Brian Lockett, Formerly With Geneos Wealth Management And Now With Independent Financial Services, Suspended 45 Days By Washington
Lynnwood, WA
Have you lost money with financial advisor Brian Lockett of Lynnwood, Washington? We are continuing to look into allegations made against Brian J. Lockett. In 2019, FINRA (the Financial Industry Regulatory Authority) suspended Lockett for 45 days and fined him $5,000 regarding allegations that Lockett recommended a $50,000 investment in a private placement without disclosing such to his former brokerage firm, Geneos Wealth Management.
In 2020, the Washington Division of Securities suspended Lockett 45 days from serving as an investment advisory representative, and he was also fined $5,000 and ordered to pay investigative costs of $2,550. The suspension was made to be served concurrently with the FINRA suspension. Washington alleged that Lockett sold investments “away” from his former brokerage firm, without prior authorization. In May 2020, Lockett was also the subject of a complaint by the California Department of Insurance.
Lockett has also been the subject of numerous customer complaints, many of which were expunged in 2019. The customer complaints alleged that Lockett made unsuitable investment recommendations for various investments, including variable annuities, oil and gas investments, penny stocks, and a reverse mortgage. Lockett denied all claims made against him.
Brian Lockett was a financial advisor and registered representative of Geneos Wealth Management from 2004 to November 2013 and with Independent Financial Group from November 2013 to the present. He works at a branch office in Lynnwood, Washington. Lockett is also affiliated with Comprehensive Wealth Management, a registered investment advisory firm.
Brokerage firms like Geneos Wealth Management and Independent Financial Group have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms 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 Seattle, Washington and Denver, Colorado. We represent investors in FINRA arbitration proceedings in all 50 states, including investors throughout the Seattle area, including investors from Lynnwood, Edmonds, Bothell, Woodinville, Kirkland, Bellevue, and Seattle. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including Geneos Wealth Management and many others.