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Cornerstone Advisors Anthony Napolitano & Jammie Avila Face Complaint
A recent investor complaint against Henderson, Nevada financial advisors Anthony Napolitano (CRD# 4921500) and Jammie Avila (CRD# 3100097) alleges that they failed to uphold their responsibilities. Records provided by the Financial Industry Regulatory Authority shows that each is registered as a broker and an investment advisor with Independent Financial Group, doing business as Cornerstone Wealth Management.
Mr. Napolitano’s and Mr. Avila’s BrokerCheck reports describe the customer complaint against them. Filed in April 2023, it alleges “various and non-various breach[es] of fiduciary duty” in connection with alternative investments while they were representatives of Kalos Capital. The pending complaint alleges damages between $25,000 and $50,000.
In identical statements included with the complaint’s disclosure, Mr. Napolitano and Mr. Avila both “adamantly refute” the allegations, writing that the customer was “presented with various investment options, including a well-diversified portfolio that incorporated equities, fixed income, alternative investments, real estate investments, principle-protected fixed indexed annuities, and structured bank notes” that “met his risk tolerance and investment objectives.” They concluded the statement by asserting that the customer is “cherry-picking two specific investments that did not meet their expectations.”
Mr. Napolitano’s BrokerCheck report discloses one other investor complaint against him. Filed in 2020, it alleges that as a representative of Kalos Capital, he made unsuitable transactions. The complaint reached a settlement of $40,000.
Mr. Avila’s BrokerCheck report discloses two other investor complaints against him. The most recent, filed in 2021, alleges that he made unsuitable transactions while at Kalos Capital, reaching a settlement of $20,000. The second, also filed in 2021, alleges that he breached his fiduciary duty and over-concentrated the customer’s account in high-risk securities, reaching a settlement of $18,000.
According to the Financial Industry Regulatory Authority, Anthony Napolitano and Jammie Avila hold 13 years and 7 years of securities industry experience respectively. Based in Henderson, Nevada, they have each been a broker and an investment advisor with Independent Financial Group since 2021, doing business as Cornerstone Wealth Management. Mr. Napolitano’s registration history includes Kalos Capital (Henderson, Nevada; 2016-2021) and Sammons Securities Company (Las Vegas, Nevada; 2005-2011). Mr. Avila’s includes Kalos Capital (Henderson; 2015-2021). Mr. Napolitano’s credentials include the passage of five securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Combined State Law Examination, or Series 66. Mr. Avila, meanwhile, has passed the Series 63, SIE, and Series 7. (Information current as of May 20, 2023.)
Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. 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.