Barred former Independent Financial Group, LLC broker Jon Pariser (CRD# 2755015) is accused of running a Ponzi scheme. He was registered with Independent Financial Group, LLC in Pacific Grove, California from 2014 to May 2018.
Previously, he was registered with SWS Financial Services, Inc. in Pacific Grove, California from 2013 to July 2014, when he was terminated regarding, “During a routine review of e-mail correspondence, firm supervisory personnel discovered e-mail correspondence containing statements potentially indicating that the representative had utilized unauthorized discretion.”
According to publicly available records, in June 2017 he informed his former clients that he would be retiring and that Christopher A. Parris (CRD# 4552325), an unlicensed securities broker, would be taking over for him. Christopher A. Parris was last registered with Nationwide Securities, Inc. in Grandview Heights, Ohio from March 2004 to May 2005. Christopher A. Parris was sanctioned and suspended by FINRA in November 2015 for failing to respond to a FINRA request for information.
At the time the clients began working with Jon Pariser in June 2017, they did not know that Christopher A. Pariser was barred by FINRA in November 2015, just more than two years earlier. The clients were sold an annuity previously by John Pariser, but then he recommended they surrender the annuity in full and instead invest in First Nationle Solution, an alleged $102 million Ponzi scheme according to the Securities and Exchange Commission (SEC), which he was allegedly orchestrating. The former clients allege that Independent Financial Group failed to supervise him and allowed him to make an unsuitable recommendation to invest with Christohper A. Parris, causing the claimant to lose more than $135,000.
According to the SEC, “the defendants defrauded more than 600 investors through sales of securities in issuers they controlled, including First Nationle Solution LLC, United RL Capital Services, and Percipience Global Corp. The complaint alleges that investors were told that their funds would be used for the companies and some were guaranteed dividends or double-digit returns. But, according to the complaint, the defendants spent at least $20 million to enrich themselves, paid $38.5 million in Ponzi-like payments, and transferred much of the remainder in transactions that appear unrelated to the issuers’ purported businesses.”
In October 2018, Jon Pariser was barred by FINRA after he consented to the sanction and to the entry of findings that he failed to provide FINRA with requested documents and information related to allegations that he referred some of his customers to an individual who was not registered and who may have recommended or sold potentially unsuitable securities to them.
Jon Pariser Customer Complaints
He has been the subject of 10 customer complaints between 2006 and 2020, one of which was closed without action, according to his CRD report. Recent complaints are regarding:
June 2020. “Alleges representative was involved with individuals who were running a scam and that he convinced her to invest in fraudulent investments, resulting in a loss.” The customer sought $1,202,739.63 in damages and the case was settled for $815,049.64. The complaint was regarding promissory notes.
June 2020. “Alleges representative convinced her to invest with individuals who were involved in a fraudulent, unregistered investment.” The customer sought $152,000 in damages and the case was settled for $103,004.30. The complaint was regarding promissory notes.
May 2020. “Alleges representative convinced them to invest with individuals who were operating a fraudulent investment program, resulting in a loss of their investment.” The customer sought $98,491.68 in damages and the case was settled for $66,743.87. The complaint was regarding promissory notes.
May 2019. “Claimants seek to impose liability on Rep and IFG for investments they made through an individual to whom rep sold his business (unbeknownst to IFG).” The customer sought $1,268,000 in damages and the case was settled for $540,000. The complaint was regarding promissory notes.
December 2018. “Claim IFG failed to supervise representative, allowing for him to recommend that they utilize the services of two individuals who were not affiliated with IFG and who convinced them to take their money from the investments held through IFG and make investments in promissory notes.” The customer sought $2.01 million in damages and the case was settled for $700,000.
August 2018. “Alleges that Mr. Pariser introduced her to an individual who was not licensed and who convinced her to surrender a portion of her VA and invest in “notes.” The customer sought $137,000 in damages and the complaint was settled for $65,000. The complaint was regarding promissory notes.
July 2018. “Claimant made investments in unregistered, non-exempt “notes” through individuals who were not affiliated with IFG; however, he claims that Mr. Pariser was somehow involved in convincing him to move his money and that IFG is somehow responsible for these actions.” The customer sought $1 million in damages and the case was settled for $346,500. The complaint was regarding promissory notes.
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 John Pariser’s and Christopher A. Parris’ 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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