Bay Mutual Financial - Law Offices of Robert Wayne Pearce

Apr 5, 2017

Former Bay Mutual Broker Barred For Recommending Risky Gold and Energy Stocks

Christopher Ariola, of Santa Monica, California, was barred by the Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) in a default decision made by FINRA’s Office of Hearing Officers for allegedly recommending that elderly retirees invest a large portion of their retirement assets in high-risk gold and energy stocks, causing the customers to lose a combined total of $137,993.13 FINRA alleged that while associated with Bay Mutual Financial, LLC, Christopher Ariola recommended his customers invest heavily in gold and energy stocks. The investment recommendations, including stocks that were purported to produce high-yield dividends, exposed his customers to significant risk. Two of the customers who allegedly took Mr. Ariola’s investment recommendation were a married couple who lost $93,052.21. Another customer lost $44,940.92 as a result of Mr. Ariola’s alleged unsuitable recommendations. Mr. Ariola was barred from association with any FINRA member in any capacity and required to pay $137,993.13 plus interest in restitution to customers.

FINRA Files Complaint Against Bay Mutual Financial Broker For Alleged Unsuitable Recommendations

Christopher Ariola, of Santa Monica, California, was named a respondent in a Financial Industry Regulatory Authority (FINRA) complaint alleging that he made unsuitable recommendations to elderly retirees to invest in gold and energy stocks. As a result of his unsuitable recommendations, FINRA alleges that his customers suffered combined losses totaling approximately $140,000. Formerly registered with Bay Mutual Financial, LLC, a Santa Monica, California based broker dealer, the now unlicensed Christopher B. Ariola is alleged to have recommended to three elderly retirees to invest a substantial portion of their limited retirement assets in gold and energy stocks. Mr. Ariola’s alleged recommendations were unsuitable in light of the customers’ financial circumstances, investment objectives, and low to moderate risk tolerances.