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Sagepoint Financial: 11 Customer Complaints, 13 Regulatory Actions

Sagepoint Financial

Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on June 17, 2019 indicate that Arizona-based brokerage and advisory firm Sagepoint Financial has received customer complaints and regulatory sanctions in connection to alleged rule violations. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Sagepoint Financial (CRD# 133763).

Established in Delaware in 2004, Sagepoint Financial is headquartered in Phoenix, Arizona and registered with 53 US states and territories. According to the firm’s BrokerCheck report, it has received 11 customer complaints and 13 regulatory sanctions.

In 2018 FINRA sanctioned the firm in connection to allegations its supervisory system and procedures were not reasonably designed to supervise firm representatives’ sales of multi-share class variable annuity products. The firm was censured and issued a fine of $200,000.

In 2017 FINRA sanctioned the firm in connection to allegations it disadvantaged some of its retirement plan and charitable organization customers who were eligible to invest in Class A shares of mutual fund products that didn’t have front-end sales charges. In connection with these findings, the firm was censured and issued a fine of $75,000.

In 2017 the South Carolina Securities Division sanctioned the firm in connection to allegations it failed to reasonably supervise a registered representative who converted customer funds and directed them toward his own personal use. The firm was issued a fine of $25,000.

In 2016 the SEC sanctioned the firm in connection to allegations it breached its fiduciary duty and engaged in compliance failures when it invested advisory clients in mutual fund share classes accompanied by 12B-1 fees rather than lower-fee share classes which were available to the customers. In connection with these findings, the firm was censured and issued a fine of $7.5 million.

In 2013 a customer alleged the firm breached its fiduciary duty, misrepresented and omitted material facts, and made unsuitable investment recommendations. The complaint resulted in an award to the customer of $1,462,000.

In 2011 a customer alleged Sagepoint Financial breached its fiduciary duty, misrepresented material facts, made unsuitable investment recommendations, and acted negligently. The complaint resulted in an award to the customer of more than $284,100.

In 2008 a customer alleged Sagepoint Financial breached its fiduciary duty, failed in its supervisory duties, acted negligently, and misrepresented material facts. The complaint resulted in an award to the customer of more than $490,00.

In 2008 a customer alleged Sagepoint Financial misrepresented material facts, failed in its supervisory duties, and acted negligently. The complaint resulted in an award to the customer of more than $125,400.

If you or someone you know has complaints regarding Sagepoint Financial, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recover lost funds. All cases are taken on a contingency basis: we only receive payment if and when you collect money. Time to file your claim may be limited, so we suggest you avoid delay. Call 877-238-4175 now to speak to an attorney for free.