John Pronovost: $100K-$500K Complaint Against Ex-Cambridge Advisor

Watertown, Connecticut financial advisor John Pronovost (CRD# 1990612) has received multiple investor complaints alleging that he recommended unsuitable investments. Financial Industry Regulatory Authority records show that he is currently registered as a broker and an investment advisor with Osaic Institutions, having previously been registered with Cambridge Investment Research.

Mr. Pronovost’s BrokerCheck report discloses more than a dozen investor complaints. The most recent, filed in February 2024, alleges that as a representative of Cambridge Investment Research, he recommended unsuitable investments that resulted in losses. The pending complaint alleges damages between $100,000 and $500,000.

An earlier investor complaint, filed in January 2022, alleged that he misrepresented an investment in the LJM Preservation and Growth Fund. The complaint reached a settlement of $22,067.27.

A third investor complaint, filed in 2022, similarly alleged misrepresentation in connection with an LJM Preservation and Growth Fund investment. The complaint reached a settlement of $13,284.42.

A fourth investor complaint, filed in 2019, alleged that he recommended unsuitable mutual fund purchases. In 2020 the complaint reached a settlement of $155,000.

A fifth investor complaint, also filed in 2019, alleged that he sold unsuitable mutual fund products. The complaint reached a settlement of $107,981.

A sixth investor complaint, filed in 2018, also alleged that he unsuitably sold a mutual fund product. In 2019 the complaint reached a settlement of $250,000.

Other current or former Cambridge Investment Research advisors to receive investor complaints include Brian Dumont, Matt Stucke, Brian Culver, Gus Mask, Kurt Cambier, and Mike Valenta.

According to the Financial Industry Regulatory Authority, John Pronovost holds 34 years of securities industry experience. Based in Watertown, Connecticut, he has been a broker and an investment advisor with Osaic Institutions since 2021. His past registrations include Cambridge Investment Research (Watertown, Connecticut; 2008-2021), MML Investors Services (Watertown, Connecticut; 1996-2008), and GR Phelps & Company (1989-1996). His credentials include the passage of eight securities industry qualifying exams: the Investment Company Products/Variable Contracts Principal Examination, or Series 26; the General Securities Principal Examination, or Series 24; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Operations Professional Examination, or Series 99TO; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed in Arizona, California, Connecticut, Georgia, Idaho, Kansas, New Hampshire, New Jersey, New York, North Carolina, Rhode Island, South Carolina, South Dakota, Texas, Utah, Vermont, Virginia, Washington, and Wisconsin. (Information current as of February 18, 2024.)

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