Ron Birnbaum: Did Advisory Group Broker Recommend Inspired Healthcare?

A recent investor complaint against former Newton, Massachusetts financial advisor Ron Birnbaum (CRD# 2382580) alleges that his conduct resulted in six-figure damages. Financial Industry Regulatory Authority records show that he was most recently registered a broker with Advisory Group Equity Services.

In addition, Mr. Birnbaum’s name is listed on a Form D document for Inspired Healthcare Capital, a senior living development company that recently filed for bankruptcy. As InvestmentNews reports, the company sold private placement offerings and alternative investments “through a network of independent contractor broker-dealers,” reportedly receiving “more than $100 million in fees and commissions” for investments that later stopped issuing distributions to investors.

Mr. Birnbaum’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in 2022, alleges that as a representative of Advisory Group Equity Services, he recommended unsuitable investments. The pending complaint alleges damages of $455,453.83.

An earlier investor complaint, filed in 2022, alleges that as an Advisory Group Equity Services representative, he over-concentrated investments in the account, recommended unsuitable investments, and failed to conduct adequate due diligence. The pending complaint alleges damages of $200,000.

A third investor complaint, filed in 2020, alleges that as a representative of Advisory Group Equity Services, he made unsuitable investment recommendations and over-concentrated investments in the account. The pending complaint alleges damages of $75,000.

A fourth investor complaint, filed in 2017, alleges that he recommended an investment in a private placement corporate bond whose reinsurer went bankrupt. The pending complaint alleges damages of $141,850.

A fifth investor complaint, filed in 2020, alleged that he recommended unsuitable direct investments. In 2021 the complaint reached a settlement of $47,000.

A sixth investor complaint, filed in 2016, alleged that he recommended unsuitable products, breached his fiduciary duty, and failed in his supervisory responsibilities. The complaint reached a settlement of $50,000.

According to the Financial Industry Regulatory Authority, Ron Birnbaum holds 26 years of securities industry experience. Most recently based in Newton, Massachusetts, he was last registered as a broker with Advisory Group Equity Services from 2001 until 2021. His registration history includes Equity Services, Guardian Investor Services Corporation, MML Investors Services, and New England Securities. (Information current as of March 19, 2026.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. The firm is currently investigating brokers who sold investments in Inspired Healthcare Capital. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.