Randy Birkinbine, Broker with Ausdal Financial Partners, Facing Pending Customer Dispute Alleging Unsuitable Investments and Concentration in Illiquid Investments

The client is seeking over $100k in damages for Birkinbine’s alleged misconduct. 

The Sonn Law Group is investigating allegations that Randy Birkinbine made unsuitable investment recommendations. 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.

Randy Birkinbine (CRD#: 2008599) is currently registered as a broker and investment adviser with Ausdal Financial Partners where he has been employed since 2011. Previously, Birkinbine was registered as a broker with Workman Securities from 2007 until 2011. 

Birkinbine has ten disclosures on his BrokerCheck report.

September 2020 Customer Dispute

• Status: Pending
• Allegations: The client alleges unsuitable investments and concentration in illiquid investments.
• Damage Amount Requested: $109,000.00

March 2019 Judgment / Lien

• Judgment/Lien Amount: $3,467.25
• Judgment/Lien Type: Tax

February 2018 Customer Dispute

• Status: Denied
• Allegations: The client believes that recommended private placements in January 2012 and November 2013 were not fully explained. Further, he is now unable to access his investments and has learned he will receive back less than he invested.
• Damage Amount Requested: $150,000.00

February 2017 Judgment / Lien

• Judgment/Lien Amount: $31,318.00
• Judgment/Lien Type: Tax
• Broker Comment: Lien was discovered during a public records search by BD and RR was notified 6/1/17. RR confirms although he has been in recent negotiations with the IRS regarding his payment schedule, no prior notification about this lien was given to him or his tax representative. Ramsey County Records office verified by phone to the BD they do not send notifications of liens filed with them.

December 2013 Judgment / Lien

• Judgment/Lien Amount: $43,725.00
• Judgment/Lien Type: Tax
• Broker Comment: Under the direction of the tax attorney to combine current 2012 taxes due to previous tax liability, as we were negotiating for a settlement/payment plan solution.

November 2013 Customer Dispute

• Status: Settled
• Allegations: The client alleges she was to receive 7% annum guaranteed appreciation.
• Damage Amount Requested: $25,847.54
• Settlement Amount: $25,847.54

July 2013 Customer Dispute

• Status: Settled
• Allegations: Clients purchased senior preferred notes in Quest Energy Management through Mr. Birkinbine. The loans defaulted, as a result of being taken into receivership. Client alleges that Workman Securities did not perform due diligence on the product. They allege that this lack of due diligence is the reason for their losses.
• Damage Amount Requested: $137,000.00
• Settlement Amount: $35,000.00
• Broker Comment: During initial meeting with clients, three separate investments were offered to help diversity risks, but the clients opted to place their investments in one illiquid limited partnership. Due to some illegitimate trading by another investor, the product was placed in a full receivership, thus not allowing the clients to liquidate any of their investment. The clients chose not to wait until the matter was resolved and the product was sold to recover their assets, thus a settlement for the purchase of the Quest notes was made in order to satisfy the request of the client. 

May 2013 Judgment / Lien

• Judgment/Lien Amount: $131,595.75
• Judgment/Lien Type: Tax
• Broker Comment: IRA Lien was caused by an audit of three years of tax filings where the IRS disallowed business deductions for unacceptable records.

• December 2009 Judgment / Lien
• Judgment/Lien Amount: $51,670.00
• Judgment/Lien Type: Tax
• Broker Comment: IRS Lien was caused by an audit of three years of tax filings where the IRS disallowed business deductions for unacceptable records.

May 2007 Employment Separation After Allegations

• Firm Name: Invest Financial Corporation
• Termination Type: Discharged
• Allegations: Violation of firm policy in regard to multiple, incomplete new account or transaction documents signed by clients.
• Broker Comment: Opened 5 accounts for clients on the night before, joint, traditional IRA, Roth IRA accounts. This meeting lasted past 6:30 PM and under client request I had clients sign uncompleted Roth IRA forms – to which I would/did complete the names, SS#, addresses and employment info, ect. The next morning, my OSJ was at my office prior to business hours and was going through my files on my desk and noted the uncompleted documents. Written complaints I did not view as complaints. 1. Assistant calling at work 2. Request to discuss fees on a recent MF purchase.

Contact Us Today

The Sonn Law Group is currently investigating allegations that Randy Birkinbine made unsuitable investment recommendations. 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.