Carlos Benavidez Jr., Michael D. Rasmovich, and Waddell & Reed

Have you lost money with financial advisor Carlos Benavidez, Jr. and Michael Rasmovich of Louisville, Kentucky?  We are investigating allegations made by FINRA, the Financial Industry Regulatory Authority, against Carlos Benavidez and Michael Rasmovich. FINRA alleged that Benavidez and Rasmovich exercised discretion in at least 80 customer accounts without prior written authorization, in violation of FINRA rules.  FINRA also alleged that Benavidez and Rasmovich back-dated their notes to falsely reflect that they had conversations with customers.  To settle these allegations, both Benavidez and Rasmovich were fined $10,000 a piece and suspended from the securities industry for two months.

Carlos Benavidez was a financial advisor and registered representative of Waddell & Reed from August 2006 to February 2015.  Michael Rasmovich was a financial advisor and registered representative of Waddell & Reed from September 2007 to February 2015.  They worked at a branch office in Louisville, Kentucky.

Brokerage firms like Waddell & Reed 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 Denver, Colorado and the Seattle area.  We represent investors in FINRA arbitration proceedings in all 50 states, including investors in Kentucky. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including Waddell & Reed, LPL Financial, Merrill Lynch, Morgan Stanley, Smith Barney, Stifel Nicolaus & Company, UBS Financial Services, Oppenheimer, Charles Schwab, Wells Fargo Advisors, Ameriprise Financial Services, Raymond James, ProEquities, Securities America, National Securities Corp., and many others.

Click to view:  Rasmovich FINRA AWC

Click to view:  Rasmovich BrokerCheck 1.6.16

Click to view:  Benavidez FINRA AWC

Click to view:  Benavidez BrokerCheck 1.6.16

HAVE YOU LOST MONEY WITH CARLOS BENAVIDEZ, MICHAEL RASMOVICH, or WADDELL & REED?    

             CONTACT ISRAELS & NEUMAN, PLC FOR A FREE CASE EVALUATION

                Denver Office: (720) 599-3505

                Seattle Office: (206) 795-5798