Haselkorn & Thibaut (investmentfraudlawyers.com) has opened an investigation into Chicago-based financial advisor Brent Allen Penrose, currently registered with Northern Trust Securities, Inc. If you’ve worked with Mr. Penrose or have concerns about your investments, understanding his regulatory history and professional background can help you make informed decisions about your financial future.
Who is Brent Allen Penrose?
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Brent Allen Penrose (CRD# 5464292) is a stockbroker and financial advisor operating out of Chicago, Illinois. With a career spanning multiple prestigious financial institutions, Penrose currently works with Northern Trust Securities, Inc. His professional journey includes positions at several major firms:
- J.P. Morgan Securities LLC
- UBS Financial Services Inc.
- HSBC Securities (USA) Inc.
- Wells Fargo Clearing Services, LLC
While movement between firms is common in the financial industry, frequent transitions can sometimes signal underlying issues that investors should be aware of.
Understanding the Red Flags: Penrose’s Regulatory History
A review of Penrose’s BrokerCheck record reveals two customer disputes that investors should carefully consider. These complaints raise questions about investment practices and client relationships that deserve closer examination.
Customer Dispute #1: Trading Without Permission
| Date Filed | Allegation | Status | Resolution |
|---|---|---|---|
| July 8, 2019 | Unauthorized Trading | Settled | $6,000 |
The first complaint alleges that Penrose engaged in trading without the customer’s permission between October 2017 and February 2019. This is particularly concerning because:
- Unauthorized trading violates fundamental trust between advisor and client
- It potentially exposes investors to unwanted risk and financial loss
- Such actions may indicate a pattern of prioritizing personal gain over client interests
While the settlement amount of $6,000 might seem modest, any instance of unauthorized trading represents a serious breach of fiduciary duty. Financial advisors are legally obligated to obtain clear authorization before executing trades on behalf of their clients.
Customer Dispute #2: Misrepresentation Allegations
| Date Filed | Allegation | Status | Resolution |
|---|---|---|---|
| November 10, 2011 | Misrepresentation | Settled | $250,000 |
The second complaint is significantly more substantial, with allegations of misrepresentation resulting in a $250,000 settlement. This earlier incident occurred while Penrose was employed at Wells Fargo Advisors, LLC. The considerable settlement amount suggests:
- The alleged misrepresentation may have caused substantial financial harm
- The firm took the allegations seriously enough to agree to a quarter-million-dollar settlement
- The issues raised were significant enough to warrant substantial compensation
Why These Complaints Matter to Investors
When evaluating a financial advisor, past regulatory issues provide crucial insight into their professional conduct. Here’s why these specific complaints should concern current and prospective clients:
Pattern of Behavior
Two separate complaints spanning different time periods and involving different types of misconduct may indicate ongoing issues with adherence to industry standards. While everyone deserves the benefit of the doubt, patterns in regulatory history can’t be ignored.
Trust and Transparency
Both complaints involve fundamental breaches of trust – unauthorized trading and misrepresentation strike at the heart of the advisor-client relationship. Investors rely on their advisors to be honest, transparent, and to act solely in their best interests.
Financial Impact
With settlements totaling $256,000, these complaints represent real financial consequences. If you’ve experienced similar issues or have concerns about your investments with Penrose, it’s essential to act quickly to protect your financial interests.
What Should Investors Do?
If you’ve worked with Brent Allen Penrose or are currently a client, consider taking these steps:
- Review all your account statements carefully for any unauthorized transactions
- Document any communications or promises made regarding your investments
- Compare actual investment performance against what was represented
- Keep detailed records of all interactions and transactions
Your Rights as an Investor
Investment fraud and misconduct can devastate your financial security, but you have rights and options for recovery. Securities laws exist to protect investors from:
- Unauthorized trading
- Misrepresentation of investment risks or returns
- Breach of fiduciary duty
- Negligent supervision by brokerage firms
Time limits apply to filing claims, so prompt action is essential to preserve your rights.
How Haselkorn & Thibaut Can Help
With over 50 years of experience and a 98% success rate, Haselkorn & Thibaut has recovered millions for investors nationwide. Our team understands the complexities of securities law and can evaluate your situation at no cost. We work on a contingency basis – if we don’t recover money for you, you pay nothing.
Don’t let concerns about your investments keep you up at night. If you’ve experienced losses or have questions about Brent Allen Penrose’s handling of your accounts, call Haselkorn & Thibaut today at 1-888-885-7162 for a free, confidential consultation. Our experienced attorneys can review your situation, explain your options, and help you understand the best path forward.
Your financial future is too important to leave to chance. Take action today to protect your investments and secure the recovery you deserve.
