Haselkorn & Thibaut, a nationally recognized investment fraud law firm, has opened an investigation into Ronald David Birnbaum (CRD# 2382580), formerly of Advisory Group Equity Services Ltd., based in Newton, MA. If you’ve worked with Mr. Birnbaum or experienced unexpected losses, this report provides an essential overview of his background, regulatory history, and all publicly documented customer complaints to date.
Our goal is to offer concerned investors clear, actionable insights—and to let you know what steps you can take next.
Who is Ronald David Birnbaum?
Table of Contents
- Full Name: Ronald David Birnbaum
- CRD Number: 2382580
- Office Location: Newton, Massachusetts (MA)
- Broker-Dealer History: Most recently affiliated with Advisory Group Equity Services Ltd. (also referenced as AGES Financial Services) from August 2001 to February 2021
- Status: No longer registered with a FINRA-member firm
In addition to his work as a financial advisor and broker, Mr. Birnbaum has been involved with Shawmut Benefits Group and other estate planning activities.
Summary of Customer Complaints & Disputes
Below you’ll find every known customer complaint and disclosure involving Ronald D. Birnbaum, based on the most recent public records and due-diligence searches.
| Date Filed/Type | Case Number | Allegation / Product Type | Claimed / Settled Amount | Status |
|---|---|---|---|---|
| Sept 14, 2022 (Arbitration) | FINRA 22-0210 | Unsuitable investments in Direct Investment/DPP & LP Interests (AGES) | $455,453.83 (sought) | Pending |
| Mar 9, 2020 (Arbitration) | FINRA 20-22786 | Lack of due diligence, over-concentration, suitability | $200,000 (sought) | Pending |
| Apr 13, 2020 (Arbitration) | FINRA 20-01196 | Suitability – Direct Investment/Interval Fund | $75,000 (sought) | Pending |
| May 14, 2020 (Arbitration) | FINRA 20-01535 | Suitability – Direct Investment/DPP & LP Interests | $47,000 (settled 6/24/21) | Settled |
| Mar 17, 2016 (Arbitration) | FINRA 16-00791 | Unsuitable investments, lack of supervision DPP/LP/Oil & Gas/TIC |
$50,000 (settled 9/21/16) | Settled |
| Jan 24, 2013 (Arbitration) | FINRA 13-00153 | Unsuitable investment in DPP/LP | $45,000 (settled; $22,500 personal contribution) | Settled |
| 2018–2019 (Civil Litigation) | State Case 1884CV02523 | Private placement corporate bond sold in 2009; later involved in reinsurer bankruptcy; led to litigation | Damages not specified; litigation pending (as of 1/14/19) | Open |
In total, publicly disclosed client claims and awards associated with Mr. Birnbaum have reached well over $200,000, with pending claims exceeding $700,000 in damages. The complaints consistently focus on unsuitable recommendations, failure to conduct adequate due diligence, and over-concentration in alternative investments.
Patterns & Key Red Flags in the Complaints
- Repeated Unsuitable Recommendations: Several clients allege that Mr. Birnbaum placed them in investments that did not fit their financial goals, risk tolerances, or needs. These cases often involved complex or illiquid products, such as DPPs, LP interests, real estate structures, oil & gas, and interval funds.
- Over-Concentration: Multiple disputes cite that too much of a client’s portfolio was placed in similar or high-risk offerings, amplifying downside if any one investment performed poorly.
- Inadequate Due Diligence: Complaints also highlight failures to research, assess, or disclose risks, especially concerning alternative investments lacking market liquidity.
- Lack of Supervision: At least one settled claim mentions insufficient oversight, an important regulatory responsibility at both the advisor and firm levels.
It’s important for investors to realize that these categories are frequent warning signs for FINRA violations—including breach of the Suitability Rule (Rule 2111) and Supervision Rule (Rule 3110).
How to Verify Ronald David Birnbaum’s Regulatory Record
- You can view Mr. Birnbaum’s regulatory record, registrations, and disclosures by visiting FINRA BrokerCheck and searching by his name or CRD #2382580.
- Review all sections of the profile, especially the “Disclosures” tab for the status of complaints and regulatory events.
*Remember: No single public check guarantees a clean record—review regularly or consult a securities professional for an updated assessment.*
Next Steps for Investors Concerned About Ronald David Birnbaum
If you have experienced losses, confusion, or questionable recommendations in accounts managed by Mr. Birnbaum, it’s vital to understand your options for recovery. FINRA arbitration is the primary process for seeking reimbursement from former brokers and their firm.
Haselkorn & Thibaut is a national law firm with over 50 years of combined experience representing investors in securities arbitration and brokerage misconduct cases. With a 98% success rate and millions recovered for clients, we manage cases nationwide on a contingency fee basis—you pay nothing unless we recover funds for you.
Contact Our Team for a Free, Confidential Consultation
- Have your investments been placed in high-commission products or alternative offerings you didn’t fully understand?
- Did your advisor fail to explain the risks, or was your portfolio too heavily concentrated in just a few investments?
Don’t wait to take control of your financial future. Call Haselkorn & Thibaut today at 1-888-885-7162 for a 100% free and confidential case evaluation with an experienced investment fraud attorney.
Find out if you can recover your investment losses—there is no obligation and no fee unless we win.
