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Suitability Complaints Against Avi Bialo, Arete Wealth Advisor
Los Angeles financial advisor Avi Bialo (CRD# 6165479) has received two recent investor complaints alleging as much as $450,000 in total damages. Financial Industry Regulatory Authority records show that the broker and investment advisor registered with Arete Wealth Management has denied one of the claims against him.
Mr. Bialo’s BrokerCheck report discloses two investor complaints. The most recent, filed in October 2022, alleges that he recommended unsuitable alternative investments while acting as a representative of Arete Wealth Management. The pending complaint alleges damages between $50,000 and $100,000.
A second investor complaint, this one filed in June 2022, similarly alleges that Mr. Bialo made unsuitable investment recommendations in the months of June and October 2020, while at Arete. The pending complaint alleges damages of $350,000.
In a statement included in the June 2022 complaint’s disclosure, Mr. Bialo asserted that the claims are “frivolous” and that he intends to defend himself against them. “This complaint is without merit, and I deny the allegations made in this case as I did not solicit this transaction,” he wrote, continuing: “This client learned about the investment at issue through another investment source prior to becoming my client. He specifically requested to make this investment only, and refused to consider any other investments, despite my recommendation to diversify.”
According to the Financial Industry Regulatory Authority, Avi Bialo holds nine years of securities industry experience. Based in Los Angeles, California, he has been a broker with Arete Wealth Management and an investment advisor with Arete Wealth Advisors since 2013. He has no previous registrations. 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. He is licensed in Arizona, California, Colorado, Florida, Michigan, Nevada, and Washington. (Information current as of December 7, 2022.)
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.