Advisor Alert: Our Attorneys Are Investigating John Stephen Pronovost For Investment Fraud
Did You Lose Money Because of John Pronovost?
Filed: October 25, 2023
John Pronovost (also known as John Stephen Pronovost) currently has one (1) pending judgment/lien event. Overall, he has been the subject of one (1) judgment/lien event and sixteen (16) customer complaints. As an investor, you may be entitled to compensation for losses accrued due to mismanagement of your investments.
Let’s begin our Patil Law Advisor Alert with a summary report on John Stephen Pronovost.
Who Is John Stephen Pronovost of Infinex Investments, Inc.?
- Advisor Name: John Stephen Pronovost
- Aliases: John Pronovost
- CRD: 1990612
- Location: Watertown, Connecticut
- Current Employer: Infinex Investments, Inc.
- Previous Firms: Cambridge Investment Research Advisors, Inc., Cambridge Investment Research, Inc., and MML Investors Services, Inc.
- Number of Known Customer Complaints: 16
- Number of Known Judgment/Lien Events: 1
- Can John Pronovost Be Sued: Yes, in Private Arbitration
- Can John Pronovost’s Employers Be Sued For Failing to Supervise His Actions: Yes, in Private Arbitration
- Highest Damages Allegation: $511,085
- Highest Settlement: $250,000
If you have suffered investment losses by John Pronovost, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining an investment fraud lawyer. Reach out to the legal team at Patil Law, P.C. via the secure online form or call the firm directly toll-free at 1-800-950-6553.
Customer Complaints Filed Against John Pronovost For Broker Misconduct
As of this publication date, John Pronovost has been the subject of 1 judgment/lien event and 16 customer disputes. Let’s review them below.
In January 2022, a FINRA arbitration was filed against or in reference to John Pronovost by a customer of Cambridge Investment Research, Inc. alleging that Mr. Pronovost misrepresented the LJM Preservation and Growth Fund which ultimately led to significant losses. Per the customer, he/she lost over $43,534.53 because of Mr. Pronovost’s actions. On May 13, 2022, Mr. Pronovost settled the claim for $22,067.27, and some or all of this amount may have been paid by Mr. Pronovost’s employer and/or insurance carrier.
In January 2022, a FINRA arbitration was filed against or in reference to John Pronovost by a customer of Cambridge Investment Research, Inc. alleging that Mr. Pronovost misrepresented the LJM Preservation and Growth Fund which ultimately led to significant losses. Per the customer, he/she lost over $25,968.84 because of Mr. Pronovost’s actions. On May 13, 2022, Mr. Pronovost settled the claim for $13,284.42, and some or all of this amount may have been paid by Mr. Pronovost’s employer and/or insurance carrier.
In October 2020, a FINRA arbitration was filed against or in reference to John Pronovost by a customer of Cambridge Investment Research, Inc. alleging that Mr. Pronovost sold multiple unsuitable investments to the client. Per the customer, he/she lost over $43,539.53 because of Mr. Pronovost’s actions. On October 14, 2021, Mr. Pronovost settled the claim for $24,500, and some or all of this amount may have been paid by Mr. Pronovost’s employer and/or insurance carrier.
In February 2020, a complaint was filed against or in reference to John Pronovost by a customer of Cambridge Investment Research, Inc. alleging that Mr. Pronovost recommended the purchase of two REITs which have resulted in a loss of money. Additionally, the client alleges she is unable to sell the investments. Per the customer, she lost over $172,000 because of Mr. Pronovost’s actions.
In February 2020, John Pronovost was the subject of a civil judgment or lien in the amount of $735,271.56. In general, judgment liens are court rulings that give a creditor the right to take possession of a debtor’s property when the debtor has failed to fulfill his or her contractual obligations. Sometimes, these types of disclosures reflect IRS judgments, tax liens, and/or civil judgments against a financial advisor.
In October 2019, a complaint was filed against or in reference to John Pronovost by multiple customers of Cambridge Investment Research, Inc. alleging that Mr. Pronovost purchases of unsuitable investments were made in client accounts. Per the customers, they lost over $342,550 because of Mr. Pronovost’s actions. On March 5, 2020, Mr. Pronovost settled the claim for $155,000, and some or all of this amount may have been paid by Mr. Pronovost’s employer and/or insurance carrier.
In October 2019, a complaint was filed against or in reference to John Pronovost by multiple customers of Cambridge Investment Research, Inc. alleging that Mr. Pronovost purchases of unsuitable investments were made in client accounts. Per the customers, they lost over $218,295 because of Mr. Pronovost’s actions. On October 2, 2019, Mr. Pronovost settled the claim for $107,981, and some or all of this amount may have been paid by Mr. Pronovost’s employer and/or insurance carrier.
