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Charles Cumber Has Been Sanctioned by FINRA


Charles Cumber

Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on October 6, 2017 indicate that New Mexico-based Brokers International Financial Services broker/adviser Charles Cumber was recently sanctioned by FINRA. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Cumber (CRD# 2514669).

Charles Cumber has spent 22 years in the securities industry and has been registered with Brokers International Financial Services in Albuquerque, New Mexico since April 2017. Previous registrations include Wells Fargo Clearing Services in Albuquerque, New Mexico; US Bancorp Investments in Albuquerque, New Mexico; Merrill Lynch in Albuquerque, New Mexico; Banc of America Investment Services in Albuquerque, New Mexico; Brokers International Financial Services in Urbandale, Iowa; Allstate Financial Services in Albuquerque, New Mexico; MetLife Securities in Springfield, Massachusetts; and Metropolitan Life Insurance Company in New York, New York. He is a registered broker and investment adviser with five US states: Arizona, California, Nevada, New Mexico, and Texas.

According to his BrokerCheck report, Charles Cumber has been sanctioned by FINRA and was terminated from a former employer in connection to alleged rule violations.

In September 2017 FINRA sanctioned him following allegations he “conducted insurance sales through a limited liability company he formed and he did not disclose any of the insurance business, residual commissions, or the existence of the company to his member firm.” FINRA’s findings state further: “Cumber falsely attested to the firm that he was not involved in any outside business activities and repeatedly acknowledged his understanding that the receipt of residual commissions should be disclosed to the firm through an outside business activity disclosure. On two occasions, Cumber also explicitly agreed that he would not sell insurance products for any entity other than the firm without prior notice and approval. The findings also stated that Cumber engaged in 24 equity-indexed annuity sales to 20 individuals (13 of whom were the firm’s customers). The sales totaled approximately $2.63 million, and Cumber earned approximately $125,000 in commissions from the associated insurance company. Also, Cumber received approximately $27,000 in trailing compensation in connection with previous sales of insurance products.” He was issued a fine of $7,5000 and a four-month suspension from associating with any FINRA member in any capacity.

In February 2017 he was terminated from his position at Wells Fargo Clearing Services “after failing to timely disclose outside activities and financial disclosures.”

If you have complaints regarding Charles Cumber, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recoup your losses. All cases are taken on contingency: we only receive payment if and when you recover money. You may have a limited window to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.