Update – Christopher Ariola Barred After Selling Unsuitable Gold and Energy Stocks
We are currently investigating allegations made against Christopher L. Ariola, a financial advisor from Santa Monica, California who previously worked with Bay Mutual Financial. FINRA (the Financial Industry Regulatory Authority) brought a regulatory action against Mr. Ariola, making allegations that he made unsuitable concentrations with three elderly customers in gold and energy stocks (including James River Coal and Hugoton Royalty Trust) during 2011 and 2012. Investmentnews.com also reported this complaint on its website.
In December 2016, FINRA barred Christopher Ariola after he failed to respond to the investigation. FINRA also ordered him to pay restitution of $137,993, but those restitution orders often go unpaid.
Christopher Ariola was a registered representative and financial advisor of Bay Mutual Financial from September 2004 to September 2012. He worked at a branch office in Santa Monica, California. According to Ariola’s BrokerCheck report, he has been the subject of at least four customer complaints as well.
Broker-dealers like Bay Mutual Financial have a responsibility to adequately supervise all representatives who are registered through their firm, including investments sold by their registered representatives. Broker-dealers also must take steps to ensure that their financial advisors follow all securities rules and regulations, such as to refrain from excessively trading a customer’s account. When broker-dealers 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 California. Our attorneys have represented over one thousand investors against many brokerage firms in the past.
Click to view: Ariola, Christopher FINRA Order
Click to view: Ariola, Christopher FINRA Complaint
Click to view: Ariola, Christopher BrokerCheck 8.26.16
IF YOU LOST MONEY WITH CHRISTOPHER ARIOLA OR BAY MUTUAL FINANCIAL, PLEASE CONTACT US AT 720-599-3505 FOR A FREE EVALUATION OF YOUR CASE.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.