Cambridge Investment Research, Inc. and Cambridge Investment Research Advisors, Inc. count among their current financial advisors Mark James Derosa (CRD #4180250). For investors researching their financial professionals, understanding both credentials and any regulatory disclosures is essential. In what follows, we examine Mark Derosa’s background, the details of his regulatory action, and practical lessons for investors who want to avoid risk and make informed decisions.
Regulatory Action Overview: What Investors Should Know About Mark Derosa
On April 10, 2026, the New York State Department of Financial Services initiated a regulatory action against Mark Derosa. The matter involved the use of an unlicensed agency name in connection with insurance business, a practice that continued from approximately June 1, 2021, through March 30, 2024. The regulator found this in violation of Section 2101(f) of the New York Insurance Law. The case was swiftly resolved via a stipulation and consent agreement signed on April 21, 2026. Mark Derosa accepted a $2,000 civil and administrative fine, bringing the matter to a close without an admission of wrongdoing but with acknowledgment of the regulator’s findings.
The Allegation: Details and Timeline
Regulatory rules require precision, especially in areas like insurance, where transacting business under an incorrect name raises transparency and oversight concerns. Here, the allegation was not of fraud or investor loss but rather a long-running administrative violation: conducting insurance business under an unlicensed agency name for nearly three years. Such an oversight, while not as severe as direct fraud, highlights the importance of compliance as a fundamental responsibility in financial services.
Mark Derosa’s disciplinary history, as disclosed in his BrokerCheck report (CRD #4180250) and reviewed most recently on June 16, 2026, is summarized below:
| Disclosure Type | Status |
|---|---|
| Regulatory Actions | 1 — New York DFS matter described above |
| Customer Complaints or Arbitration Claims | 0 |
| Civil Litigation | 0 |
| SEC Enforcement Actions | 0 |
| Bankruptcies, Judgments, Liens | 0 |
| Terminations for Cause | 0 beyond the above disclosure |
It’s important to note, as this investor resource points out, that the mere presence of a regulatory disclosure does not necessarily mean an advisor is untrustworthy. Still, context matters in evaluating integrity and professionalism.
Mark Derosa’s Background, Licenses, and Affiliations
Beyond the disclosure, Mark James Derosa’s BrokerCheck record reveals a long-standing career in the industry. Currently, he is registered with both Cambridge Investment Research, Inc. and Cambridge Investment Research Advisors, Inc.—two respected entities serving thousands of independent financial professionals nationwide.
Mark Derosa has passed the following industry examinations:
- Securities Industry Essentials (SIE)
- Series 6 — Investment Company and Variable Contracts Products Representative
- Series 63 — Uniform Securities Agent State Law Exam
- Series 65 — Uniform Investment Adviser Law Exam
Previously, he held registrations with other well-known firms, including:
- Richard Brothers Financial Advisors
- LPL Financial Corporation — the largest independent broker-dealer in the U.S. by representative headcount (source)
- MetLife Securities Inc.
As of the latest public records, Mark Derosa has no customer complaints or arbitrations and no reported investor harm claims associated with his record.
“The most important quality for an investor is temperament, not intellect.” — Warren Buffett
Regulatory Rules and How They Relate to Mark Derosa
The principal statute at issue in Mark Derosa’s case is Section 2101(f) of the New York Insurance Law. This provision forbids any individual or entity from conducting insurance business using an unregistered or unlicensed agency name. Even if the advisor is individually licensed, operating under the wrong business entity name can pose risks to consumer protection and regulatory oversight.
Other relevant industry rules include:
- FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade): This broad rule compels financial professionals to uphold high standards of ethical conduct even if a specific regulation is not breached.
- FINRA Rule 3270 (Outside Business Activities): Requires proper written notice to the employing firm before engaging in certain outside business activities, such as insurance work under a separate agency name.
Additionally, the SEC’s Regulation Best Interest (Reg BI), effective since June 2020, mandates that broker-dealers and their advisors act in the best interest of retail clients at all stages. This includes full disclosure, exercising care, managing conflicts of interest, and maintaining proper compliance procedures. Transparency regarding licensure and business practices forms a foundation of compliance with Reg BI (learn more).
Lessons for Investors: Why Due Diligence Matters
Research from the University of Chicago suggests that around 7% of financial advisors have some misconduct history, and that previous misconduct significantly raises the chances of future problems. While a single regulatory event does not define or doom a financial career, repeated issues should give investors pause. Investors lost billions to the likes of Bernie Madoff, Allen Stanford, and other infamous fraudsters in large part because of overlooked warning signs, as explored in detail by mainstream outlets and authorities.
Even seemingly minor violations—like using an unlicensed agency name—can serve as early indicators. Regulatory actions, even if not tied to customer harm, offer investors an opportunity for conversation and careful review before entrusting their assets.
How to Protect Yourself: Investor Action Steps
The lesson from Mark Derosa’s regulatory disclosure is not one of accusation but of awareness. Every investor can—and should—undertake simple, straightforward due diligence before working with any financial professional. Here are practical tips:
- Search FINRA BrokerCheck: Always review a professional’s full record (BrokerCheck).
- Check state regulator databases: FINRA is not the only relevant authority; state oversight provides critical information about insurance and securities professionals.
- Inquire about outside business activities: Ask whether your advisor also sells insurance, annuities, or other commissionable products, and clarify how they are compensated.
- Understand fiduciary vs. suitability standards: Know whether your advisor must serve your best interests or merely recommend “suitable” products.
- Take regulatory disclosures seriously: Even a single matter should prompt thoughtful questions and further research.
Conclusion: What Mark Derosa’s Record Means for You
Mark Derosa remains active in the industry, and as of the latest available data, has no customer complaints and no civil litigation. The regulatory action for the unlicensed agency name is now part of his professional record,
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