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Robert Alvarez: Nola Financial Advisor Faces $500K-$1mm Complaint
At least two current or former customers of International Assets Advisory advisor Robert Alvarez (CRD# 2242198) are listed as creditors for investments in GWG L Bonds, according to records filed with a US bankruptcy court. These records show investments totaling more than $350,000. Financial Industry Regulatory Authority records show that the Metairie, Louisiana advisor is the president of Nola Financial.
Mr. Alvarez’s BrokerCheck report discloses five investor complaints. The most recent, filed in April 2023, alleges that as a representative of International Assets Advisory, he breached contract and warranties and violated state securities statutes in connection with a direct investment. The pending complaint alleges damages between $500,000 and $1 million.
A second investor complaint, filed in 2021, alleged fraud, the recommendation of an unsuitable direct investment, negligent supervision, and breach of contract while he was at International Assets Advisory. In 2022 the complaint reached a settlement of $90,000. In a statement included with the complaint’s disclosure, he wrote: “Broker was not a named respondent in the claimant’s arbitration statement.”
A third investor complaint, filed in 2018, alleged unauthorized trading in connection with mutual fund and exchange-traded fund products. The complaint alleged unspecified damages believed to exceed $5,000 and was denied by International Assets Advisory.
A fourth investor complaint, filed in 2011, alleged unauthorized trades involving mutual fund and stock products. The complaint alleged damages of $17,000 and was denied by Ameriprise Financial Services. A fifth investor complaint, filed in 2006, alleged inappropriate fees that were never fully explained. The complaint alleged damages of $9,750 and was closed with no action taken.
In 2020 the State of Louisiana sanctioned Mr. Alvarez, according to another disclosure on his BrokerCheck report. The action concerned allegations that he used “fraudulent, coercive or dishonest practices or misrepresentation in the conduct of business.” In connection with these findings, he was issued a fine of $500. In a statement included with the disclosure, he wrote: “Broker contends that this entry is more the result of a disgruntled former business partner than it is an indication of wrongdoing on his part.”
According to the Financial Industry Regulatory Authority, Robert Alvarez holds 21 years of securities industry experience. Based in Metairie, Louisiana, he has been a broker and an investment advisor with International Assets Advisory since 2014. His past registrations include LPL Financial, Ameriprise Financial Services, and IDS Life Insurance Company. 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 California, Delaware, Florida, Georgia, Louisiana, Mississippi, New Jersey, New York, Ohio, Pennsylvania, and Texas. (Information current as of June 9, 2023.)
Carlson Law has represented at least nine investors in claims against their financial advisors for investments in GWG Holdings Inc. 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.