FINRA Orders Former Pac West Broker to Pay for Unsuitable Trading
The current president and chief executive officer of AOG Wealth Management, an investment advisory firm located in Great Falls, Virginia, was ordered by a FINRA arbitration panel to pay $331,000 in compensatory damages after finding him liable for unsuitable trading.
Frederick Baerenz was accused by clients Barbara and Roger Bond of unsuitable trading and negligence while he was working at the now defunct Pacific West Securities, which closed in 2012.
The Bonds, who originally requested more than $1.1 million in damages, allege that Baerenz recommend they invest in private placements, including equipment leasing, oil and gas, and real estate securities in their claim filed in February 2015.
In a statement on the BrokerCheck website, Baerenz noted that “the investments recommended…were both suitable and appropriate. The clients reviewed all of the recommendations in detail and were aware of both the risks of loss and opportunities for gains.”
Baerenz attempted to have the motion dismissed in July and September of 2015, but was unsuccessful. FINRA also denied his expungement request, as well as other punitive damages and relief sought by the Bonds.
