Portland, OR
Have you lost money with financial advisor Lisa Brumm from Portland, Oregon? We are looking into allegations made by FINRA (the Financial Industry Regulatory Authority) against Lisa Brumm. FINRA suspended Brumm from the securities industry for 6 months and fined her $7,500.
Brumm was being investigated regarding allegations that she borrowed money from a customer. It was alleged that she borrowed $40,000 from a securities brokerage client, which Brumm later repaid. She was also alleged to have sold two unsuitable investments in variable annuities.
Lisa Brumm was a registered representative and financial advisor with AXA Advisors from July 2011 to April 2017. She also was registered with Woodbury Financial from April 2017 to December 2020. She worked in a branch office in Portland, Oregon. Brumm has also been the subject of at least two customer complaints.
Broker-dealers like AXA Advisors have a responsibility to adequately supervise all representatives who are registered through their firm, including investments sold by their registered representatives. Broker-dealers also must take steps to ensure that their financial advisors follow all securities rules and regulations. When broker-dealers fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Vancouver, Washington; Seattle, Washington; Denver, Colorado; Phoenix, Arizona; and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in Oregon. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including against AXA Advisors and Woodbury Financial.