According to InvestmentNews, the investment advisory firm, Robare Group, has been charged by the Securities and Exchange Commision (SEC) with fraud for failing to disclose to clients a fee arrangement the firm had with an unnamed broker dealer. The report states that the SEC alleges that between September 2005 and September 2013, Robare received more than $440,000 in compensation for clients money that was invested in mutual funds on the broker’s platform.
According to the report, the SEC alleges that the co-owners of Robare, Mark L. Robare and Jack L. Jones Jr., had incentive to recommend the broker’s mutual funds. As a result the co-owners allegedly had a conflict of interests and may have recommended the mutual funds over other investments that may have been better suited for those clients.
In addition to working as investment advisor, Mark Robare and Jack Jones were registered brokers. According to BrokerCheck both men are registered representatives with Triad Advisors and have been with the firm since 2003.
When registered brokers fail make suitable investment recommendations or are involved in fraudulent activity, the broker-dealer that they are registered with may be liable for negligent supervision and responsible for investment losses.
If you suffered losses as a result of investments made with Mark Robare and Jack Jones and would like to discuss your litigation options, please contact The White Law Group at 312-238-9650 for a free consultation.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.
To learn more about the firm, please visit www.WhiteSecuritiesLaw.com.