Bruce Roland Montgomery Audit (2023) – A Scam or Legit Broker?

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Bruce Roland Montgomery  – and the firm that employs him or her – is regulated by the Financial Industry Regulatory Authority (FINRA).

If you are like most people, before you go out to dinner at a new restaurant, you probably take a quick look at the reviews. This makes sense; you are going to pay for an expensive dinner, and you need to be sure that you are getting a good value.

Yet, when choosing a financial advisor, many people fail to conduct this same level of due diligence. Before turning over access to your money, you need to be sure that you have found a financial advisor that you can trust. Here, our audit report, including details of allegations, complaints, and sanctions will help you decide whether or not to invest with Bruce Roland Montgomery.

The stock market is a device for transferring money from the impatient to the patient… Warren Buffet

BrokerComplaints.com is currently investigating allegations related to Bruce Roland Montgomery. We provide a free platform for investors to help them in their claims against negligent brokers and brokerage firms.

 

About Bruce Montgomery

Bruce Roland Montgomery is an Investment Adviser. Bruce Roland Montgomery’s Central Registration Depository (CRD) number is 338370 and the FINRA Profile can be found at – https://brokercheck.finra.org/individual/summary/338370.

Click here to download a Detailed Audit Report for Bruce Roland Montgomery.

Bruce Roland Montgomery has previously been reprimanded and has disclosures and/or client dispute(s) listed at FINRA BrokerCheck.

 

Accusations and Disclosures

You can find below, a quick snapshot of Bruce Roland Montgomery’s regulatory actions, arbitrations, and complaints.

 

DISCLOSURE 1 – 

 

  • Event Date: 11/19/2004
  • Disclosure Type: Customer Dispute
  • Disclosure Resolution: Settled
  • Disclosure Detail :: Allegations: CLAIMANT ALLEGES THAT ITS PORTFOLIO WAS PLACED IN UNSUITABLE INVESTMENTS; CLAIMANT DOES NOT SPECIFY THE DATES ON WHICH THESE ALLEGEDLY UNSUITABLE TRANSACTIONS OCCURRED
  • Damage Amount Requested: $109,000.00
  • Settlement Amount: $12,000.00
  • Arbitration Claim File Detail: 04-07682
  • Arbitration Docket Number:

 


 

DISCLOSURE 2 – 

 

  • Event Date: 3/17/2003
  • Disclosure Type: Customer Dispute
  • Disclosure Resolution: Denied
  • Disclosure Detail :: Allegations: CLIENT ALLEGED THAT INVESTMENTS IN STAR TELECOM AND INFOSPACE STOCK WERE HIGH RISK WHERE CUSTOMER ALLEGEDLY WANTED MODERATE INVESTMENTS. I DENY ALL ALLEGATIONS. CLIENTS ACCOUNTS WERE ALL MODERATE TO AGGRESSIVE GROWTH. ALL INVESTMENTS WERE COMPLETELY DISCUSSED WITH AND APPROVED BY CLIENTS. I NEVER STATED THAT EITHER SECURITY WAS A \STRONG BUY.\ MY BRANCH MANAGER HAD EXCELLENT ACCOUNT SUPERVISION PERSONALLY. THE MANAGER REQUESTED INCREASES IN BRANCH AMOUNT OF INSP ALLOWED BY COMPLIANCE. HE WAS COMPLETELY AWARE OF ALL CLIENTS INSP POSITIONS AND APPROVED OF THEM.
  • Damage Amount Requested: $25,000.00
  • Arbitration Docket Number:

 


 

DISCLOSURE 3 – 

 

