Jeffrey Furniss (CRD# 4888498), a broker registered with LPL Financial, recommended unsuitable oil and gas investments, according to recent disputes. As an experienced legal and financial professional, I am deeply concerned about these allegations and their potential impact on investors. My firm is investigating the Annapolis, Maryland-based financial professional, who does business as Charter Financial Group, for similar misconduct. If you have worries about investments recommended by Mr. Furniss, I invite you to call my office for a free consultation.
The Seriousness of the Allegations
Three parties of investors filed disputes involving Mr. Furniss in 2024, all alleging that he recommended an unsuitable oil and gas investment. Between them, the disputes seek cumulative damages of $275,000. This is a significant sum that points to the gravity of the alleged misconduct.
While Mr. Furniss has vehemently denied the merits of these pending claims, asserting they are part of a “class action suit against Lincoln Financial” rather than him personally, the pattern is still troubling. As FINRA Rule 2111 makes clear, brokers have an obligation to only recommend suitable investments to their clients, based on factors like the investor’s age, financial situation, risk tolerance, and investment objectives.
Furniss’ Professional Background and Past Disputes
Mr. Furniss’ BrokerCheck record reveals additional red flags. Between 2017 and 2022, three other parties filed disputes against him alleging unsuitable investment recommendations in oil and gas products, annuities, and REITs. One claim also asserted he failed to disclose material facts regarding a third-party managed account. While Mr. Furniss denied wrongdoing, his former firm settled these disputes for over $291,000 total.
According to FINRA, Mr. Furniss launched his career in 2005 with Lincoln Financial Advisors (since acquired by Osaic) in Annapolis. He remained there until October 2024 when he joined LPL Financial, also in Annapolis. Over his 19 years as a broker, he has passed the Series 66 and Series 7 exams. He currently does business as Charter Financial Group, touting his focus on helping small business owners and corporate executives “pursue their financial goals.”
The Takeaway for Investors
As a legal and financial expert, here is my assessment for everyday investors:
- Unsuitable investment recommendations by brokers are a serious matter that can result in devastating losses. Disputes like those filed against Mr. Furniss seek substantial damages.
- Even when a broker denies allegations, a pattern of similar complaints may signal deeper issues with their practices. Multiple claims are a red flag.
- Investors should carefully review their financial professional’s background, including any past disputes, using FINRA’s free BrokerCheck tool. Don’t ignore potential warning signs.
- If you suspect your broker recommended unsuitable investments, don’t hesitate to seek help. Many law firms like my own offer free case evaluations.
One of my favorite quotes comes from Supreme Court Justice Louis Brandeis who said: “Sunlight is said to be the best of disinfectants.” Shining a light on broker misconduct is crucial for investor protection. In fact, a 2020 study found 7% of financial advisors have been disciplined for misconduct that cost investors a collective $44.1 billion. Additionally, a report from the White House estimates that bad financial advice costs Americans over $17 billion per year. We must remain vigilant.
At Haselkorn & Thibaut, we have recovered tens of millions in losses for victims of investment fraud. If you have concerns about investments made with Jeffrey Furniss or another financial advisor, I encourage you to call 800-767-8040 for a free attorney consultation. With experience across the US, my firm and I are here to help investors safeguard their financial futures.
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