As a financial analyst and legal expert with over a decade of experience in both sectors, I’ve seen firsthand how the intricacies of financial markets and legal regulations intersect. Through my work at leading consultancy firms and law practices, I specialize in providing detailed financial analyses, conducting thorough legal research, and creating engaging articles that explain complex topics like investment strategies and compliance laws in easy-to-understand terms.
The recent allegations against financial advisor Collin Fingon underscore the importance of vigilance when it comes to your investments. According to disclosures on Fingon’s BrokerCheck record, his former firm Bright Future Wealth Management fired him in September 2024 for allegedly violating internal policies and industry regulations related to “selling away, off-channel communications, outside business activities and failure to respond and participate in an internal investigation.”
The Seriousness of Selling Away Allegations
Selling away refers to when a broker solicits investments that are not recorded on their firm’s books and lack the firm’s authorization. This conduct is prohibited under FINRA Rule 3280 and other industry standards. The allegations that Fingon engaged in selling away are serious, as this practice removes many of the protections and oversight that investors rely on their brokerage firm to provide.
Some key points for investors to understand:
- Selling away often involves high-risk or fraudulent investments not vetted by the firm
- Brokers may be incentivized to sell away to earn high commissions while bypassing compliance
- Investments sold away lack transparency and may be overvalued or misrepresented
If you invested with Collin Fingon, it’s crucial to review your accounts and investigate any suspicious or unauthorized activity. Don’t hesitate to seek legal counsel from securities attorneys experienced in recovering losses due to selling away and other broker misconduct.
Advisor’s Background and Past Complaints
According to FINRA records, Collin Fingon entered the securities industry in 2004 with Securian Financial in Rutland, Vermont. After stints at H. Beck and Cetera Advisors, he moved to Bright Future Wealth in 2024 before the firm terminated him over the selling away allegations.
Of note, Fingon’s record also shows a 2008 customer dispute alleging he “provided tax advice which resulted in additional tax liability” related to a variable annuity investment. That dispute was settled by his former firm for $8,661. While a single client complaint from over 15 years ago is not necessarily a red flag on its own, it demonstrates a potential pattern of questionable conduct by this advisor.
As famed investor Warren Buffett once cautioned, “Risk comes from not knowing what you are doing.” Thoroughly vetting your financial advisor’s background and qualifications is a vital step to mitigate risk and ensure you’re receiving sound guidance that puts your best interests first.
A Staggering Statistic on Misconduct
A 2019 study by Stanford University found that one in twelve financial advisors have a record of misconduct. Even more concerning, certain firms had misconduct rates as high as 20% among their brokers. This alarming frequency of unethical behavior highlights the critical need for investors to remain alert and proactive in monitoring their investments.
While the vast majority of advisors are law-abiding professionals who prioritize their clients’ success, a single bad actor can wreak untold financial havoc. In fact, a recent case reported by Bloomberg involved two Florida brokers who allegedly defrauded over 700 investors, many of them seniors, out of $75 million. By staying informed and promptly reporting any suspicious activities to securities regulators and legal counsel, investors can help root out misconduct and protect themselves and others from devastating losses.
Ultimately, the case of Collin Fingon’s termination for allegedly selling away serves as a potent reminder for investors to thoroughly vet their advisors, stay vigilant about their accounts, and take swift action at any signs of potential misconduct. Together, through education and assertive response, we can work to hold unscrupulous advisors accountable and foster a more transparent, trustworthy financial industry.
If you suspect your advisor has engaged in selling away or other unethical practices, I urge you to contact an experienced securities attorney to discuss your legal options. With the guidance of skilled counsel, you can fight back against fraud and work to recover your rightful investment losses.
