Ohio-based broker Angel Bardeche, also known as Angel Wynette Bardeche and Angel Wynette Lentz, has been suspended and fined by FINRA on allegations of recommending and effecting an unsuitable strategy to customers in violation of FINRA Rules, according to FINRA’s Letter of Acceptance, Waiver and Consent (AWC), under review by attorney Alan Rosca.
Investor rights attorney Alan Rosca of the Rosca Scarlato LLC law firm is investigating the alleged misconduct related to Angel Bardeche’s unsuitable recommendations. Investors who are concerned they suffered a loss with Bardeche are encouraged to contact attorney Alan Rosca or his colleagues for a free case evaluation and discussion of recovery options by calling 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
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Bardeche Suspended, Fined $10K, and Ordered to Pay Disgorgement of $5K
According to the AWC, from January 2017 to March 2019, Angel Wynette Bardeche allegedly recommended that her clients enter into unsuitable switching transactions that reportedly often included short-term liquidations.
In 112 alleged incidents, Bardeche allegedly recommended that 32 customers purchase Class A mutual fund shares, then sell those funds at a later date and use the proceeds to buy more Class A mutual fund shares, the AWC states. The customers allegedly paid a total of approximately $450,000 in sales charges on the 112 switches.
Bardeche allegedly recommend her customer purchase these Class A shares and later sell them after a short period. In over 40 alleged incidents, customers sold the first Class A mutual fund within 18 months of purchasing it and in over 20 alleged incidents, customers sold the first Class A mutual fund within a year of its purchase, the AWC notes.
In addition, Angel Bardeche allegedly recommended costly back-to back, short term switches. In one alleged incident, Bardeche recommended a senior customer sell Class A shares that the customer held for only 10 months and use the proceeds to buy new Class A shares, including over $3,100 in new sales charges.
Eight months later, Bardeche allegedly recommended the customer sell again and use the proceeds in a switch to buy other Class A shares, carrying over $2,600 in new sales charges, as stated on the AWC.
Without admitting or denying the findings, Bardeche signed the Acceptance Waiver and Consent order issued by FINRA which included a nine month suspension from associating with any FINRA member firm in all capacities, a $10,000 fine, and disgorgement to the tune of $5,000. The suspension will be in effect until October 18, 2021.
Over $350,000 Reportedly Paid in Settlement to Angel Bardeche Customers in 2019
According to Bardeche’s FINRA Brokercheck report, multiple customers received a total of over $350,000 in settlements in 2019.
A Bardeche customer who filed a dispute in August 2019 alleging failure to explain there was a surrender charge associated with the variable annuity purchased in 2013. The customer was seeking $8,000 for the alleged damages and receive a settlement in October 2019 to the tune of $122,000.
Another customer filed a dispute in August 2019 alleging Bardeche did not disclose the surrender charge or annual fees associated with the variable annuity purchased in 2015. The customer was seeking $9,993.05 for the alleged damages. In October 2019, the customer received a settlement of $51,545.16.
In May 2019 a Angel Lentz customer filed a dispute alleging there was no disclosure of a 10-year surrender period or associated surrendered charges with a variable annuity purchased in 2014. The customer was seeking $14,455 for the alleged damages and received a settlement to the tune of $138,277.65 in September 2019.
A customer filed a dispute in April 2019 alleging Bardeche did not disclose the front-end sales charges associated with recommended mutual fund purchases. The customer was seeking $108,874.80 for the alleged damages and in September 2019, they received a settlement to the tune of $68,500.
Investors who are concerned about their investments with Bardeche are encouraged to contact attorney Alan Rosca for a free consultation, or to provide any useful information. Call 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
Angel Bardeche Was Registered with FINRA for 15 Years
Angel Lentz Bardeche joined the securities industry in 2004 and switched employers four times according to her brokercheck report. More recently, Lentz was registered with Ameriprise Financial Services located in Cincinnati, Ohio from August 2012 until May 2019.
Lentz was reportedly discharged from Ameriprise in April 2019 due to allegations of violations of company policies related to failing to obtain authorization from clients prior to placing trades and mutual fund trading activity, as reported on her brokercheck report.
Lentz was previously registered with three other FINRA member firms located in Cincinnati, Ohio from February 2004 and August 2012, Raymond James Associates, Morgan Stanley & Co, and Morgan Stanley DW.
Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any BrokerCheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog, and are the governing materials in case of any inconsistencies or typos in this blog.
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Concerned About Your Investment with Angel Bardeche? Securities Lawyers May Be Able to Help
The Rosca Scarlato LLC law firm represents investors who lose money as a result of investment-related fraud or misconduct and is currently investigating Angel Bardeche’s alleged unsuitable recommendations.
The firm takes most cases of this type on a contingency fee basis and advances the case costs, and only gets paid for the fees and costs out of money recovered for clients. Attorney Alan Rosca, a seasoned securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors in cases ranging from arbitrations to class actions.
Investors who are concerned about their investments with Angel Bardeche aka Angel Lentz may contact attorney Alan Rosca or his colleagues for a free no-obligation evaluation of their options, at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.