Diamond and Other Kalos Capital Brokers Are Accused of Broker Fraud
Arni Diamond, who is now a registered representative with Dempsey Lord Smith, is currently the subject of a pending $200K broker fraud claim accusing him of making unsuitable alternative investment recommendations reportedly while he was a Kalos Capital broker.
Diamond is one of a number of financial representatives currently or formerly associated with Kalos who has been accused of marketing securities products to investors even when they were inappropriate for them.
Shepherd Smith Edward and Kantas (SSEK Law Firm) has filed a number of broker-dealer negligence claims against Kalos for inadequately supervising its brokers. If you suffered significant losses based on the alternative investment recommendations made by Arni Diamond while he was with this firm or any of the other broker-dealers where he worked, contact our broker fraud law firm today.
Other Customers Also Accuse The Ex-Kalos Broker of Unsuitable Alternative Investment Recommendations
According to his BrokerCheck record, Arni Diamond has been the subject of three other customer complaints.
One claim, alleging misrepresentation of a real estate investment trust (REIT) in 2004, was denied. Another dispute from 2016 seeking $100K for unsuitable investment recommendations and misrepresentations while he was a Berthel, Fischer, & Co. broker, and before that an FSC Securities representative, was closed due to lack of action.
Also, a customer complaint against Diamond from 2017, again from while he was a Berthel Fischer broker, also alleged unsuitable investment recommendations and was settled for $50K.
During his 23 years as a registered broker, Diamond has worked for 11 other firms. In addition to Dempsey Lord Smith, Kalos Capital, Berthel Fisher, and FSC Securities, previous broker-dealers that employed him include:
- USAllianz Securities
- Princor Financial Services
- Jefferson Pilot Securities
- Security First Financial
- Guardian Investor Services
Kalos Capital Brokers and Unsuitable Investment Recommendations
Kalos Capital is being sued by numerous customers who’ve accused its registered representatives of recommending investments that were inappropriate, whether for their portfolio, investment goals, or risk tolerance levels.
Most recently, Kalos customers have linked their losses to the GPB private placements that were sold to them by broker-dealers and their representatives. Now, GPB Capital Holdings is accused of operating an over $1.5B Ponzi scam. Kalos is among the dozens of broker-dealers who’ve earned some $160M in commissions while GPP investors sustained huge losses.
Contact our brokerage firm fraud attorneys at SSEK Law Firm today if you are working or have previously worked with Arni Diamond and believe that you suffered investment losses due to his actions. We offer a free, no-obligation case consultation. Fill out our contact form online or call us on (800) 259-9010.