Luis Jean Bart: PFS Investments Problems

Luis Jean Bart Slapped with Regulatory Suspension 

On November 19, 2025, FINRA handed down a disciplinary suspension for Luis Jean-Bart, financial advisor formerly of PFS Investments. The securities regulators have banned him from working in the capacity of a financial advisor for 10 months. 

If you or someone you know have invested BOP Financial Group with Luis Jean-Bart, don’t hesitate to reach out to Meyer Wilson Werning today to talk about your options. Our attorneys are experienced in broker misconduct cases and will help to guide you through the process with a free consultation.

Allegations Against Luis Jean-Bart 

Luis Jean-Bart (CRD#: 5472965) has several disclosure events in his history, but the issues began in 2023, with a state court complaint dated August 30, 2023. In this ongoing civil action in New Jersey, plaintiffs Olga Martinez and Norma Pacheco allege that Jean-Bart orchestrated a scheme that resulted in the theft of over $1.4 million from Martinez’s life savings. According to the complaint, Jean-Bart served as Martinez’s financial advisor beginning in April 2018, managing six separate accounts for the 94-year-old Spanish-speaking woman who had no English language skills or financial training. The plaintiffs claim that in May 2022, Jean-Bart contacted them about a purported investment opportunity with co-defendant BOP Financial Group, ultimately inducing them to rollover over $2.1 million to BOP investments.

These allegations illustrate potential “selling away,” where a broker allegedly directs clients to off-book ventures that the broker’s firm has not sanctioned, operating without normal safety checks and oversight.

FINRA’s Suspension

Following the filing of the state court case, PFS Investments terminated Jean-Bart on February 22, 2024, citing the firm’s internal review into the allegations in the complaint. Separately, FINRA launched its own investigation into Jean-Bart’s alleged involvement in investments involving crypto assets away from his firm. On October 19, 2023, FINRA requested information and documents from Jean-Bart pursuant to FINRA Rule 8210, but he repeatedly failed to provide all requested materials despite multiple follow-up requests in December 2023 and February 2024. 

Due to Jean-Bart’s failure to cooperate, FINRA issued a Notice of Suspension on July 12, 2024, and formally suspended him effective August 5, 2024, under FINRA Rule 9552 for failing to respond to information requests. Jean-Bart was warned that without compliance by October 15, 2024, the suspension would escalate to a permanent bar from the securities industry. After more than ten months, Jean-Bart finally provided some documents on October 1, 2024, and the suspension was terminated on October 14, 2024. However, FINRA later discovered additional missing documents, requiring a fourth request in January 2025, which Jean-Bart finally fulfilled in February 2025—more than 15 months after the original deadline. On November 19, 2025, FINRA accepted Jean-Bart’s Letter of Acceptance, Waiver, and Consent, imposing a ten-month suspension from associating with any FINRA member and a $5,000 fine for violating FINRA Rules 8210 and 2010.

What is Selling Away? 

“Selling away” is one of the most serious violations a financial advisor can commit. It occurs when a broker recommends or facilitates investments in securities or opportunities that are not approved or offered by their brokerage firm. Essentially, the advisor is conducting business “away” from their firm’s supervision and oversight, often for personal gain through higher commissions or undisclosed compensation arrangements.

These off-book investments can take many forms: private placement offerings, investment clubs, real estate ventures, cryptocurrency schemes, or business opportunities promising unusually high returns. Because these investments operate outside the firm’s knowledge, they lack the normal due diligence, compliance reviews, and investor protections that registered securities undergo. Clients may be pressured to wire money directly to third parties, receive minimal documentation, or be told to keep the “exclusive opportunity” confidential—all major red flags.

The Supervision Failure Behind Selling Away

What many investors don’t realize is that selling away rarely happens in a vacuum. FINRA Rule 3110 requires brokerage firms to establish and maintain a supervisory system designed to detect and prevent violations of securities laws. When a broker successfully directs millions of dollars away from the firm, it raises serious questions: Where were the supervisors? Why didn’t the compliance department notice unusual account activity, unexplained withdrawals, or red flags in the broker’s communications?

Firms are required to monitor their representatives’ outside business activities, review client communications, track unusual transaction patterns, and investigate warning signs. They must maintain systems to detect when brokers are steering clients toward unapproved investments. When selling away occurs on a significant scale, it often indicates systemic supervisory failures—inadequate oversight procedures, insufficient training, failure to investigate suspicious activity, or turning a blind eye to concerning patterns.

Why Firm Supervision Matters

The unfortunate reality is that brokers typically only succeed in large-scale selling away schemes when firm supervision is negligent or non-existent. Proper oversight would catch the warning signs: clients liquidating significant positions without clear investment objectives, wire transfers to unfamiliar entities, a broker’s involvement in outside business ventures, or complaints about investment performance in products the firm doesn’t offer.

When firms fail in their supervisory duties, it’s not just the rogue broker who should be held accountable. Firms that collect fees and commissions while failing to supervise their representatives may share liability for investor losses. That’s why FINRA has imposed substantial fines on firms with documented supervision failures—because investor protection depends on firms actively preventing misconduct, not just reacting after the damage is done.

For investors who have suffered losses due to selling away, understanding the supervision angle is crucial. Recovery may be possible not just from the individual broker, but from the firm that failed in its fundamental duty to protect its clients through adequate oversight.

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How Arbitration Decides Claims

Arbitration is usually less time-consuming than a court case. Most disputes wrap up within 12 to 16 months, but it still requires thorough and careful preparation. The general process of arbitration often follows these steps:

1. The investor (claimant) files a Statement of Claim and pays filing fees.
2. The broker or firm (respondent) has 45 days to respond with defenses or counterclaims.
3. Arbitrators are chosen from FINRA-generated lists after each side strikes and ranks possible panelists.
4. A prehearing conference sets deadlines for discovery, motions, and possible mediation.
5. Discovery includes exchanging documents like emails, trade confirmations, or investment records.
6. Formal hearings involve witness testimony, cross-examination, and presentation of evidence before the chosen panel.
7. Arbitrators deliberate and issue a binding award. If the respondent refuses to pay, FINRA may suspend their membership.

Possible Compensation And Next Steps

Depending on the facts, an arbitration award against a brokerage firm or broker can include:

• Recovery of the principal invested, potentially adjusted for market performance
• Interest that accrued during the period of alleged wrongdoing
• Punitive damages if the panel finds serious and intentional misconduct
• Compensation for arbitration-related costs, including certain legal fees

How Meyer Wilson Werning Can Help

These allegations illustrate how private endeavors and weak oversight can bring harm. With some claims reaching $1.4 million in suspected losses, this shows the risk of “off-the-books” investment clubs. Where oversight falters, investors may turn to arbitration or a claim against a financial advisor if negligence is proven. Strict supervision and complete disclosures remain important to protect clients from unapproved activities.

If you or someone you know has suffered losses due to the actions of brokers like Luis Jean-Bart, 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.

Our lawyers are nationwide leaders in investment fraud cases.

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