  • Event Date: 6/18/1999
  • Disclosure Type: Customer Dispute
  • Disclosure Resolution: Settled
  • Disclosure Detail :: Allegations: THE CLAIMANT ALLEGES THAT AT PRUDENTIAL SECURITIES \MONTGOMERY COMMENCED A COURSE OF ACTION THAT WAS NOT IN THE BEST INTEREST OF THE TRUST, NOR WAS IT SUITABLE FOR THE TRUST.\ IN ADDITION, THE CLAIMANT ALLEGES, \MONTGOMERY COMMENCED A PATTERN OF INVESTING THE FUNDS OF THE TRUST IN OPTIONS AND PURCHASING OR SELLING SECURITIES WITHOUT THE KNOWLEDGE OR CONSENT OF [CUSTOMER.\ DAMAGES ARE ALLEGED IN THE AMOUNT OF $60,000.
  • Damage Amount Requested: $60,000.00
  • Settlement Amount: $25,000.00
  • Arbitration Claim File Detail: 99-01885
  • Broker Comment: THIS CLIENT’S INVESTMENTS WERE MADE WITH HER APPROVAL AND REQUEST. THIS ACCOUNT, WHICH MADE A PROFIT & DID NOT LOSE MONEY, WAS ONLY SETTLED TO AVOID THE TIME & EXPENSE OF ARBITRATION.
See also  James Carleton Morrison Audit (2023) - A Scam or Legit Broker?

 


 

DISCLOSURE 4 – 

 

  • Event Date: 2/9/1998
  • Disclosure Type: Customer Dispute
  • Disclosure Resolution: Settled
  • Disclosure Detail :: Allegations: THE CUSTOMER, THROUGH HER ATTORNEY, ALLEGES THAT MULTIPLE TRANSACTIONS OCCURED IN HER ACCOUNT WITHOUT HER KNOWLEDGE, RESULTING IN A LOSS OF $28,049.79.
  • Damage Amount Requested: $28,049.79
  • Settlement Amount: $25,000.00
  • Broker Comment: THE CASE WAS SETTLED FOR $25,000.00, OF WHICH THE BROKER WILL CONTRIBUTE $15,000.00. ALL TRANSACTIONS WERE DISCUSED AND APPROVED BY THE CLIENT PRIOR TO EXECUTION. THE CASE WAS SETTLED DUE TO THE LARGE LOSS IN THE CLIENT’S ACCOUNT AND THE POSSIBILITY OF SUBSTANTIAL COSTS INVOLVED WITH ARBITRATION.

 


 

DISCLOSURE 5 – 

 

  • Event Date: 3/9/1994
  • Disclosure Type: Customer Dispute
  • Disclosure Resolution: Settled
  • Disclosure Detail :: Allegations: CUSTOMER ALLEGES UNSUITABLE AND MISREPRESENTED LIMITED PARTNERSHIP PURCHASE, WITH DAMAGES IN EXCESS OF $200,000.
  • Damage Amount Requested: $200,000.00
  • Arbitration Claim File Detail: 94-00657
  • Broker Comment: I WAS SETTLED THROUGH THE SEC CLAIMS PROCESS FOR MONEY ONLY & NOTHING ELSE. ANSWERED ON ORIGINAL COMPLAINT, ALL CHARGES FALSE.

 


 

DISCLOSURE 6 – 

 

  • Event Date: 10/21/1993
  • Disclosure Type: Customer Dispute
  • Disclosure Resolution: Settled
  • Disclosure Detail :: Allegations: THE ABOVE CLIENT(S) SUBMITTED CLAIM FORM(S) TO THE CLAIMS RESOLUTION PROCESS RELATING TO LIMITED PARTNERSHIP PURCHASE(S) DURING THE PERIOD: 7/84-2/89. THE ABOVE MENTIONED REGISTERED REPRESENTATIVE WAS THE BROKER OF RECORD AT THE TIME OF THE PURCHASES. NO DAMAGES ARE ALLEGED, BUT THE AMOUNT(S) OF ACTUAL LOSS (OUT-OF-POCKET) IS/ARE APPROXIMATELY: $10,700
  • Damage Amount Requested: $10,700.00
  • Settlement Amount: $22,087.00
  • Broker Comment: SETTLEMENT(S) WITH THE ABOVE CLIENT(S) HAS/HAVE BEEN REACHED IN THE CLAIMS RESOLUTION PROCESS. THE DOLLAR AMOUNT(S) OF THE SETTLEMENT(S) IS/ARE APPROXIMATELY: $22,087 THIS MATTER RESULTED FROM THE UNPRECEDENTED, UNSOLICITED MAILING OF CLAIM FORMS BY PSI TO OVER 340,000 INVESTORS WHO PURCHASED LIMITED PARTNERSHIPS THROUGH PSI FROM JANUARY 1, 1980 TO JANUARY 1, 1991. THE ABOVE REFERENCED CLIENT(S) SUBMITTED CLAIM FORM(S) IN RESPONSE TO THIS MAILING. THE CLAIM FORM(S) WAS/WERE EVALUATED BY PSI IN ACCORDANCE WITH THE STANDARDS ESTABLISHED UNDER THE SETTLEMENT BETWEEN PSI AND THE SEC, THE NASD AND THE STATE SECURITIES ADMINISTRATORS. THE REPORTED SETTLEMENT(S) AROSE OUT OF THIS UNIQUE PROCESS. RE: [CUSTOMER’S COMPLAINT. I STRICTLY ADHERED TO ALL PRUDENTIAL SECURITIES SUITABILITY PARAMETERS AND ALL THEIR RULES SET FORTH IN QUALIFYING HER FOR EACH AND EVERY LIMITED PARTNERSHIP. PSI WAS FOUND AT FAULT BY THE SEC & US DISTRICT COURT IN NY. NOT I. I ABSOLUTELY OPPOSE THIS BEING REFLECTED ON MY RECORD AND AM SIGNING ONLY UNDER DURESS. IN FACT, [CUSTOMER WILL WRITE A LETTER PLACING BLAME ON PSI, NOT ME.
See also  Darius Lavar Baucom Audit (2023) - A Scam or Legit Broker?

