Bryon Martinsen Allegedly Recommends Unsuitable Securities

The law firm of Oakes & Fosher is presently investigating the possible misconduct of securities broker Bryon Martinsen. According to his publicly available FINRA BrokerCheck report, Bryon Martinsen has been the subject of multiple customer disputes.

Bryon Martinsen is a New York based securities broker. He has worked in the securities industry for thirty-one years. During his long career, he has only been registered with three different securities firms.

His Registrations

• The Equitable Life Assurance Society of the United States (1987-1999)


• AXA Advisors (1987-1999)


• Centaurus Financial (1999-Present)

The Allegations

• In September 1999, Bryon Martinsen was discharged from his position at AXA Advisors. Bryon Martinsen had been allegedly engaging in outside business activities. He had been advised to cease the alleged activities by the firm; however, he allegedly continued to engage in them. It was these alleged actions that led to his termination.


• In June 2007, a customer alleged that they had purchased unsuitable variable annuities and mutual fund products on Bryon Martinsen's recommendation. They alleged that Martinsen did not fully explain the products to them before the purchase. This case was settled for $7,227.


• In September 2014, a customer alleged that Bryon Martinsen breached fiduciary duty, engaged in common law fraud, negligently handled their account, misrepresented material facts, omitted material facts, and breached industry rules. These allegations were regarding the purchase of non-traded real estate investment trusts, or REITs. This case was settled for $87,500.


• In June 2018, a customer alleged that Bryon Martinsen recommended unsuitable investments and made material misrepresentations and omissions of material risks. This case was settled for $10,000 in damages.


• In February 2019, another customer alleged that Bryon Martinsen recommended unsuitable securities. This case was settled for $25,000 in damages.


• In April 2019, yet another customer alleged that Bryon Martinsen recommended unsuitable investments. This case is currently pending. The customer is seeking $1.7 million in damages.

Suitability

Securities brokers have a duty to their customers to always invest their money responsibly and to always act in their customers' best financial interests. The main part of this is only recommending securities to customers that they know are suited for them. Securities brokers, like Bryon Martinsen, have an obligation to conduct the necessary research that is required to determine if a particular investment will be suitable for a particular customer. They can determine this by looking at factors that include the customer's investment objectives, risk tolerance, financial situation, and liquidity needs. Brokers are not allowed to excuse themselves by claiming that they were unaware of an investment's unsuitability.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Bryon Martinsen, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.