FINRA Reportedly Suspends Byron Martinsen for 15 Months after Allegations
According to public records on August 19, 2022, the Financial Industry Regulatory Authority (FINRA) reportedly suspended broker Byron Martinsen for 15 months. He will also reportedly be required to pay a fine of $10,000.
The allegations state that from October 2014 through January 2020 Martinsen purportedly participated in private securities transactions by facilitating the sale of approximately $1,100,000 in alternative investments through 55 transactions with 57 firm customers without providing prior written notice to his firm, in violation of NASD Rule 3040, and FINRA Rules 3280 and 2010, according to FINRA’s findings. Additionally, from August 2014 through February 2021, Martinsen purportedly made at least 150 payments to 38 firm customers, in single or in multiple related payments, totaling approximately $400,000, to compensate them for losses associated with securities investments that Martinsen had recommended. By making these alleged payments, which were not authorized by Centaurus, Martinsen purportedly shared in his customers’ losses, in violation of FINRA Rules.
According to his FINRA Broker report, Martinsen has reportedly been affiliated with Centaurus Financial (CRD#:30833) in Kings Park, NY since 1999.
Martinsen reportedly has 11 customer complaints on his broker record. Allegations include over-concentration, and unsuitable, high-risk, illiquid investments, among others.
Filing a Complaint against your Brokerage Firm
The White Law Group is investigating potential securities claims involving financial advisor Byron Martinsen and the liability his employers may have for failure to properly supervise him.
When brokers abuse client accounts or conduct transactions that violate securities laws, such as making unauthorized trades or making unsuitable investments, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
The brokerage firms can be held responsible for any losses in a FINRA arbitration claim if it is determined that they failed to properly supervise their agent.
If you are concerned about investment losses with Byron Martinsen, the securities attorneys of The White Law Group may be able to help you. For a free consultation with a securities attorney, please call 888-637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Seattle, Washington.
For more information on The White Law Group, visit www.WhiteSecuritiesLaw.com.
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