 


 

DISCLOSURE 7 – 

 

  • Event Date: 10/21/1993
  • Disclosure Type: Customer Dispute
  • Disclosure Resolution: Settled
  • Disclosure Detail :: Allegations: THE ABOVE REFERENCED CLIENTS HAVE SUBMITTED CLAIM FORMS TO THE CLAIMS RESOLUTION PROCESS RELATING TO THE PURCHASE OF VARIOUS LIMITED PARTNERSHIPS DURING THE PERIOD 06/84 TO 12/89. BRUCE MONTGOMERY WAS THE BROKER OF RECORD AT THE TIME OF THE PURCHASES. NO DAMAGES ARE ALLEGED, BUT THE RESPECTIVE AMOUNTS OF ACTUAL LOSS (OUT-OF-POCKET) ARE APPROXIMATELY: $79,937; $48,285; $134,944
  • Damage Amount Requested: $79,937.00
  • Settlement Amount: $109,222.00
  • Broker Comment: A SETTLEMENT FOR EACH OF THE ABOVE CLIENTS HAS BEEN REACHED IN THE CLAIMS RESOLUTION PROCESS. THE RESPECTIVE DOLLAR AMOUNTS OF THE SETTLEMENTS ARE APPROXIMATELY: $109,222; $60,247; $102,849 THIS MATTER RESULTED FROM THE UNPRECEDENTED, UNSOLICITED MAILING OF CLAIM FORMS BY PSI TO OVER 340,000 INVESTORS WHO PURCHASED LIMITED PARTNERSHIPS THROUGH PSI FROM JANUARY 1, 1980 TO JANUARY 1, 1991. THE ABOVE-REFERENCED CLIENTS SUBMITTED CLAIM FORMS IN RESPONSE TO THIS MAILING. THE CLAIM FORMS WERE EVALUATED BY PSI IN ACCORDANCE WITH THE STANDARDS ESTABLISHED UNDER THE SETTLEMENT BETWEEN PSI AND THE SEC, THE NASD AND THE STATE SECURITIES ADMINISTRATORS. THE REPORTED SETTLEMENTS AROSE OUT OF THIS UNIQUE PROCESS. EACH OF THESE COMPLAINTS. I STRICTLY ADHERED TO ALL PRUDENTIAL SECURITIES SUITABILITY PARAMETERS AND ALL THEIR RULES SET FORTH IN QUALIFYING EACH CLIENT FOR INVESTMENT IN EACH AND EVERY LIMITED PARTNERSHIP. PSI WAS FOUND AT FAULT BY THE SEC & US DISTRICT COURT IN NY., NOT I. I ABSOLUTELY OPPOSE THESE BEING REFLECTED ON MY RECORD AND AM SIGNING ONLY UNDER DURESS.

