Formerly of Cetera Advisors, you may not be the only one who has suffered.
Investment broker Bruce Michael Sabourin (CRD #2556826), most recently with Cetera Advisors, once again has a FINRA reported disclosure. Sabourin is now permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public. According to the April 2015 FINRA Disciplinary and Other FINRA Actions Report, Sabourin was suspended as of February 23, 2015 for allegedly failing to provide information or keep information current according to FINRA rules.
What exactly is FINRA, you ask? Good question. It is the Financial Industry Regulatory Authority. All brokers and investment firms must agree to abide by FINRA rules. It’s the watchdog you want keeping an eye on investment players to make sure everyone is playing by the same rules. When someone isn’t, FINRA steps in.
Now, to expand upon the “reported disclosure” concept, here’s how it goes: everyone registered to sell securities or provide investment advice is required to disclose customer complaints and arbitrations, regulatory actions, employment terminations, bankruptcy filings, and criminal or civil judicial proceedings. As it states above, Sabourin “once again” has a FINRA reported disclosure. What are his reported disclosures, you ask? According to Sabourin’s report summary on www.finra.com/brokercheck, here are the disclosures reported:
| Type | Count | Final Disposition |
| Regulatory Event | 1 | Permanently barred from securities industry |
| Customer DisputeSettled | 1 | $96,938.00 Settlement Amount(Customers alleged he did not make them aware of tax penalties/implications on his investment recommendation while with MetLife Securities) |
| Customer DisputeSettled | 1 | $8870.78 Settlement Amount(Customer alleged that he did not invest funds within her mutual account safely and securely while with MetLife Securities) |
| Customer DisputeClosed/No Action | 1 | $92,599.84 Alleged Damages(Client alleged investment losses and unauthorized trading) |
| Termination | 1 | Discharged from Cetera Advisors due to alleged excessive trading in client accounts; alleged exercise of discretionary authority without client written consent |
Why are we telling you all of this? To let you know that, if you’re an investor who suffered financial losses at the hands of Bruce Sabourin, or any other financial advisor, you may be eligible to recover your losses through securities arbitration. The key is to turn to the right securities fraud attorney with proven expertise in recovering lost funds.
Turn to Silver Law Group.
With Silver Law Group you’ll find an experienced securities attorney committed to help recover investment losses due to stockbroker misconduct. With lawyers admitted to practice in New York and Florida – representing investors nationwide – you can expect a complimentary consultation and a case handled on a contingent fee basis, meaning you don’t pay legal fees unless Silver Law Group is successful. Contact us today to schedule your free consultation and discuss your legal rights.