Armando Roman: $3.5 Million Complaint Against AXIOM Advisor

Scottsdale financial advisor Armando Roman (CRD# 4414526) has received two investor complaints alleging he over-concentrated unsuitable investments. Financial Industry Regulatory Authority and Securities and Exchange Commission records indicate that the former Independent Financial Group broker is currently an investment advisor with AXIOM Founders Family Office.

Mr. Roman’s BrokerCheck report discloses two investor complaints. The most recent, filed in December 2022, alleges that as a representative of Independent Financial Group he over-concentrated the customers’ accounts “in illiquid investments that were not suitable,” including oil and gas products and real estate securities. The pending complaint alleges damages of $343,475.

A “Firm Statement” included with the complaint’s disclosure asserts that IFG will defend itself against the claim, which it describes as without basis. “A preliminary review of the documents and information does not support the claims/allegations,” the statement adds. “The fact that an investment does not perform as anticipated does not automatically mean it was not suitable.”

A second investor complaint, filed in April 2021, similarly alleges that as an IFG representative he over-concentrated the claimant’s accounts in unsuitable, illiquid, and speculative investments. The pending complaint alleges damages of $3.5 million. In a “Broker Statement” included with the complaint’s disclosure, Mr. Roman pushes back against the allegations writing: “Firm intends to defend claims as without merit. There is no evidence to support the claims or the damages. Investments made were in line with stated objectives, risk tolerance and time horizon.”

According to the Financial Industry Regulatory Authority and the Securities and Exchange Commission, Armando Roman holds 21 years of securities industry experience. Based in Scottsdale, Arizona, he has been an investment advisor with AXIOM Founders Family Office since May 2021. his past registrations include Independent Financial Group (Scottsdale, Arizona; 2006-2021), Jonathan Roberts Advisory Group (Scottsdale, Arizona; 2006), JW Cole Financial (Phoenix, Arizona; 2004-2006), and HD Vest Investment Services (Dallas, Texas; 2001-2004). His credentials include the passage of three securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Combined State Law Examination, or Series 66. While he is not currently licensed as a broker, he is licensed as an investment advisor in Arizona and Texas. (Information current as of January 22, 2023.)

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