 


 

DISCLOSURE 8 – 

 

  • Event Date: 10/21/1993
  • Disclosure Type: Customer Dispute
  • Disclosure Resolution: Settled
  • Disclosure Detail :: Allegations: THE ABOVE REFERENCED CLIENTS HAVE SUBMITTED CLAIM FORMS TO THE CLAIMS RESOLUTION PROCESS RELATING TO THE PURCHASE OF VARIOUS LIMITED PARTNERSHIPS DURING THE PERIOD 06/84 TO 12/89. BRUCE MONTGOMERY WAS THE BROKER OF RECORD AT THE TIME OF THE PURCHASES. NO DAMAGES ARE ALLEGED, BUT THE RESPECTIVE AMOUNTS OF ACTUAL LOSS (OUT-OF-POCKET) ARE APPROXIMATELY: $79,937; $48,285; $134,944
  • Damage Amount Requested: $48,285.00
  • Settlement Amount: $60,247.00
  • Broker Comment: A SETTLEMENT FOR EACH OF THE ABOVE CLIENTS HAS BEEN REACHED IN THE CLAIMS RESOLUTION PROCESS. THE RESPECTIVE DOLLAR AMOUNTS OF THE SETTLEMENTS ARE APPROXIMATELY: $109,222; $60,247; $102,849 THIS MATTER RESULTED FROM THE UNPRECEDENTED, UNSOLICITED MAILING OF CLAIM FORMS BY PSI TO OVER 340,000 INVESTORS WHO PURCHASED LIMITED PARTNERSHIPS THROUGH PSI FROM JANUARY 1, 1980 TO JANUARY 1, 1991. THE ABOVE-REFERENCED CLIENTS SUBMITTED CLAIM FORMS IN RESPONSE TO THIS MAILING. THE CLAIM FORMS WERE EVALUATED BY PSI IN ACCORDANCE WITH THE STANDARDS ESTABLISHED UNDER THE SETTLEMENT BETWEEN PSI AND THE SEC, THE NASD AND THE STATE SECURITIES ADMINISTRATORS. THE REPORTED SETTLEMENTS AROSE OUT OF THIS UNIQUE PROCESS. EACH OF THESE COMPLAINTS. I STRICTLY ADHERED TO ALL PRUDENTIAL SECURITIES SUITABILITY PARAMETERS AND ALL THEIR RULES SET FORTH IN QUALIFYING EACH CLIENT FOR INVESTMENT IN EACH AND EVERY LIMITED PARTNERSHIP. PSI WAS FOUND AT FAULT BY THE SEC & US DISTRICT COURT IN NY., NOT I. I ABSOLUTELY OPPOSE THESE BEING REFLECTED ON MY RECORD AND AM SIGNING ONLY UNDER DURESS.
See also  James Steven Larsen Audit (2023) - A Scam or Legit Broker?

 


 

DISCLOSURE 9 – 

 

  • Event Date: 10/21/1993
  • Disclosure Type: Customer Dispute
  • Disclosure Resolution: Settled
  • Disclosure Detail :: Allegations: THE ABOVE REFERENCED CLIENTS HAVE SUBMITTED CLAIM FORMS TO THE CLAIMS RESOLUTION PROCESS RELATING TO THE PURCHASE OF VARIOUS LIMITED PARTNERSHIPS DURING THE PERIOD 06/84 TO 12/89. BRUCE MONTGOMERY WAS THE BROKER OF RECORD AT THE TIME OF THE PURCHASES. NO DAMAGES ARE ALLEGED, BUT THE RESPECTIVE AMOUNTS OF ACTUAL LOSS (OUT-OF-POCKET) ARE APPROXIMATELY: $79,937; $48,285; $134,944
  • Damage Amount Requested: $134,944.00
  • Settlement Amount: $102,849.00
  • Broker Comment: A SETTLEMENT FOR EACH OF THE ABOVE CLIENTS HAS BEEN REACHED IN THE CLAIMS RESOLUTION PROCESS. THE RESPECTIVE DOLLAR AMOUNTS OF THE SETTLEMENTS ARE APPROXIMATELY: $109,222; $60,247; $102,849 THIS MATTER RESULTED FROM THE UNPRECEDENTED, UNSOLICITED MAILING OF CLAIM FORMS BY PSI TO OVER 340,000 INVESTORS WHO PURCHASED LIMITED PARTNERSHIPS THROUGH PSI FROM JANUARY 1, 1980 TO JANUARY 1, 1991. THE ABOVE-REFERENCED CLIENTS SUBMITTED CLAIM FORMS IN RESPONSE TO THIS MAILING. THE CLAIM FORMS WERE EVALUATED BY PSI IN ACCORDANCE WITH THE STANDARDS ESTABLISHED UNDER THE SETTLEMENT BETWEEN PSI AND THE SEC, THE NASD AND THE STATE SECURITIES ADMINISTRATORS. THE REPORTED SETTLEMENTS AROSE OUT OF THIS UNIQUE PROCESS. EACH OF THESE COMPLAINTS. I STRICTLY ADHERED TO ALL PRUDENTIAL SECURITIES SUITABILITY PARAMETERS AND ALL THEIR RULES SET FORTH IN QUALIFYING EACH CLIENT FOR INVESTMENT IN EACH AND EVERY LIMITED PARTNERSHIP. PSI WAS FOUND AT FAULT BY THE SEC & US DISTRICT COURT IN NY., NOT I. I ABSOLUTELY OPPOSE THESE BEING REFLECTED ON MY RECORD AND AM SIGNING ONLY UNDER DURESS.

