Ron Birnbaum: $200K Complaint Against Former Advisory Group Advisor

Former Newton, Massachusetts financial advisor Ron Birnbaum (CRD# 2382580) has received several investor complaints alleging that his recommendations resulted in losses. Financial Industry Regulatory Authority records show that he was most recently a broker with Advisory Group Equity Services and is no longer registered with any FINRA member firm.

Mr. Birnbaum’s BrokerCheck report discloses six investor complaints: three that remain pending, and three that reached settlements. The most recent, filed in 2020, alleged that as a representative of Advisory Group Equity Services, he recommended unsuitable investments. In 2021 the complaint reached a settlement of $47,000. 

A second complaint, also filed in 2020, alleged that Mr. Birnbaum failed to provide suitable due diligence, recommended unsuitable investments, and over-concentrated investments in the customer’s account. The pending complaint alleges damages of $200,000.

A third complaint, filed in 2020, similarly alleged inadequate due diligence, over-concentration, and unsuitable recommendations. The pending complaint alleges damages of $75,000.

A fourth complaint, filed in 2017, alleges the recommendation of a private placement corporate bond whose issuer later went bankrupt. The pending complaint alleges damages of $141,850.

A fifth complaint, filed in 2016, alleged lack of supervision, breach of fiduciary duty, and unsuitable recommendations involving oil and gas products, real estate securities, and tenant-in-common investments. The complaint reached a settlement of $50,000.

Finally, a complaint filed in 2013 alleged that Mr. Birnbaum recommended an unsuitable investment, later reaching a settlement of $45,000.

According to the Financial Industry Regulatory Authority, Ron Birnbaum holds 26 years of securities industry experience. Formerly based in Newton, Massachusetts, he is no longer registered as a broker or an investment advisor. His past registrations include Advisory Group Equity Services, Equity Services, Guardian Investor Services Corporation, MML Investors Services, and New England Securities. His credentials include the passage of five securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the Uniform Investment Adviser Law Examination, or Series 65; the General Securities Representative Examination, or Series 7; the Uniform Securities Agent State Law Examination, or Series 63; and the Securities Industry Essentials Examination, or SIE. (Information current as of June 27, 2022.)

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