United Planners and Broker Aaron Sevigny Named in Investor Lawsuit

Aaron Sevigny, United Planners Face Lawsuit Over High-Risk Alternative Investments

The White Law Group is reviewing allegations involving Aaron P. Sevigny (CRD#: 4314368), a Florida-based broker and investment adviser, and his supervising broker-dealer, United Planners Financial Services of America, following the reported filing of a proposed class action lawsuit that accuses the defendants of steering retirees and conservative investors into unsuitable, high-risk alternative investments.

According to the complaint, investors suffered substantial losses after being recommended illiquid private placements that were allegedly incompatible with their stated risk tolerance and retirement objectives.

Lawsuit Overview: Alleged Scheme Involving Alternative Investments

The lawsuit, filed in U.S. District Court in New Jersey, reportedly names Sevigny; his firm, Acadia Wealth Management; his wife; his late father-in-law’s estate; and United Planners, among others.

The plaintiff alleges losses of approximately $2 million, citing principal erosion, opportunity costs, excessive fees, tax liabilities, and penalties. The complaint asserts that other similarly situated investors suffered comparable harm.

According to the lawsuit, the defendants marketed themselves as trusted fiduciaries specializing in retirement planning while allegedly directing clients into speculative alternative investments driven by exorbitant commissions and undisclosed conflicts of interest.

Allegations of Unsuitable Recommendations and GPB Capital

Among the investments listed in the complaint are private placements issued by GPB Capital Holdings, which the U.S. Securities and Exchange Commission charged in 2021 as a $1.8 billion Ponzi-like scheme.

The lawsuit alleges that:

• Retirees and conservative investors were solicited to purchase illiquid, high-risk private placements

• United Planners allegedly received notice of GPB’s failure to file audited financial statements in 2018 and 2019

• Despite these red flags, the firm allegedly failed to restrict or adequately supervise Sevigny’s sales of GPB investments

These allegations raise serious questions about broker supervision, due diligence, and compliance with FINRA’s suitability and supervisory rules.

United Planners’ Alleged Supervisory Failures

The complaint contends that United Planners failed to adequately supervise Sevigny despite:

• Prior customer disputes on his record

• Industry-wide warnings about alternative investments

• United Planners’ own history of regulatory sanctions and restitution orders

Broker-dealers have a duty under FINRA Rule 3110 to establish and maintain supervisory systems reasonably designed to ensure compliance with securities laws and FINRA rules. Failure to do so can expose firms to liability when investors are harmed.

BrokerCheck Snapshot: Aaron Sevigny

According to FINRA BrokerCheck records:

• Name: Aaron P. Sevigny

• CRD#: 4314368

• Experience: 22 years in the securities industry

• Current Firm: United Planners Financial Services of America (since 2006)

• Registrations: Broker and Investment Adviser

• Disclosures:

  • Three customer complaints filed in 2021

  • All three complaints were settled

Sevigny holds registrations in more than 30 states, including Florida, California, New York, Illinois, and Texas.

Why Alternative Investments Pose Elevated Risks for Retirees

Private placements and other alternative investments often involve:

• Illiquidity (limited or no secondary market)

• High commissions and selling incentives

• Complex structures that are difficult for investors to evaluate

• Significant tax consequences and penalties

For retirees and conservative investors seeking income preservation and capital stability, these products may be wholly unsuitable when compared to traditional investments.

Legal Options for Investors: FINRA Arbitration and Securities Claims

Investors who suffered losses due to unsuitable recommendations or supervisory failures may be able to pursue recovery through FINRA arbitration, rather than joining a class action.

FINRA arbitration can allow investors to seek:

• Compensatory damages

• Interest and costs

• Attorneys’ fees in certain cases

Claims may be brought against the individual broker, the supervising broker-dealer, or both.

How The White Law Group Can Help

The White Law Group is a national securities fraud and FINRA arbitration law firm representing investors harmed by broker misconduct, unsuitable alternative investments, and supervisory failures.

If you or a loved one invested in GPB Capital or other high-risk alternative investments through United Planners or Aaron Sevigny and suffered losses, you may have legal options.

For a free, confidential consultation with a securities attorney, call The White Law Group at 888-637-5510.

Frequently Asked Questions (FAQs)

Can investors file claims against United Planners for unsuitable investments?

Yes. Investors may be able to pursue claims against United Planners Financial Services of America if the firm failed to properly supervise its broker or allowed unsuitable, high-risk investment recommendations. Broker-dealers are responsible under FINRA rules for monitoring advisor conduct and addressing red flags.

Why are alternative investments often unsuitable for retirees?

Alternative investments such as private placements are typically illiquid, complex, and commission-driven. For retirees and conservative investors, these products can expose investors to significant losses, limited access to funds, and unexpected tax consequences—making them inappropriate for many retirement portfolios.

What is FINRA arbitration and how can it help investors recover losses?

FINRA arbitration is the primary method for resolving disputes between investors and brokerage firms. It is generally faster than court litigation and allows investors to seek compensation for losses caused by unsuitable recommendations, misrepresentations, or supervisory failures.