Articles Tagged with Mark Perry

Silver Law Group is currently investigating former Royal Alliance Associates, Inc. financial advisor Mark Perry (CRD# 1219294) regarding unsuitable investment recommendations to elderly clients. Perry was registered with Independent Financial Group, LLC in Mt. Pleasant, South Carolina and with Cambridge Investment Research, Inc. in Mt. Pleasant, South Carolina. Previously, Perry was registered with Royal Alliance Associates, Inc. in Mt. Pleasant, South Carolina from 2003 to 2015, when he was terminated regarding, “Under internal review for violations of firm’s email correspondence policy. In connection with the firm’s review of a customer complaint, the firm reviewed email correspondence from Mr. Perry to the customer that contained promissory and/or predictive statements, in violation of the firm policy.”

In September 2017, Perry consented to the FINRA sanctions and to the entry of findings that he made unsuitable investment recommendations to four elderly, retired customers, which caused them collectively to see realized and unrealized losses of approximately $200,000. FINRA found that Perry over concentrated the customers’ accounts in precious metal sector securities, and that he recommended that the customers purchase and hold leveraged mutual funds and/or Exchange Traded Funds (ETFs) in their accounts for extended time periods of up to 963 days, which was unsuitable for his customers. Additionally, FINRA found that Perry falsified the account records of the four elderly customers referenced above by misstating each customer’s risk tolerance in order to recommend that the customer purchase high-risk securities. FINRA also found that Perry sent emails to a customer that mislead and made promissory statements about the investments in the customer’s account. Perry also failed to disclose two customer complaints regarding trading losses to his member firms. Perry was sanctioned to 18 months suspension, which will end in March 2019.

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