 


 

DISCLOSURE 10 – 

 

  • Event Date: 10/19/1993
  • Disclosure Type: Customer Dispute
  • Disclosure Resolution: Settled
  • Disclosure Detail :: Allegations: CUSTOMER ALLEGES UNSUITABLE AND MISREPRESENTED LIMITED PARTNERSHIP INVESTMENTS. DAMAGES ARE UNSPECIFIED.
  • Arbitration Claim File Detail: 94-04306
  • Broker Comment: CLIENT PARTICIPATED IN MDL SETTLEMENT AND DISMISSED ARBITRATION. THESE ALLEGATIONS ARE TOTALLY WITHOUT MERIT. CLIENT REQUESTED TAX SHELTERS & TAX SHELTERED CASH FLOW. INFLATION HEDGED INVESTMENTS. ALL LP`S WERE FULLY EXPLAINED. [CUSTOMER ATTENDED ENERGY SEMINARS. CLIENTS WERE EVEN ECSTATIC ABOUT THEIR TAX SAVINGS. ALL RISKS WERE EXPLAINED AND CLIENTS WERE TOLD THAT ALL LIMITED PARTNERSHIPS WERE NO LIQUID.

 


 

According to a study prepared for the FINRA Investor Education Foundation, 80 percent of American investors report that they have been solicited to participate in a fraud scheme, while 11 percent of American investors report that they personally lost money as a result of fraud.

FINRA notes that the rate of investment fraud is most likely much higher than it is reported. This is because many victims of financial advisor scams are too ashamed to come forward. Further, the study also found that a significant number of investors do not know how to spot common red flags of investment fraud. The least you should do is share your experience with other potential victims of investment scams.

See also  Diana Lynne Vandam Audit (2023) - A Scam or Legit Broker?

 

Previous Associations

Under federal securities law and securities industry regulations, registered investment firms have a legal duty to supervise their financial advisors. Section 15(b)(4)(E) of the Securities and Exchange Act of 1934 makes a securities firm liable for the conduct of representatives.

 

  • VANGUARD CAPITAL (CRD#: 22081) :: 8/28/2001 – 12/31/2013 :: SAN DIEGO, CA
  • PRUDENTIAL SECURITIES INCORPORATED (CRD#: 7471) :: 1/30/1984 – 6/25/2001 :: NEW YORK, NY
  • MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED (CRD#: 7691) :: 9/26/1978 – 2/22/1984
  • MERRILL LYNCH, PIERCE, FENNER & SMITH, INC. (CRD#: 572) :: 9/21/1972 – 9/26/1978

 

The duty to supervise securities representatives is a strong legal requirement. Registered investment firms must take many different steps to ensure that they are protecting their customers from irresponsible and criminal financial advisors.

Bruce Roland Montgomery

 

Legit or Not?

