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FINRA Charges Former Bay Mutual Broker With Recommending Unsuitable Gold And Energy Investments

By George C. Miller, Esq.  of Shustak Reynolds & Partners, P.C. posted on Monday, August 29, 2016.

The Financial Industry Regulatory Authority (FINRA) recently filed a complaint against Christopher Ariola, a financial advisor formerly registered with Bay Mutual Financial in Santa Monica, CA. The complaint alleges Ariola recommended a series of unsuitable gold and energy stock investments to certain of his elderly, retired clients. Those investors allegedly lost $140,000.00 as a result of Ariola’s recommendations, and approximately 80% of their modest retirement holdings were concentrated in gold and energy stocks. According to FINRA’s BrokerCheck system, Ariola has several pending customer disputes involving allegations of unauthorized trading, account churning and unsuitability.  

Shustak Reynolds & Partners, P.C.’s San Diego FINRA and SEC attorneys have extensive experience representing high-net-worth investors, registered representatives and investment advisors in a variety of securities-industry matters, including FINRA and SEC inquiries and enforcement proceedings.  Contact us today for a confidential consultation. 

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