Per his FINRA BrokerCheck report, Commonwealth Financial Network Broker and Austin Financial Management principle James A. King III was the subject of two customer complaints in 2016. The thrust of the complaints is that King encouraged various clients to retire early with promises of inflated returns in their retirement accounts. The damages sought in the two complaints was $2,250,000 and $950,000, respectively.
In 2013, James A. King was also the subject of a FINRA Arbitration regarding the breach of fiduciary duties, misrepresentation, omission of material facts, unsuitability, breach of contract, negligence, and fraud in handling an Employee Stock Ownership Plan (“ESOP”). Commonwealth Financial Network was ordered to pay the customer $580,000 plus interest at a rate of 8%.
James A. King has been a registered representative of Commonwealth Financial Network since October 2003.
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