Investors in IBN Financial Services are raising serious concerns regarding financial advisor Andrew Camarda. Public records indicate multiple pending complaints alleging over $4.2 million in damages. These disputes involve accusations of negligence, breach of contract, and violations of industry rules intended to protect clients from misconduct.
If you or someone you know has been impacted by Andrew Camarda or another broker, don’t hesitate to reach out to Meyer Wilson Werning today. Our attorneys are experienced in broker misconduct cases and will help to guide you through the process with a free consultation.
What Are the Allegations Against Andrew Camarda?
Andrew Camarda (CRD# 6070173) has been registered with IBN Financial Services in Amityville, NY since December 2022. According to recent disclosures, he is the subject of seven pending customer complaints.
These filings allege serious misconduct, including violations of FINRA Rules 2010, 2020, 2111, and 3280. The specific allegations include claims of negligence and breach of contract, raising questions about whether the advisor acted in the best interests of his clients.
When financial advisors fail to uphold their duties, the consequences for investors can be devastating. Brokerage firms like IBN Financial Services are responsible for supervising their registered representatives to prevent such misconduct.
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$350 Million for Our Clients Nationwide.
Understanding the Red Flags of Andrew Camarda Misconduct
The complaints against Andrew Camarda reveal several potential red flags that may indicate broader issues with account management. Investors who recognize these warning signs early can often take steps to mitigate further financial harm.
Common red flags reported in these types of disputes include:
- Substantial, unexplained losses in investment accounts.
- Unauthorized transactions or trades made without the client’s permission.
- Lack of communication, such as an advisor failing to return calls or emails.
- Misrepresentation of investment opportunities or failure to disclose key risks.
- Unexpected calls from a supervisor or compliance manager regarding your portfolio.
- Errors on account statements or the receipt of fraudulent documents.
- Unresolved complaints filed directly with the brokerage firm.
If you have experienced any of these issues, it is critical to have your account reviewed by an independent securities attorney.
Breakdown of the Alleged FINRA Rule Violations
The complaints against Andrew Camarda cite specific violations of FINRA rules. Understanding these rules can help investors determine if their own accounts may have been mishandled.
- FINRA Rule 2111 (Suitability): This rule requires advisors to have a reasonable basis for believing a recommendation is suitable for the client, based on their financial situation, risk tolerance, and investment goals. Recommendations that expose clients to excessive risk may violate this rule.
- FINRA Rule 2020 (Use of Manipulative, Deceptive or Other Fraudulent Devices): This rule prohibits advisors from using manipulative or deceptive tactics to induce the sale of securities. It is a core anti-fraud regulation designed to ensure transparency
- FINRA Rule 3280 (Private Securities Transactions): Often referred to as “selling away,” this rule generally prohibits advisors from conducting securities transactions outside the scope of their employment without written notice to and approval from their firm.
- FINRA Rule 2010 (Standards of Commercial Honor): This “catch-all” rule requires members to observe high standards of commercial honor and just and equitable principles of trade in the conduct of their business.
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How Meyer Wilson Werning Helps Investors Recover Losses
The allegations against Andrew Camarda involve significant financial harm to investors. When brokerage firms fail to supervise their advisors or when advisors violate the trust placed in them, victims have the right to seek compensation.
If you or someone you know has suffered losses due to the actions of brokers like Andrew Camarda, the experienced attorneys at Meyer Wilson Werning are here to help. With more than 20 years in the industry and over $350 million recovered for our clients, our focus on investment fraud and securities litigation has helped many investors recover their losses. Contact us today for a free consultation to discuss your case and learn how we can assist you in protecting your financial interests.
Frequently Asked Questions
What are the main allegations against Andrew Camarda?
Andrew Camarda faces seven pending customer complaints alleging $4,275,000 in damages. The allegations include negligence, breach of contract, and violations of FINRA rules regarding suitability (Rule 2111), fraud (Rule 2020), and private securities transactions (Rule 3280).
What is FINRA Rule 3280 and why is it important?
FINRA Rule 3280 governs private securities transactions. It prevents advisors from selling investments “off the books” without their firm’s knowledge or approval. This rule protects investors from unsupervised and potentially high-risk private deals.
Can I recover money if my advisor was negligent?
Yes. If an advisor’s negligence or failure to follow industry rules caused you to lose money, you may be able to recover those losses through arbitration. Brokerage firms can also be held liable for failing to properly supervise their representatives.
How do I know if I have a claim against IBN Financial Services?
If you notice unauthorized trading, unsuitable investments, or significant unexplained losses in your account with IBN Financial Services, you may have a claim. A review by an experienced securities attorney can help determine if misconduct occurred.
Recovering Losses Caused by Investment Misconduct.
