variable Contracts Principal Examination
John Pronovost is a registered broker in 21 states. He is also an investment advisor in Connecticut and Texas.
Besides Infinex Investments, John Pronovost has also worked with:
- Cambridge Investment Research Advisors (CRD#:134139)
- Cambridge Investment Research(CRD#:39543)
- MML Investors Services (CRD#:10409)
- G. R. Phelps & Co., (CRD#:173)
Kurta Law Can Help
If you suffered losses after working with John Pronovost, don’t hesitate to contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.
For nearly 20 years, Kurta Law has advocated for investors 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.