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Brent Burgesser: Why Did Brookwood Advisor Resign from Belpointe?
Phoenix financial advisor Brent Burgesser (CRD# 3278147) recently resigned from Belpointe Asset Management in connection with alleged policy violations. Records provided by the Financial Industry Regulatory Authority and the Securities and Exchange Commission indicate that the former International Assets Advisory broker is currently an investment advisor with Brookwood Investment Group.
A disclosure included in Mr. Burgesser’s BrokerCheck report describes his December 2022 resignation from Belpointe Asset Management. According to the disclosure, he was “permitted to resign” in connection with allegations that while under a heightened supervision plan, he “was unable to abide by policies and procedures of the Firm and was subject to multiple warnings and sanctions.”
Mr. Burgesser’s BrokerCheck report additionally discloses his 2016 sanction by FINRA. According to the disclosure, FINRA sanctioned him in connection with findings he “effected unsuitable short-term switches of Class A mutual fund transactions in customer accounts, usually selling the investment after only approximately one and a half to three months, only to buy and sell another mutual fund.” He allegedly sold mutual fund shares and repurchased shares in “in the same fund for the same customers” without any reasonable grounds to believe the transactions were suitable. FINRA’s findings state further that the mutual fund purchases came with front-end sales charges, totaling at least $119,209 collectively, without discussing other share types they could invest in or the costs associated with various share types. He allegedly “did not disclose cost-saving options that were available” in connection with these recommendations, which, FINRA found, resulted in $63,738 in losses for the customers and generated $109,602 in commissions. FINRA issued him a fine of $5,000 and a 60-day suspension.
According to the Financial Industry Regulatory Authority and the Securities and Exchange Commission, Brent Burgesser holds 22 years of securities industry experience. Based in Phoenix, Arizona, he has been an investment advisor with Brookwood Investment Group since January 2023. His past registrations include Belpointe Asset Management, International Assets Advisory, LPL Financial, Wells Fargo, Merrill Lynch, Morgan Stanley, Merrill Lynch, and Painewebber. His credentials include the passage of four securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Futures Managed Funds Examination, or Series 31; the Securities Industry Essentials Examination, or SIE; and the Uniform Combined State Law Examination, or Series 66. (Information current as of February 5, 2023.)
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