Were you the victim of investment losses with American Portfolios Financial Services, Inc. broker Bernard Bostwick (CRD# 4327954)? He has been registered with American Portfolios Financial Services, Inc. in Lancaster, Pennsylvania, since 2011 and with Ambassador Advisors, LLC in Lancaster, Pennsylvania, since 2007.
In May 2020, the United States Securities and Exchange Commission (SEC) sanctioned him to pay a $136,620 civil and administrative penalty and fine. According to his Brokercheck, between August 2014 and December 2018, Ambassador Advisors and investment adviser representatives unlawfully invested their advisory clients in mutual fund share classes with fees when lower-cost mutual fund share classes were available to the clients. “As a result, clients received a lower return on their investment, and Bostwick, Kauffman, and Young received additional compensation in the form of 12b-1 fee revenue. Defendants violated their duty to seek best execution for clients’ mutual fund transactions by causing certain clients to invest in fund share classes that charged 12b-1 fees when share classes of the same funds were available to the clients that presented a more favorable value under the particular circumstances in place at the time of the transactions,” according to Brokercheck.
Bernard Bostwick Customer Complaints
He has been the subject of one customer complaint, according to his CRD report:
September 2022. “Claimant alleges the RR breached fiduciary duty by failing to recognize and stop claimant from being a victim of wire fraud.” The case is currently pending. The complaint took place while he was registered with American Portfolios Financial Services, Inc.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, American Portfolios Financial Services, Inc. may be liable for investment or other losses suffered by Bernard Bostwick’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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