Can you recover losses due to recommendations by former Independent Financial Group, LLC broker Bobb Meckenstock (CRD# 1152284)? He has been registered with Osaic Wealth, Inc. in Hays, Kansas, since 2023, And The Ameriflex Group in Hays, Kansas, since 2023. He was registered with Main Street Advisors, LLC in Hays, Kansas, from 1999 to 2024, and Independent Financial Group, LLC in Hays, Kansas, from 2010 to 2023.
In August 2010, FINRA sanctioned him to pay a $10,000 civil and administrative penalty and fine and suspended him for 30 days after it was found that he “failed to reasonably supervise a registered representative at his member firm.” FINRA found that he “participated in sales of stock that was outside the course or scope of the registered representative’s employment with the firm, participated in certain sales of the stock himself, and failed to record the sales on the firm’s books and records… The registered representative also engaged in a fraudulent scheme by reselling the stock to customers at markups as high as 600%.”
In April 2007, the Kansas Securities Commissioner ordered him to retest for the Series 24 Examination following allegations that he failed to reasonably supervise an agent.
Bobb Meckenstock Customer Complaints
He has been the subject of one customer complaint, according to his CRD report:
June 2021. “Per the Independent Financial Group, LLC filing, allege that representative, for whom Mr. Meckenstock was the supervisor/OSJ, encouraged the investment in a private securities transaction that turned out to be fraudulent/a ponzi scheme. Clients’ initial investment was in December 2015 in the amount of $25,000. Thereafter, they made two other investments–one in June 2016 for $20,000 and one in November 2021 for $25,000.” The customer is seeking $154,000 in damages, and the case is currently pending. The complaint was regarding private securities transactions, and it took place while he was registered with Independent Financial Group, LLC.
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 Bobb Meckenstock’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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