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John Whalen: $1mm Complaint Against Wealth Strategies Group Advisor
Honolulu financial advisor John Whalen (CRD# 1900188) allegedly recommended unsuitable investments, according to a pending investor complaint. Financial Industry Regulatory Authority records show that he is a broker and investment advisor with Commonwealth Financial Network, doing business as Wealth Strategies Group.
Mr. Whalen’s BrokerCheck report discloses one pending investor complaint. Filed in May 2021, it alleges that as a representative of VSR Financial Services, he sold unsuitable alternative investments, including real estate and variable annuity products. For reference, FINRA Rule 2111 requires brokers to recommend only investments and investment strategies which they have a reasonable basis to believe are appropriate for their customers’ individual investment profiles. The pending complaint alleges damages of $1,117,597.10.
According to the Financial Industry Regulatory Authority, John Whalen holds 32 years of securities industry experience. Based in Honolulu, Hawaii, he has been a broker and investment advisor with Commonwealth Financial Network since 2015, doing business as Wealth Strategies Group. His past registrations include VSR Financial Services (Honolulu, Hawaii; 2010-2015), AXA Advisors (Honolulu, Hawaii; 1990-2010), and the Equitable Life Assurance Society of the United States (New York, New York; 1990-2000). His credentials include the passage of seven securities industry qualifying examinations: the Investment Company Products/Variable Contracts Principal Examination, or Series 26; the Uniform Investment Adviser Law Examination, or Series 65; the General Securities Principal Examination, or Series 24; the Uniform Securities Agent State Law Examination, or Series 63; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the Securities Industry Essentials Examination, or SIE; and the General Securities Representative Examination, or Series 7. He is licensed in Arizona, California, Colorado, Hawaii, Kansas, Minnesota, Nebraska, Nevada, North Carolina, Oregon, Pennsylvania, South Carolina, Texas, Virginia, Washington, and West Virginia. (Information current as of June 17, 2022.)
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