Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker/advisor Bryan E. Benson (CRD # 807506) was recently barred from the securities industry by FINRA’s Department of Enforcement for refusing to comply with FINRA rules regarding investigations into a customer complaint against him. The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Benson.
Registration Background for Bryan E. Benson
Mr. Benson first became registered in the securities industry in 1975 and was most recently registered with Tucson, AZ based Wells Fargo Clearing Services, LLC (CRD # 19616) from September 2007 to January 2020. His prior registrations include RBC Dain Rauscher Inc. (CRD# 31194) from March 1998 to September 2007 and Dain Rauscher Incorporated (CRD# 7600) from January 1998 to March 1998.
FINRA’s Allegations against Bryan E. Benson
FINRA’s investigation led to Mr. Benson entering into a Letter of Acceptance, Waiver and Consent (AWC) with FINRA on April 27, 2020. According to the AWC, Mr. Benson consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “On April 14, 2020, in connection with an investigation into an investment-related customer complaint, FINRA staff sent a request to [Mr.] Benson for the production of information and documents pursuant to FINRA Rule 8210”;
- “As stated in his email to FINRA staff on April 14, 2020, and by this agreement, [Mr. Benson] acknowledges that he received FINRA’s request and will not produce the requested information and documents at any time”; and
- “By refusing to produce information and documents as requested pursuant to FINRA Rule 8210, [Mr. Benson] has violated FINRA Rules 8210 and 2010.”
FINRA Sanctions Bryan E. Benson
As a result of such violations and in addition to the above described findings and conclusions, FINRA’s April 27, 2020 AWC also indicates that Mr. Benson consented to the following sanction:
- A bar from associating with any FINRA member firm in any capacity.
Bryan E. Benson has a History of Complaints
In addition to the findings of FINRA’s Department of Enforcement, FINRA BrokerCheck for Mr. Benson reveals he has a history of customer complaints including but not necessarily limited to the following:
- On April 20, 2017 a customer initiated a written complaint against Mr. Benson. The customer complaint alleged Mr. Bryan recommended and caused them to purchase an unsuitable investment in a direct investment (i.e. DPP & LP interests). The customers alleged damages in the amount of 1,289.028.11. The complaint was eventually settled on June 29, 2017 for the sum of $415,000.00.
If you or someone you know has or had a brokerage account with Mr. Bryan E. Benson and have concerns regarding losses in your investments or possible sales practice violations including fraud, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.