FINRA Reportedly Bars Cynthia Komarek after Customer Complaints
According to the Financial Industry Regulatory Authority (FINRA) on June 4, the regulator has reportedly barred financial advisor Cynthia Komarek (CRD #1188714) from the securities industry.
FINRA’s findings state that Komarek allegedly refused to produce information and documents requested by FINRA during the course of its investigation of a Form U5 filed by her member firm stating that it purportedly discharged Komarek after she reportedly admitted making referrals to an outside asset manager without the firm’s approval.
Komarek reportedly has 2 pending customer complaints filed against her in August 2020, according to FINRA BrokerCheck. Allegations include “inappropriate involvement in sale of unapproved product” and “recommendation of inappropriate fund (not bd approved).” Komarek was reportedly registered with Sagepoint Financial in Barrington, IL from November 2017 to August 2020, and prior to that she was affiliated with Wells Fargo in Woodstock IL for 9 years, according to her FINRA broker profile.
Potential Securities Claims to Recover Financial Losses
Brokerage firms are required to adequately supervise their advisors. They must ensure they are complying with FINRA rules.
When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
The brokerage firms can be held responsible for any losses in a FINRA arbitration claim if it is determined that they failed to properly supervise their agent.
If you are concerned about investments with Cynthia Komarek, the securities attorneys at The White Law Group may be able to help you. For a free consultation with an attorney, please call (888) 637-5510.
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. For more information, please visit our website, www.whitesecuritieslaw.com.