Securities Arbitration Lawyer Blog
On May 17, 2021, a FINRA arbitration panel issued an award in favor of customer Donna Wagner in a securities arbitration against Brokers International Financial Services, LLC and former broker Mark Christopher Perry. Brokers International Financial Services and Mr. Perry (the “Respondents”) were held jointly and severally liable for $795,929 in compensatory damages. The Respondents were also ordered to pay post-judgment interest at a rate of 8%, beginning 30 days after the issuance of the Award.
Ms. Wagner filed a securities arbitration claim in December 2019, seeking approximately $1.34 million in actual damages. The Statement of Claim alleged that Mr. Perry, while registered with Brokers International Financial Services, was also the President of Brendanwood Financial Brokerage, an insurance brokerage firm in Carmel, Indiana. The claim alleged that Brokers International Financial Services and Mr. Perry allowed Brian Simms, CEO of both Brendanwood Financial Brokerage and Brendanwood Financial Services, to use the company as a conduit to obtain funds from Mr. Wagner and convert those funds for his own personal use. According to the claim, Mr. Perry, who was responsible for its operations oversight, appears to be complicit in the actions of Mr. Simms.
According to public reports, Ms. Wagner also filed a lawsuit on December 2, 2019, in Hamilton Circuit Court against Brian Simms. The lawsuit alleged that Mr. Simms relied on Brian Simms after the 2017 death of her husband, Michael Wagner. Mr. Simms allegedly assisted Ms. Wagner in making death benefit claims on life insurance policies through North American Company for Life and Health Insurance and the Lincoln National Life Insurance Company and then convinced her to vest the proceeds in additional insurance, annuities, and investments. The lawsuit alleges in total, $1,342,482 of Ms. Wagner’s assets are missing and unaccounted for or misappropriated by Mr. Simms and Brendanwood.
In February 2020, a second lawsuit was filed against Mr. Simms and Brendanwood by Louis and Marsha Hill of West Lafayette, Indiana. The lawsuit alleged that Mr. Simms, who the Hills relied upon for their insurance and investment needs, misappropriated $450,719 of their money.
In June 2020, a second FINRA arbitration claim was filed against Mr. Perry, asserting similar allegations. The claim, which is seeking $150,000 in damages, alleges that an insurance agent took checks that were made payable to Mr. Perry’s firm, totaling $150,000, and converted it for his personal use.
Brokers International Financial Services LLC
Brokers International Financial Services LLC has been registered with the Securities and Exchange Commission (“SEC”) and a Financial Industry Regulatory Authority (“FINRA”) member since 2006. The firm has approximately 240 registered individuals and is headquartered in Urbandale, Iowa.
Brokers International Financial Services LLC has twice been the subject of regulatory sanctions by FINRA. First, in 2012, the firm was censured and fined $16,000 after FINRA alleged that the firm failed to make timely filings for reportable events, made an inaccurate filing in one instance, allowed a statutorily disqualified person to associated with the firm, and failed to maintain written supervisory procedures reasonably designed to achieve compliance with applicable securities laws. Second, in 2016, the firm was censured and fined $45,000 after FINRA alleged that from May 2012 through April 2014, the firm used a form for variable annuity purchases that failed to confirm that customers had been fully informed of the material features and fees of variable annuities prior to recommending that they invest in those products. FINRA also alleged that the firm approved solicited variable annuity purchases without adequate information to make reasonable suitability determinations.
Financial Advisor Mark Christopher Perry (CRD # 2197284)
Mark Perry, who has 23 years of experience in the securities industry, is currently not registered with any firm. He has previously been associated with the following firms:
- Brokers International Financial Services, LLC in Urbandale, Iowa, from January 2017 to July 2019.
- AXA Advisors, LLC in Indianapolis, Indiana, from Juley 2014 to February 2015.
- Next Financial Group, Inc. in Carmel, Indiana, from April 2014 to July 2014.
- Pruco Securities, LLC in Carmel, Indiana, from January 1992 to February 2012.
- The Prudential Insurance Company of America in Newark, New Jersey, from January 1992 to December 1993.
Mr. Perry has also been associated with the following entities:
- Brendanwood Investment Group in Carmel, Indiana.
- Brendanwood Financial Brokerage in Carmel, Indiana.
According to his BrokerCheck report, he worked in a supervisory capacity, responsible for operations oversight.
Mr. Perry’s BrokerCheck report also discloses that he has been the subject of numerous tax liens and civil judgments:
- May 23, 2019: $51,275.37 (tax).
- February 14, 2019: $157.12 (civil).
- November 30, 2018: $185,327 (tax).
- April 4, 2016: $23,822 (tax).
How to Recover Losses or Obtain a Free Consultation
Iorio Altamirano LLP represents investors in disputes with their financial advisors or brokerage firms, such as Mark Perry and Brokers International Financial Services LLC.
If you have lost money with broker Brian Simms, Mark Perry, or Brokers International Financial Services LLC, contact FINRA arbitration lawyers August Iorio and Jorge Altamirano of Iorio Altamirano LLP at august@ia-law.com, jorge@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. We pursue FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by financial advisors and brokerage firms.