Last Updated: January 2024 (Jacksonville, Florida)
Arni Diamond Investigation Summary
Here’s what you need to know about Jacksonville, FL, stockbroker Arni Diamond:
- Name: Mr. Arni Jay Diamond
- Current Employer: Suspended by FINRA from acting as a broker
- DBA: The Diamond Group
- Previous Firms: Supreme Alliance, Empirikal Partners, Dempsey Lord Smith LLC, Kalos Capital, Berthel Fisher & Co.
- Function: Stock Broker/ Financial Advisor/ Registered Investment Advisor
- Aliases: Arni Diamond
- Primary Location: Jacksonville, FL
- CRD 2667392
- Can Arni Diamond be sued in FINRA arbitration: Yes
- Sanctioned by FINRA: Yes
- Terminated by a prior employer: Yes
- Highest Settlement or Award: $55,690
- Pending Customer Dispute Seeks Damages of $50,000
Discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Arni Diamond As Your Stockbroker?
In 10/2023 Arni Diamond was suspended for four months (ending 2/2024) by FINRA to resolve allegations that he made unsuitable recommendations to two customers in their sixties to invest in speculative alternative investments. FINRA found that the limited partnerships he recommended were unsuitable for the customers given their age, income, net worth and risk tolerance. In addition, one customer was not an accredited investor as required and the recommendation resulted in an over concentration of the customer’s net worth in alternative investments.
In a currently pending FINRA arbitration a customer of Dempsey Lord Smith seeks damages of $50,000 and alleges that Arni Diamond breached his fiduciary duty as well as the Best Interest Rule.
Arni Diamond discloses 16 prior customer disputes including several cases where the customers allege that they were sold unsuitable direct investments/ alternative investments.
In 10/2020 Arni Diamond was “permitted to resign” from Dempsey Lord Smith for failing to follow policies and procedures releated to limited partnerships and direct investments.
Allegations of Broker Misconduct Against Arni Diamond
Customers of Arni Diamond have alleged the following wrongdoing in connection with the handling of customer accounts:
- Unsuitable Investment Recommendation to invest in alternative investments
- Breach of Fiduciary Duty
- Over concentrated customer account
- Misrepresentation in the sale of a real estate investment
- Recommended investments not appropriate for customer’ s stated goal
- Did not disclose risks and fees associated with investments
- Failure to conduct adequate due diligence
Alternative Investments: These are assets that are not stocks, bonds or cash. Alternative investments generally fall within five categories: hedge funds, private capital, natural resources (oil and gas, energy), real estate (REITs) and infrastructure. They are typically less liquid that conventional investments, less regulated with higher fees and generally higher risk.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Recover Your Investment Losses Now With Rex Securities Law
Firms Have a Duty to Supervise their Financial Advisors (FINRA Rules 3110 & 2090)
Brokers and their firms have a duty to comply with the FINRA suitability rule which requires that they have a reasonable basis to believe that a recommendation is suitable for the customer. FINRA Rule 2111- suitability
If you have suffered investment losses in an account handled by Arni Diamond, contact us for a complimentary consultation with an experienced securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
With offices in Boca Raton, FL and Austin, TX, stockbroker fraud attorney Bob Rex provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors and broker dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
