Alex Williams (CRD# 2646185), a broker and investment adviser based in New York, has received a pending customer complaint. According...Read More
Benjamin Bourgeois: Former Commonwealth Advisor Barred by Regulator
Former Louisiana Commonwealth Financial Network broker and investment adviser Benjamin Bourgeois (CRD# 2145555) has been barred from acting as a broker or otherwise associating with a broker-dealer firm, as the result of a sanction over allegations involving the potential conversion of firm funds. Bourgeois was employed at Commonwealth Financial Network in Metairie, Louisiana from 2015 until April 2019, when he was terminated as the result of allegations he borrowed money from a customer, violating both company policy and securities industry rules, according to information drawn from Financial Industry Regulatory Authority records.
The May 2019 FINRA action against Benjamin Bourgeois states that he received a termination from Commonwealth Financial Network in April 2019 over allegations of borrowing funds. It also notes that the firm disclosed a few days later that a customer had filed civil litigation alleging “Bourgeois defrauded her and converted customer funds.” Pursuant to FINRA procedures, it sent a request to Bourgeois on April 9, 2019, requesting the production of documents and information to aid its investigation into the allegations disclosed by his former firm. FINRA states that Bourgeois did not disclose those documents by the requested deadline, and declined to produce documents and information in response to a second request. FINRA rules forbid members from failing to provide information and documents in compliance with requests made by FINRA in connection with its investigations. As such, Mr. Bourgeois was issued a bar in all capacities from associating with any FINRA member.
His records also list one settled customer complaint and one customer complaint whose resolution is pending.
Benjamin Bourgeois allegedly engaged in the conversion of customer funds, provided false representations of facts, and defrauded the customer, according to a pending 2019 customer complaint concerning his conduct at Commonwealth Financial Network. The claimant alleges damages of $519,000.
He also allegedly advised a customer to invest in an unsuitable variable annuity product while omitting relevant information about it, including information concerning fees and risks associated with the investment, according to a 2002 complaint regarding his conduct at FBT Investments. That complaint reached a settlement of $9,000.
Benjamin Bourgeois’s employment history includes Commonwealth Financial Network, LPL Financial, Sterne Agee & Leach, FBT Investments, Sisung Securities Corporation, Invest Financial Corporation, American Fronteer Financial Corporation, Dickinson & Company, and FN Wolf & Company. He is currently barred from associating with FINRA broker-dealer firms. He has passed five securities industry qualification examinations. (Information current as of August 7, 2019.)