Unfortunately, stockbroker fraud is more common than many investors would like to think. And yes, stockbrokers (including Bruce Roland Montgomery, but not limited to)  can (and do) steal money from their clients. While it’s rare that a broker will literally steal his client’s money (though that does happen), typically the “theft” of investment funds comes in the form of other fraudulent violations of securities law and FINRA rules which leads to significant investment losses.

Sometimes investment losses occur because advisors, stockbrokers, and even brokerage firms, commit fraud. Massimo Vignelli

Investors generally understand that there are risks associated with buying and selling securities. The market can go up, and the market can go down. No matter how skilled of an investor you are, there are always risks. With that being said, sometimes investment losses cannot be blamed on simple back luck.

There are 10 major types of complaints we receive against Investment Brokers –

  • Outright Theft (Conversion of Funds)
  • Unauthorized Trading
  • Misrepresentation or Omission of Material Facts
  • Excessive Trading (Churning)
  • Lack of Diversification
  • Unsuitable Investment Recommendations
  • Failure to Disclose a Personal Conflict of Interest
  • Front Running of Transactions
  • Breakpoint Sale Violations
  • Negligent Portfolio Management

Do your due diligence before investing. Public records are available for everybody to review and decide on the safest bet. 

 

How to Protect Yourself

We, as citizens, place a great deal of trust in the financial advisors who are tasked with helping us achieve and maintain financial security. Most of the time financial advisors and stockbrokers are honest folks who work diligently in their client’s best interests. However, on occasion financial advisors and the brokerage firms who employ them mess up and cause serious financial harm to their clients. Sometimes these losses are caused by simple negligence. Other times fraud or other serious misconduct is to blame.

See also  Elizabeth Carrington Fisher Audit (2023) - A Scam or Legit Broker?

 

Bruce Roland Montgomery

 

Here are 5 signs that your broker needs to be reported –

  • Breach of Fiduciary Duty: Under the Investment Advisers Act of 1940, certain investment professionals, known as registered investment advisors (RIAs), owe fiduciary obligations to their customers. Your investment broker must always look out for your best interests. If you lost money because of your broker’s breach of fiduciary duty, you may be entitled to compensation for the full value of your damages.
  • Unsuitable Investments: Many financial advisors are not fiduciaries. Instead, they are held to the suitability standard. These stockbrokers and financial advisors can only sell and recommend financial products that are appropriate for a customer’s unique investment profile. If you lost money in unsuitable investments, you should consider reporting them.
  • Material Misrepresentations or Omissions: Brokers have a duty to make fair and honest representations to their clients. If they fail to do so, and an investor loses money due to a misrepresentation or a material omission, the broker may be liable for the investor’s losses.
  • Lack of Diversification: Brokers must also act with the appropriate level of professional skill. Pushing a customer into over-concentrated investments is highly risky. Brokers can be held liable for losses sustained because of an investor’s inappropriate lack of diversification.
  • Excessive Trading (Churning): Stockbrokers and financial advisors must have a well-grounded, reasonable basis to execute all trades. Unfortunately, there are cases in which brokers will frequently trade on a customer’s account, simply to increase their own fees. This unlawful practice is known as churning.
  • Unauthorized Trading: Brokers must have the proper legal authority to make transactions on behalf of a client. If you lost money because your broker made trades that you never approved of, you may have been the victim of unauthorized trading. You should consult with an experienced attorney.

 

Report Bruce Montgomery

In order to prevail in an investment fraud lawsuit or FINRA arbitration cases, you must be able to assert a viable ‘cause of action’.

Bruce Roland Montgomery – and the firm that employs this broker – is regulated by the Financial Industry Regulatory Authority (FINRA). FINRA provides an online form to allow investors to file a formal complaint against their financial advisor, stockbroker, or brokerage firm.

Click here to go to FINRA’s Online Complaint Form →

This form will ask you for specific information related to your complaint. Be prepared by gathering the following:

  • Name and symbol for the investment product in question.
  • The CRD number (338370) for the broker – Bruce Roland Montgomery
  • Your complete contact information.

Remember, it is advised to report your broker to FINRA, only after you have exhausted all of your other remedies and carefully prepared a compelling complaint.  Once you file a complaint against your broker at FINRA, your case will be bound by FINRA’s rules and the arbitration panel’s eventual decision. The time clock will start, and your complaint will be served on your broker or broker-dealer.

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