Gary Benson Investigation
June 2023-Encino, CA
According to publicly available record Gary Benson, an Independent Financial Group broker discloses eight prior customer disputes and one pending customer dispute.
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.
Benson has eight customer disputes that were settled as follows:
- NPB Financial Group customer alleged Inaccurate minimum income figures were provided to client on one of annuities purchased. Client has two other annuities with minimum income benefits. They have increased to higher minimum income amounts. The combined total minimum income benefits on all annuities are higher than amounts originallypresented. The combined total amount client invested in all annuities is much higher in value. The case settled for $142,500 with $50,000 paid by Benson individually.
- NPB Financial Group customer alleged conversion, breach of fiduciary duty, imposition of a constructive trust. The case was settled in Superior Court State of CA, Los Angeles for $201,000.
- Associated Securities Corporation customer alleged misunderstanding and lack of detailed information on investment. The case settled for $30,000 paid by Benson individually.
- NPB Financial Group customer alleged Benson failed to conduct reasonable due diligence, misrepresentation and unsuitable investment for claimant given her financial situation, needs and investment objectives. The case settled for $225,000 paid by Benson individually.
- NPB Financial Group customer alleged unsuitability. The case settled for $215,000 with $25,00 paid by Benson individually.
- National Planning Corp. customer alleged breach of fiduciary duty. The case settled for $110,000 paid by Benson.
- Associated Securities Corp. customer alleged that Benson implemented stock sales with other brokerage firm causing capital gains taxes. The case settled for $13,000 with Benson paying $5,000.
- Associated Securities Corp. customer alleged negligent misrepresentation of facts, breach of fiduciary duty and negligence. The case settled in Superior Court, Los Angeles for $40,000.
In 10/2022, in FINRA case 22-02313, a NPB Financial Group customer alleges suitability with $200,000 in damages in connection with the purchase of an L Bond. The case is currently pending.
Benson has been employed with Independent Financial Group since 7/2022. He has been employed with Pash & Benson International, a registered investment advisor, since 7/1981.
If you have suffered losses in an account handled by Gary Benson contact us for a no charge consultation to learn how you may be able to recover damages through FINRA arbitration.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
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