Jonna Keller, a broker and investment advisor associated with Osaic Wealth, Inc. (CRD 23131), is currently facing allegations of misrepresentation and negligence in connection with investments purchased in 2014. The customer dispute, filed on January 8, 2024, also alleges inadequate supervision of the claimant’s account by the brokerage firm. The case is pending resolution, and the damage amount requested has not been disclosed.
According to the details provided in the FINRA BrokerCheck report, Keller has been associated with Osaic Wealth, Inc. since September 1, 2023, as both a broker and an investment advisor. The firm is based in Florida, and the investments in question involve real estate securities.
Investment fraud and bad advice from financial advisors can have devastating consequences for investors. A study by the Securities and Exchange Commission revealed that in the fiscal year 2020, the agency received over 71,000 complaints related to investment fraud and misconduct.
Understanding the Allegations and FINRA Rules
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Misrepresentation and negligence are serious allegations in the financial industry. Misrepresentation occurs when a broker or investment advisor provides false or misleading information to an investor, either intentionally or through failure to exercise due diligence. Negligence, on the other hand, refers to a failure to act with the level of care that a reasonably prudent person would exercise in similar circumstances.
FINRA Rule 2020 prohibits member firms and their associated persons from effecting any transaction in, or inducing the purchase or sale of, any security by means of any manipulative, deceptive, or other fraudulent device or contrivance. Additionally, FINRA Rule 3110 requires member firms to establish and maintain a system to supervise the activities of their associated persons that is reasonably designed to achieve compliance with applicable securities laws and regulations, and with applicable FINRA rules.
The Importance for Investors
This case highlights the importance of working with trustworthy and competent financial professionals. Investors rely on the advice and guidance of their brokers and investment advisors to make informed decisions about their investments. When these professionals engage in misrepresentation or negligence, it can lead to significant financial losses for investors.
Adequate supervision by brokerage firms is crucial in preventing and detecting misconduct by their associated persons. Firms have a responsibility to monitor the activities of their brokers and investment advisors to ensure compliance with applicable laws, regulations, and industry standards.
Recognizing Red Flags and Seeking Help
Investors should be vigilant in monitoring their investments and the conduct of their financial advisors. Some red flags that may indicate potential misconduct include:
- Unexplained or inconsistent account activity
- Unauthorized trades or transactions
- Failure to provide requested information or documentation
- Pressure to make quick investment decisions
If investors suspect that they have been the victim of investment fraud or misconduct, they should consider seeking the assistance of experienced legal counsel. Haselkorn & Thibaut, a national investment fraud law firm with offices in Florida, New York, North Carolina, Arizona, and Texas, is currently investigating Jonna Keller and Osaic Wealth, Inc. The firm has over 50 years of combined experience and a 98% success rate in helping investors recover their losses through FINRA arbitration.
Haselkorn & Thibaut offers free consultations to investors and works on a contingency basis, meaning they do not charge any fees unless they successfully recover funds for their clients. Investors can contact the firm toll-free at 1-888-628-5590 to discuss their case and explore their legal options.
As the case against Jonna Keller and Osaic Wealth, Inc. progresses, it serves as a reminder of the importance of transparency, integrity, and proper supervision in the financial industry. By staying informed and seeking help when needed, investors can better protect themselves against investment fraud and misconduct.
