In December 2024, a former client of Independent Financial Group, LLC in compensatory damages won an award in a FINRA arbitration for compensatory damages for $1 million related to private placement investment losses. The investors were clients of broker Armando Roman (CRD# 4414526).
He was registered with Independent Financial Group, LLC in Scottsdale, Arizona, from 2006 to 2021.
The causes of action included breach of fiduciary duty; fraud; fraudulent concealment; elder abuse; conversion; violations of state and federal securities laws; violations of FINRA, NASD and NYSE rules; negligence; negligent misrepresentation; and breach of contract. The causes of action relate to Claimants’ investments in various Direct Participation Programs (“DPPs”), including Strategic Storage Trust, Inc., Griffin-American Healthcare REIT III Inc., FS KKR Capital Corporation III; American Realty Capital Trust V Inc. American Realty Capital Healthcare II Inc, Walton US Land Fund 3, LP, NorthStar Healthcare Income, CION Investment Corp and Griffin Capital Essential Asset REIT II.
The FINRA arbitration hearing was conducted in Phoenix, Arizona.
Armando Roman Customer Complaints
He has been the subject of three customer complaints between 2021 and 2023, according to his CRD report:
February 2023. “Alleges investment was not suitable. See response to #24, below for additional information.” The customer is seeking $100,000 in damages, and the case is currently pending. The complaint took place while he was registered with Independent Financial Group, LLC, and it was regarding real estate investment trusts (REITs).
December 2022. “Allege that clients were overconcentrated in illiquid investments that were not suitable or in line with their stated objectives and risk tolerance.” The customer is seeking $343,475 in damages, and the case is currently pending. The complaint took place while he was registered with Independent Financial Group, LLC, and it was regarding direct investments, oil and gas securities, and real estate securities.
March 2021. “Roman was named in a customer complaint that asserted the following causes of action: breach of fiduciary duty; fraud; fraudulent concealment; elder abuse; conversion; violations of state and federal securities laws; violations of FINRA, NASD and NYSE rules; negligence; negligent misrepresentation; and breach of contract.” The customer is seeking $3,500,000 in damages and the case is currently pending. The complaint took place while he was registered with Independent Financial Group, LLC and Independent Financial Group Inc., and it was regarding direct investments.
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, Independent Financial Group, LLC may be liable for investment or other losses suffered by Armando Roman’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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