The financial advisory landscape is fraught with complexities and challenges, particularly for investors navigating the myriad of investment options available. In the spotlight is Cynthia Couyoumjian, a Tustin, California-based financial advisor with a history of investor complaints alleging the recommendation of unsuitable investments. This blog post delves into the details surrounding these allegations and what potential investors should watch out for.
The Allegations Against Cynthia Couyoumjian
Cynthia Couyoumjian, holding CRD# 1456630, is currently under scrutiny due to several investor complaints filed against her. As a broker and investment advisor associated with Independent Financial Group, doing business as Cinergy Financial, she has been accused of recommending investments that were not in the best interests of her clients.
Recent Investor Complaints and Their Implications
The most recent complaint, filed in January 2023, specifically targets Couyoumjian’s recommendation of a real estate investment trust (REIT), which the client claims was unsuitable for their investment profile. This complaint cites damages of approximately $136,900.
Previous complaints trace back to as early as 2014, with allegations ranging from the recommendation of unsuitable investments—including both traded and non-traded REITs—to breaches of fiduciary duty and misrepresentation of investment information. Notably, several of these complaints have led to settlements totaling in the millions of dollars, indicating a pattern of dispute and dissatisfaction among her clients.
Cynthia Couyoumjian’s Professional Background
With 37 years in the securities industry, Couyoumjian’s experience is extensive. Her career has spanned several firms, including First Allied Securities and AXA Advisors, before her current affiliation with Independent Financial Group as Cinergy Financial. Her qualifications, as per the Financial Industry Regulatory Authority (FINRA), include the passage of nine securities industry qualifying exams and licensure in 26 states.
The Importance of Due Diligence
This situation underscores the critical need for investors to conduct thorough due diligence when selecting a financial advisor. The history of investor complaints and settlements associated with a financial advisor can be a red flag, signaling the need for caution.
What Investors Can Learn
- Research is Key: Utilize resources like FINRA’s BrokerCheck to review an advisor’s history, qualifications, and any recorded complaints or settlements.
- Understand Your Investment: Ensure that any recommended investment aligns with your risk tolerance, investment goals, and financial situation.
- Ask Questions: Don’t hesitate to ask your advisor detailed questions about their recommendations and how they serve your best interests.
Contact Reif Law Group
At Reif Law Group, P.C., we understand the distress and financial strain that unsuitable investment recommendations or receiving advice not in the customer’s best interest can cause investors and their families. The recent allegations against Cynthia Couyoumjian, a financial advisor based in Tustin, California, involving recommendations of unsuitable investments, including real estate investment trusts, highlight the importance of diligent legal representation in the face of potential financial misconduct. With a history marked by multiple investor complaints and settlements, it’s clear that those affected need a strong advocate on their side.
If you or a loved one has experienced financial losses due to unsuitable investment advice, you’re not alone. Reif Law Group is dedicated to protecting the rights of investors and holding financial advisors accountable for their actions. Our team possesses the expertise and resources necessary to navigate the complexities of investor claims and seek the justice you deserve.
Don’t let your losses go unaddressed. Contact Reif Law Group today for a free and confidential consultation. Together, we can assess your case, explore your options, and take decisive action towards recovering your investments. Let our experienced legal professionals be your guide and advocate in this challenging time. Reach out to us now and take the first step towards reclaiming your financial security.
