- Report: #1481914
Complaint Review: Cornerstone Wealth Management - San Diego California
Reported By:
Vic -
San Diego, California, United States
Submitted:
Updated:
-
Author Confirmed
Why?
Cornerstone Wealth Management
16935 W Bernardo Drive San Diego, 92107 California, United States
Phone:
(858) 676-1000
Web:
http://www.cornerstonewm.com/
Categories:
Business Rating:
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Cornerstone Wealth Management Chris Meacham, Scott Bramwell Cornerstone Wealth Management puts clients into bad investment that lose money and/or go bankrupt San Diego California
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Chris Meacham of Cornerstone Wealth Management puts clients into bad investment that lose money and/or go bankrupt. These guys come accross as professional and likable, but in reality every decsision they make is for their own benenfit. They are dirty...
Meacham has multiple complaints, allegation and licenses suspensions against him and his firm.
https://brokercheck.finra.org/individual/summary/1366969
1. January 29, 2014 A FINRA ARBITRATION PANEL RULED IN FAVOR OF A FORMER CLIENT AND AGAINST CORNERSTONE AND MR. MEACHAM IN CONNECTION WITH A DISPUTE ARISING OUT OF A REAL ESTATE PRIVATE PLACEMENT TRANSACTION IN WHICH THE CLIENT WAS ONE OF SEVERAL INVESTORS. OVER THE STRONG OPPOSITION OF ADVISER, THE ARBITRATION PANEL AWARDED THE CLIENT COMPENSATORY AND EXEMPLARY DAMAGES IN THE AMOPOUNT OF $176,750.
2. January 2006 - LICENSE SUSPENSION - MEACHAM FAILED TO PROMPTLY AMEND HIS UNIFORM APPLICATION FOR SECURITIES INDUSTRY REGISTRATION OR TRANSFER (FORM U4) TO DISCLOSE MATERIAL INFORMATION AND CONSENTED TO SANCTIONS AND TO THE ENTRY OF FINDINGS, THEREFORE HE IS SUSPENDED FROM ASSOCIATION WITH ANY NASD MEMBER IN ANY CAPACITY FOR 10 BUSINESS DAYS AND FINED $5,000. THE FINE SHALL BE DUE AND PAYABLE EITHER PRIOR TO REASSOCIATION WITH A MEMBER FIRM FOLLOWING THE SUSPENSION OR PRIOR TO ANY APPLICATION OR REQUEST FOR RELIEF FROM ANY STATUTORY DISQUALIFICATION RESULTING FROM THIS OR ANY OTHER EVENT OR PROCEEDING, WHICHEVER IS EARLIER. SUSPENSION EFFECTIVE MARCH 6, 2006, TO MARCH 17, 2006. FINE PAID 07/10/2007.
3. July 01, 2002 - CORNERSTONE WEALTH MANAGEMENT, LLC - CLIENT ALLEGES UNSUITABLE INVESTMENT PRODUCTS WERE PURCHASED INTO THE CLIENT ACCOUNT. SPECIFICALLY, THE CLIENT ALLEGES THAT TRUST DEED INVESTMENTS ADVOCATED BY MR. MEACHAM CARRIED FAR MORE RISK THAN WAS DISCLOSED.
Product Type: TRUST DEED Damages: $25,000.00
4. July 12, 2002 - CLIENT ALLEGES UNSUITABLE INVESTMENT PRODUCTS WERE PURCHASED INTO THE CLIENT ACCOUNT. SPECIFICALLY, THE CLIENT ALLEGES THAT TRUST DEED INVESTMENTS ADVOCATED BY MR. MEACHAM CARRIED FAR MORE RISK THAN WAS DISCLOSED. FURTHER MEACHAM CARRIED FAR MORE RISK THAN WAS DISCLOSED. FURTHER, CLIENT ALLEGES THAT MR. MEACHAM DID NOT MANAGE THIS RISK BY FAILING TO PROPERLY DIVERSIFY THE CLIENT'S ACCOUNT. Product Type(s): TRUST DEED Damages: $119,065.00
