An investor complaint against Hilltop Securities advisors Brad Winges (CRD# 1929509) and Steve Coma (CRD# 1414147) alleges eight-figure damages. Financial...Read More
Darin Arnell: Mutual Fund Complaint Settled for 6 Figures
An investor complaint against Murray, Utah stockbroker Darin Arnell (CRD# 4673735) settled for six figures. Financial Industry Regulatory Authority records show that Mr. Arnell is registered as a broker and investment adviser with Cetera Advisor Networks, though he has been previously been registered with Goldman Sachs. He is also registered with Cetera’s offices in Layton, Utah.
Mr. Arnell’s BrokerCheck report discloses one customer complaint against him. Filed in July 2020, the complaint alleged that as a representative of Cetera Advisor Networks, he recommended unsuitable investments and over-concentrated the claimant’s account. In November 2020 the complaint reached a settlement of $185,000.
FINRA’s investor resources describe concentration as like putting too many eggs in one basket. Basically, when investors have a significant amount of their holdings in one investment, asset class, or market segment, they expose themselves to the risk of “amplified losses” should that investment, asset class, or market segment suffer. FINRA’s tips to mitigate the risk of concentration include diversifying across and within major asset classes; regularly rebalancing your portfolio; closely researching the nature of mutual funds or exchange-traded funds in your portfolio to gain a deeper understanding of their concentration risks; and learning about your investments’ liquidity, so you can determine how easily you can sell them.
According to the Financial Industry Regulatory Authority, Darin Arnell holds 18 years of securities industry experience. He is a stockbroker and investment adviser registered with Cetera Advisor Networks in Murray and Layton, Utah. His past registrations include Goldman Sachs & Company (New York, New York; 2004-2014), American Express Financial Advisors (Midvale, Utah and Minneapolis, Minnesota; 2003-2004), and IDS Life Insurance Company (2003-2004). His credentials include the passage of four securities industry examinations: the Uniform Investment Adviser Law Examination, or Series 65; the Uniform Combined State Law Examination, or Series 66; the Securities Industry Essentials Examination, or SIE; and the General Securities Representative Examination, or Series 7. He holds 21 state licenses. (Information current as of March 14, 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.