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Sean Waggoner Involved in a Pending Investor Dispute 

May 2, 2022 FINRA Fine

Sean Waggoner (CRD #: 2748574), a broker registered with Cetera Advisor Networks, is involved in a pending investor dispute, according to his BrokerCheck record, accessed on April 17, 2022. He is also an investment advisor registered with Alliant Retirement Consulting.

Investor Allegations

On February 1, 2022, participants in a 401K plan alleged that Sean Waggoner recommended expensive investments at the expense of the plan 2009. Additionally, the participants allege that Sean Waggoner was not registered in the proper state to provide investment advice for the 401K.

Suitable investments are defined in FINRA Rule 2111 as securities that fit an investor's profile. In general, a customer's profile includes information about the customer's age, previous investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity requirements, and risk tolerance.

A broker must have exercised due diligence and have an adequate reason for believing that an investment will also be suitable or beneficial for the investor. Investors who rely on their brokers for recommendations may be able to recover their losses through FINRA arbitration if their broker recommended an unsuitable investment. 

Regulatory Disclosures

California Insurance License Suspension

Sean Waggoner's California Insurance License was suspended for 14 days on August 14, 2020, for allegedly failing to report a FINRA administrative action to the California Insurance Commissioner.

Delaware Insurance Department Fine

Sean Waggoner was fined $500 on April 8, 2020, for allegedly failing to notify the Delaware Insurance Commissioner of a FINRA administrative action.

FINRA Suspension and Fine

According to an Acceptance, Waiver, and Consent agreement dated January 21, 2020, Sean Waggoner consented to the findings that he engaged in eight private securities transactions without providing prior written notice to his firm. FINRA Rule 3280 states that before participating in any private securities transaction a registered broker should provide written notice to their member firm describing the proposed transaction and proposed role in detail.

As part of the terms of the AWC, Sean Waggoner consented to:

  1. A two-month suspension 
  2. A $10,000 fine
  3. Twenty hours of continuing education concerning registered representatives' regulatory responsibilities.

You can read a copy of the AWC here.

Background Information

Sean Waggoner 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 6 - Investment Company Products/Variable Contracts Representative Examination

Sean Waggoner is a registered broker in four states. He is also a registered investment advisor in six states.

Sean Waggoner has also worked with the following firms:

  • LPL Financial (CRD#:6413)
  • James E.Bashaw & Co. (CRD#:129320)
  • NFP Securities (CRD#:42046)
  • One Orchard Equities (CRD#:42124)
  • The Great-West Life Assurance Company (CRD#:5927)

 

Kurta Law Can Help

If you have worked with Sean Waggoner and have concerns about your investments, 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. Please reach out if you have any questions about what steps to take next to recover your investment losses.