When it comes to investing, it’s always smart to know exactly who is handling your money. I’m taking a close look at Christopher Cassin LaFond, a once notable stockbroker from Andover, Massachusetts, currently embroiled in a fair amount of controversy.
Introducing Christopher LaFond
Having spent years at Empower Financial Services, Fidelity Brokerage, and GWFS Equities, LaFond now finds himself without ties to any firm affiliated with the Financial Industry Regulatory Authority. Although FINRA has not taken disciplinary action against him, it’s important to note that my former colleague was let go by his last employer amid troubling circumstances. As a financial professional, LaFond could very well find himself facing a FINRA arbitration lawsuit.
Looking Into a Checkered History
In September 2022, LaFond’s career trajectory took an unsettling turn. He was unexpectedly unemployed, thanks to accusations of misconduct related to his job at Empower Financial Services. The heart of this issue? Misguiding retirement plan participants when discussing their account options. This is a serious allegation, especially when we’re talking about crucial financial decisions tied to retirement.
To confirm these accusations, you can trace LaFond’s CRD number, 6441374. This links back to his professional record with FINRA, an organization that meticulously records such infractions. Brokerage firms and their representatives are required to make known any customer complaints and disciplinary actions. Brokers like LaFond must also disclose their own financial struggles, such as bankruptcies, judgments, and liens.
What FINRA’s Involvement Means
As a watchdog of the United States financial markets, FINRA enforces what’s known as the “suitability rule,” requiring that brokers’ investment advice must be compatible with their customers’ profiles. Moreover, brokers and their firms are expected to comply with FINRA’s regulations, like ensuring proper oversight of their actions.
LaFond’s alleged actions hint at a breach of this suitability standard, a betrayal of the trust that his clients had in him to oversee their retirement funds. Consequently, this could mean trouble for LaFond and possibly compensation for investors if these claims hold up.
If you’ve suffered investment losses due to LaFond’s advice, you could have grounds to seek compensation through FINRA arbitration. This isn’t about condemning LaFond before he’s had his fair shake in court, but rather about encouraging investors to practice vigilance and thorough vetting of any financial advisor they work with.
Navigating a broker’s history might seem like a hassle, but it’s a necessary step for financial security. As the renowned investor Warren Buffett once said, “It takes 20 years to build a reputation and five minutes to ruin it.” Be sure that the guardian of your trust is worthy of that responsibility and not just offering lip service.
Remembering the truth in these words can guide you toward making informed decisions when it comes to your investment partnership. It’s crucial to arm yourself with knowledge and stay conscious of who’s managing your money.
