Joseph Storzinger: $400K Complaint Against IBN Advisor

Liverpool, New York financial advisor Joseph Storzinger (CRD# 2554671) recently received an investor complaint alleging that his conduct resulted in $400,000 in damages. Financial Industry Regulatory Authority records show that he is registered as a broker with IBN Financial Services and an investment advisor with IBN Advisory Services.

Mr. Storzinger’s BrokerCheck report discloses one recent investor complaint. Filed in June 2024, it alleges that as a representative of IBN Financial Services, he acted negligently, breached contract, and violated FINRA Rules 2010, 2020, 2111, and 3280. The pending complaint alleges damages of $400,000.

FINRA Rule 2111 stipulates that brokers may recommend only investments and investment strategies that are suitable for their customers individual background and needs. To ascertain whether a product or strategy is suitable, they must perform reasonable diligence into the client’s investment profile, which includes the client’s age, income, risk tolerance, net worth, investment objectives and experience, and other factors. FINRA Rule 3280, meanwhile, requires registered persons to provide their firms with prior written notice before engaging in private securities transactions and receive the firm’s approval, and FINRA Rule 2010 requires associated persons to abide by “high standards of commercial honor and just and equitable principles of trade.” Rule 2020, finally, stipulates that advisors may not “effect any transaction in, or induce the purchase or sale of, any security by means of any manipulative, deceptive or other fraudulent device or contrivance.” Representatives who violate these rules may be held liable for damages.

According to the Financial Industry Regulatory Authority, Joseph Storzinger holds 25 years of securities industry experience. Based in Liverpool, New York, he has been registered as a broker with IBN Financial Services and an investment advisor with IBN Advisory Services since 2023. His past registrations include Traderfield Securities, American Portfolios Financial Services, Ameriprise Financial Services, IDS Life Insurance Company, the JB Sutton Group, and Stratton Oakmont. His credentials include the passage of four securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE: the Uniform Investment Adviser Law Examination, or Series 65; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in New York. (Information current as of July 21, 2024.)

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