Bryon Martinsen (Bryon Edwin Martinsen) (CRD# 1621649) is a currently-registered broker and investment advisor employed with Centaurus Financial, Inc. (CRD #30833) of Kings Park, NY. Martinsen previously worked for AXA Advisors, LLC (CRD# 6627) and The Equitable Life Assurance Society Of The United States (CRD# 4039), in New York, NY. He has worked in the industry since 1987.
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Martinsen Alleged To Have Sold The Parking REIT
One of the investments Martinsen and other Centaurus Financial brokers are alleged to have sold clients is The Parking REIT. The Parking REIT was created in 2017 with the merger of MVP REIT and MVP REIT II. The investment is illiquid, but attractive because of the dividend it paid. In 2018, the REIT (Real Estate Investment Trust) stopped paying dividends, and its value has gone down significantly.
Many brokers have been accused of selling REITS without disclosing all of the risks. Untraded REITS are particularly risky, and often only suitable for sophisticated investors seeking such risks. However, REITS often pay the brokerage firms and brokers high dividends, which can incentivize them to misrepresent the risks and sell an unsuitable investment.
Multiple customer disputes against Martinsen allege unsuitable investments and/or misrepresentation. Brokers are required by FINRA to have a reasonable basis to believe that an investment is suitable for their customer based on knowledge of the investor. Investors with losses due to unsuitability and misrepresentation may be able to recover losses through FINRA arbitration.
Bryon Martinsen Disclosures
Martinsen’s publicly available FINRA BrokerCheck report lists 10 disclosures, which includes 8 customer disputes, 1 judgement/lien, and 1 employment separation after allegations:
April, 2019: A customer alleged that Martinsen recommended unsuitable investments and other allegations from 2009 through 2018. $1,700,000 in damages are requested, and the dispute is pending.
February, 2019: A customer alleged that Martinsen recommended unsuitable investments and other allegations from 2009 through 2015. $127,000 in damages were requested, and the case settled for $25,000.
June, 2018: A customer alleged “unsuitable investments, misrepresentations, and omission of material risks, in connection with the sale of various investments.” $231,244 in damages were requested, and the case settled for $10,000.
July, 2016: A customer alleged that the “firm allowed products to be sold that were both unsuitable and not fully reviewed during the due diligence process.” $1,787,000 in damages were requested and the claim was withdrawn.
September, 2014: A customer’s allegations included “breach of fiduciary duty, breach of contract, misrepresentation, omissions of material information, self-dealing and selling away pertaining to the investments purchased from 2005 to 2007.” $10,000 in damages were requested, and the claim was closed with no action.
September, 2014: A customer’s allegations included “breach of fiduciary duty, common law fraud, negligence, misrepresentation/omissions, and negligence/breach of industry rules pertaining to the purchases of non-traded real estate investment trusts, the leasing equipment funds and private placements purchased between 2005 and 2009.” $87,500 in damages were requested, and the claim was settled.
June, 2009: A $26,823 judgment appears on Martinsen’s record related to an automobile that Martinsen says was “voluntarily repossessed”.
June, 2007: A customer alleged they were sold “unsuitable variable annuities and mutual funds products, that were not fully explained.” The case was settled for $7,227.
September, 2005: A customer alleged that Martinsen helped her research and decide to purchase a viatical settlement that caused losses. $120,428 in damages were requested, and the case was settled for $50,000.
September, 1999: Martinsen was discharged from AXA Advisors for allegedly engaging in outside business activities that he had previously been advised to cease and desist.
Recovering Centaurus, Bryon Martinsen, Or The Parking REIT Losses
Customers of FINRA-registered firms, such as Centaurus Financial, are required to resolve disputes through FINRA’s arbitration and mediation forum. Arbitration panels can award anything a court can, and awards are not easily overturned.
If you or someone you know has investment losses with Bryon Martinsen, Centaurus, or The Parking REIT, contact Silver Law Group for a no-cost consultation. Our lawyers represent investors in securities and investment fraud cases, and are admitted to practice in New York and Florida and represent investors nationwide. Most cases are handled on a contingency fee basis, which means you won’t any pay legal fees unless we recover money for you. Call us toll free at 800-975-4345, or use our online contact form.