The Financial Industry Regulatory Authority (FINRA) recently barred broker Christopher B. Ariola from the industry. Ariola was ordered to pay $137,993.13 plus prejudgment interest of $18,657.43 in restitution to clients for allegedly making unsuitable recommendations in high-risk gold and energy stocks. Many of his clients were elderly and retired. These recommendations were unsuitable for the clients, as gold and energy stocks tend to be high-risk and illiquid. Much of the client’s stocks were overconcentrated in them. Ariola was also accused of obtaining access to a client’s retirement account and engaging in securities trading in that account on the client’s behalf without providing required written notice to his firm. These are against securities rules and regulations.
According to his FINRA BrokerCheck report, Mr. Ariola was registered with Dean Witter Reynolds, Equity Trust Advisors, Prudential, Wachovia, Bay Mutual Financial in Santa Monica, California from September 2004 until September 2012 and Financial Telesis Inc. in Aliso Viejo, California from November 2012 until September 2014. He has four customer disputes against him, all of which are pending. He has been permanently barred from the industry.
We are Chicago-based securities attorneys who bring claims against firms in the FINRA arbitration forum in order to help investors recover their investment losses on a contingency fee basis. Please call us today at 312-332-4200 for your free consultation with an attorney if you suffered losses with Christopher Ariola. His former firm, Telesis, may be held liable for those losses.
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