Allbright consented to a nine-month suspension and fine of $10,000.
The Sonn Law Group is investigating allegations that Joe Allbright engaged in unauthorized private securities transactions. If you or a family member has suffered losses investing, we want to discuss your case. Please contact us today for a free review of your case.
On June 8, 2020, Joe Allbright (CRD#:3001630) consented to being suspended for nine months and fined $10,000 by FINRA. He also consented to the findings that he engaged in undisclosed and unapproved private securities transactions. The findings stated that Allbright solicited investors to purchase securities in a company.
The company represented itself as a structured cash flow investment, claiming to purchase pensions at a discount from pensioners and then selling a portion of those pensions as a “pension stream” to investors. The company generally promised investors a 7% to 8% rate of return on their investment.
Allbright allegedly sold $502,000 in company purchase agreements to investors, including one customer of his member firm and received a total of $11,200 in commissions in connection with these transactions. Additionally, the findings stated that Allbright did not provide notice to his firm prior to participating in the transactions involving the company, nor did he obtain approval from the firm. The findings also stated that Allbright engaged in outside business activities for compensation without providing prior written notice to his firm.
Allbright conducted an insurance business, selling insurance products from both firm-affiliated and non-affiliated companies. Allbright also conducted financial planning services business, offering fixed products and other financial planning services. Each of those activities were outside the scope of Allbright’s relationship with the firm. Further, Allbright completed at least three compliance questionnaires incorrectly attesting that he had disclosed all outside activities to the firm.
Allbright has one other disclosure on his BrokerCheck report.
August 2018 Customer Dispute
- Status: Pending
- Allegations: “Client filed a claim for the recovery of losses from an investment in Future Income Payments, LLC (“FIP”). Client is alleging that Joe Allbright recommended an investment in FIP in the amount of $432,000. Future Income Payments offered lump sum payments to individuals in exchange for the right to receive the pension income stream of the individual. Client is alleging that as a result of negligent financial advice provided to him, that he suffered substantial financial loss ($432,000) to his retirement savings. His claim alleged negligence and breach of duty.”
- Damage Amount Requested: $432,000.00
Contact Us Today
The Sonn Law Group is currently investigating allegations that Joe Allbright engaged in undisclosed and unapproved private securities transactions. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.