Did you lose money investing with Adrian Young (CRD# 4584675)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Adrian Young. If you suffered losses investing with Adrian Young, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
As of May 24, 2020, Adrian Young’s FINRA BrokerCheck Report contains the following:
Disclosure Events
1 Customer Dispute(s)
1 Civil Disclosure(s)
UPDATE 5/24/2020: On May 13, 2020, the SEC announced that it has named Bernard Bostwick, Robert Kauffman, Adrian Young, and their company, Ambassador Advisors, in a complaint. Bernard Bostwick is the current President of Ambassador Advisors, Robert Kauffman founded Ambassador Advisors and served as its President during the period of misconduct referred to in the SEC’s complaint, and Adrian Young has been an Executive Vice President, Chief Compliance Officer, and Investment Advisor Representative (IAR) of Ambassador Advisors since at least 2011. All three are part owners of Ambassador Advisors. In the complaint, the SEC alleges that they unlawfully invested their advisory clients in mutual fund share classes with 12b-1 fees when lower-cost mutual fund share classes were available to them. As Investment Advisor Representatives (IARs), all three have a fiduciary obligation to their clients. Despite this obligation, they used the mutual funds with 12b-1 fees, which resulted in their clients receiving lower returns on their investments, while Bernard Bostwick, Robert Kauffman, Adrian Young, and Ambassador Advisors received additional compensation in the form of 12b-1 fee revenue.
Current and Previous Registrations
09/01/2011 – PRESENT AMERICAN PORTFOLIOS FINANCIAL SERVICES, INC. (CRD#: 18487) LANCASTER, PA
10/16/2002 – 09/06/2011 AXA ADVISORS, LLC (CRD#:6627) LANCASTER, PA
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing with Adrian Young and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.