Ross Hoffman: $637K Complaint Against Fortune Financial Advisor

A recent investor complaint against Ventura, California financial advisor Ross Hoffman (CRD# 803445) alleges that his advice resulted in damages exceeding $600,000. Financial Industry Regulatory Authority records show that he is a broker with Fortune Financial Services and an investment advisor with Hoffman & Associates Financial & Estate Advisors.

Mr. Hoffman’s BrokerCheck report discloses two investor complaints. The most recent, filed in June 2023, alleges that as a representative of Fortune Financial Services, he recommended a “1035 exchange into a Pacific Life Indexed Universal Life Insurance policy” that was unsuitable for the customers, and further that “the premium financing [recommended] was not suitable and that the loan payments are excessive.” The pending complaint alleges damages of $637,000.

An earlier investor complaint, filed in 2001, alleged that as a representative of Royal Alliance Associates, he made an unauthorized asset transfer. In 2002 the complaint reached a settlement of $61,491.09.

A third disclosure on Mr. Hoffman’s BrokerCheck report describes his departure from M. Holdings Securities. Filed in 2010, the disclosure states that he was “permitted to resign” in connection with the firm’s “discovery that he engaged in an unapproved private securities transaction involving a variable universal life policy,” which allegedly violated both the firm’s rules and NASD Rule 3040.

According to the Financial Industry Regulatory Authority, Ross Hoffman holds 46 years of securities industry experience. Based in Ventura, California, he has been a broker with Fortune Financial Services since 2016 and an investment advisor with Hoffman & Associates Financial & Estate Advisors since 2009. His past registrations include Girard Securities (Ventura, California; 2010-2016), M Holdings Securities (Ventura, California; 2002-2010), Royal Alliance Associates (Jersey City, New Jersey; 1991-2002), Investment Account Services Corporation (Milwaukee, Wisconsin; 1990-1991 and 1989-1990), Integrated Resources Equity Corporation (1982-1989), Mutual Service Corporation (1987-1988), the Lincoln National Life Insurance Company (1978-1983), Financial Industries Securities Corporation (1976-1977), and Lincoln Financial Advisors Corporation (1975-1976). His credentials include the passage of six securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Registered Representative Examination, or Series 1; the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7TO; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed in California, Colorado, Oregon, Texas, and Washington. (Information current as of July 9, 2023.)

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