In April 2019, a complaint was filed against or in reference to John Pronovost by a customer of Cambridge Investment Research, Inc. alleging misrepresentation and suitability of fund. Per the customer, he/she lost over $30,982 because of Mr. Pronovost’s actions. On January 5, 2021, Mr. Pronovost settled the claim for $13,631, and some or all of this amount may have been paid by Mr. Pronovost’s employer and/or insurance carrier.
In April 2019, a complaint was filed against or in reference to John Pronovost by a customer of Cambridge Investment Research, Inc. alleging misrepresentation and suitability of a fund purchased by the client. Per the customer, he/she lost over $12,086.81 because of Mr. Pronovost’s actions. On January 5, 2021, Mr. Pronovost settled the claim for $5,439, and some or all of this amount may have been paid by Mr. Pronovost’s employer and/or insurance carrier.
In December 2018, a FINRA arbitration was filed against or in reference to John Pronovost by multiple customers of Cambridge Investment Research, Inc. alleging that Mr. Pronovost sold unsuitable LJM funds. Per the customers, they lost over $75,000 because of Mr. Pronovost’s actions. On August 22, 2019, Mr. Pronovost settled the claim for $60,000, and some or all of this amount may have been paid by Mr. Pronovost’s employer and/or insurance carrier.
In October 2018, a complaint was filed against or in reference to John Pronovost by a customer of Cambridge Investment Research, Inc. alleging unauthorized sale of LJM funds was unsuitable. The client also added that Mr. Pronovost did not disclose the fees associated with the fund. Per the customer, he/she lost over $39,709 because of Mr. Pronovost’s actions.
In July 2018, a complaint was filed against or in reference to John Pronovost by multiple customers of Cambridge Investment Research, Inc. alleging that Mr. Pronovost sold the clients unsuitable investment. Per the customers, they lost over $511,085 because of Mr. Pronovost’s actions. On March 7, 2019, Mr. Pronovost settled the claim for $250,000, and some or all of this amount may have been paid by Mr. Pronovost’s employer and/or insurance carrier.
In June 2018, a FINRA arbitration was filed against or in reference to John Pronovost by multiple customers of Cambridge Investment Research, Inc. alleging that Mr. Pronovost sold unsuitable LJM funds. Per the customers, they lost over $70,000 because of Mr. Pronovost’s actions. On August 5, 2019, Mr. Pronovost settled the claim for $30,000, and some or all of this amount may have been paid by Mr. Pronovost’s employer and/or insurance carrier.
In May 2018, a FINRA arbitration was filed against or in reference to John Pronovost by multiple customers of Cambridge Investment Research, Inc. alleging misrepresentation and suitability of mutual funds. Per the customers, they lost over $50,000 because of Mr. Pronovost’s actions. On April 24, 2019, Mr. Pronovost settled the claim for $20,000, and some or all of this amount may have been paid by Mr. Pronovost’s employer and/or insurance carrier.
In April 2018, a FINRA arbitration was filed against or in reference to John Pronovost by a customer of Cambridge Investment Research, Inc. alleging that Mr. Pronovost sold a mutual fund in 2016 that is unsuitable for the client’s risk tolerance. Alleged activity occurred between January 2017 and February 2018. Per the customer, he lost over $150,000 because of Mr. Pronovost’s actions. On May 21, 2019, Mr. Pronovost settled the claim for $75,000, and some or all of this amount may have been paid by Mr. Pronovost’s employer and/or insurance carrier.
In March 2018, a FINRA arbitration was filed against or in reference to John Pronovost by a customer of Cambridge Investment Research, Inc. alleging misrepresentation and unsuitable funds for the client’s need. Per the customer, she lost over $26,044.79 because of Mr. Pronovost’s actions. On June 12, 2019, Mr. Pronovost settled the claim for $16,000, and some or all of this amount may have been paid by Mr. Pronovost’s employer and/or insurance carrier.
In March 2018, a FINRA arbitration was filed against or in reference to John Pronovost by a customer of Cambridge Investment Research, Inc. with allegations of breaching his fiduciary duty, unsuitability, and misrepresentation. Per the customer, he/she lost over $41,270.44 because of Mr. Pronovost’s actions. On September 19, 2018, Mr. Pronovost settled the claim for $41,270.44, and some or all of this amount may have been paid by Mr. Pronovost’s employer and/or insurance carrier.
How To File A Claim Against John Pronovost of Infinex Investments, Inc. (previously with Cambridge Investment Research Advisors, Inc., Cambridge Investment Research, Inc., and MML Investors Services, Inc.) To Get Your Money Back.
If you have questions about John Pronovost, Infinex Investments, Inc., Cambridge Investment Research Advisors, Inc., Cambridge Investment Research, Inc., MML Investors Services, Inc., or the management or performance of your accounts, please contact Attorney Patil for a free initial consultation via email or toll-free at 1-800-950-6553. Our team has recovered approximately $25 million dollars on behalf of investors who lost money due to bad advice by their broker or brokerage firm. We’d love to help you out too.