Investing is a world built on trust, but when that trust is broken, investors can be left out in the cold. This might be the case for those who entrusted their funds with securities broker Bernard Francis Jasmin (also known as Berny Francis, Bernard Jasmin, and Berny Jazz), according to reports from the Financial Industry Regulatory Authority (FINRA) BrokerCheck [CRD: 4442394, New York, New York].
An Overview of Allegations Against Bernard Jasmin
I’ve learned that Bernard Jasmin was reportedly associated with PHX Financial Inc. in New York, NY, and it was during this time that he’s said to have engaged in unauthorized trading and other dubious sales practices, leading to significant financial harm for some investors. It’s important to dig into these claims to better understand the potential impact on those affected.
Accusations of Unauthorized Trading, Frequent Transactions, and High Commissions
It’s shocking to learn that on April 12, 2021, a client from Empire Asset Management formally charged Bernard Jasmin with unauthorized trading and excessive trading activity, often referred to as “churning”, as well as high commissions fees, detailed in FINRA Arbitration No. 21-00936. These alleged actions led to substantial losses for the client in derivatives and over-the-counter equities. They’re now seeking an enormous $4,800,000 in damages from Empire Asset Management or Jasmin himself. The case is still pending resolution.
Controversial Practices at PHX Financial Inc.
Another set of allegations surfaced from a PHX Financial Inc. client, beginning with FINRA Arbitration No. 23-00050 on January 5, 2023. The grievances raised include unsuitable investment advice, a breach of fiduciary responsibility, and unauthorized trading. These are claimed to have led the client to suffer losses in their stock portfolio, resulting in a demand for compensation amounting to $322,734.50. Like the others, this matter also remains open.
As a financial analyst and writer, I’ve done my digging. I found that back in 2007, in NASD Arbitration No. 07-00603, a client brought forth a myriad of complaints including unauthorized trading and a lack of diversification, among others, that led to an alleged $250,000 damage. Remarkably, this case found some resolution as it settled for just $6,500 on August 30, 2007.
Despite the denials from Bernard Jasmin and his past employers regarding any wrongdoing, the records from BrokerCheck are worrying. As the investigations carry on, the alleged victims must fight for justice and reparation for their investment losses. The rest of us in the financial community watch on, hoping for clarity and a fair outcome.
To echo the words of Warren Buffet, “It takes 20 years to build a reputation and five minutes to ruin it.” Stories like these remind us all to do our due diligence. Remember, a single financial fact for investors to mull over is that bad financial advisors cost Americans more than $17 billion a year in dodgy investment advice.
And if you’re seeking to verify the credentials of a financial advisor, always check their FINRA CRM number for peace of mind. It’s the surest way to ensure transparency and accountability in the often murky waters of investment.
In closing, it’s crucial to stay informed and be aware of the signs of potential financial misconduct. As an experienced analyst, I advocate for thorough research and due diligence before making any investment decisions, and never hesitate to seek a second opinion when in doubt. Your financial security may well depend on it.
