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Read MoreMax & Randy Birkinbine: Ausdal Advisors Face GWG Complaint
North Oaks, Minnesota financial advisors Max Birkinbine (CRD# 6836583) and Randy Birkinbine (CRD# 2008599) have received an investor complaint alleging that they recommended an unsuitable investment in GWG L bonds. Financial Industry Regulatory Authority records show that both are registered as a broker and an investment advisor with Ausdal Financial Partners.
Max and Randy Birkinbine’s BrokerCheck reports disclose the same investor complaint. Filed in January 2024, it alleges that as a representative of Ausdal Financial Partners, they violated Regulation Best Interest, breached their fiduciary duties, acted negligently, and recommended an unsuitable investment in GWG L bonds. The pending complaint alleges damages of $85,000.
Randy Birkinbine’s BrokerCheck report discloses several other investor complaints. The most recent, filed in 2021, alleged that as an Ausdal Financial Partners representative, he made unsuitable investment recommendations, breached his fiduciary duty, and failed to conduct adequate due diligence. In 2023 the complaint reached a settlement of $45,000.
An earlier investor complaint, filed in 2020, alleged that he recommended unsuitable products and concentrated the customer’s account in illiquid products. In 2021 the complaint reached a settlement of $55,000.
According to the Financial Industry Regulatory Authority, Randy Birkinbine holds 33 years of securities industry experience. Based in North Oaks, Minnesota, he has been registered a broker and an investment advisor with Ausdal Financial Partners since 2011 and 2016, respectively. His past registrations include Workman Securities Corporation, Invest Financial Corporation, FSC Securities Corporation, and Lutheran Brotherhood Securities Corporation. His credentials include the passage of nine securities industry qualifying exams: 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 Municipal Securities Representative Examination, or Series 52TO; the Limited Representative-Private Securities Offerings, or Series 82TO; the Registered Options Representative Examination, or Series 42; the Direct Participation Programs Representative Examination, or Series 22TO; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed in Colorado, Florida, Georgia, Iowa, Minnesota, North Dakota, Pennsylvania, Texas, and Wisconsin.
Max Birkinbine, meanwhile, holds six years of securities industry experience, according to FINRA. Also based in North Oaks, he has been registered a broker and an investment advisor with Ausdal Financial Partners since 2017 and 2019, respectively. His credentials include the passage of four securities industry qualifying exams: the Series 63, the Series 65, the SIE, and the Series 7. He is licensed in California, Colorado, Florida, Georgia, Illinois, Iowa, Minnesota, Montana, New York, North Dakota, Pennsylvania, and Wisconsin. (Information current as of February 18, 2024.)
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