Brian Dumont Embroiled in $500,000 Dispute
Brian Dumont (CRD# 4737802), formerly a broker registered with Cambridge Investment Research, recommended an unsuitable investment, according to an investor dispute. MDF Law is investigating the New York City-based Dumont Wealth adviser for similar conduct. Investors with concerns about their accounts should contact us for a free consultation.
To learn more about the allegations against Mr. Dumont, continue reading this article. The information below is sourced from his BrokerCheck profile, a Financial Industry Regulatory Authority (FINRA) record accessed on January 10, 2024.
Pending Dispute Alleges Unsuitable Product
On October 30, 2023, an investor lodged a dispute alleging that Mr. Dumont recommended an unsuitable real estate investment. He also “failed to provide adequate guidance” regarding the investment, according to the allegations. The dispute, which remains pending, seeks $500,000 in damages.
Firm Denied 2016 Dispute
The above-described dispute is not the only one in Mr. Dumont’s professional record. On November 9, 2016, another investor filed a dispute alleging that he recommended an unsuitable variable annuity whose performance was “unsatisfactory.” The dispute sought unspecified damages and was denied by his former member firm. “This investment was based on the client’s investment objectives and time horizon,” reads a “Broker Statement” statement regarding the dispute. “[Mr. Dumont] believed this product provided the client with more appropriate options than her initial annuity investment.”
What Is Dumont Wealth?
As his BrokerCheck profile reflects, Mr. Dumont is the CEO and CCO of Dumont Wealth, the “doing business as” name of Efficient Wealth Partners. In this position, according to FINRA records, he “offers life Life insurance, disability insurance, long term care insurance and health insurance. From time to time, he will offer clients advice or products.” The firm’s New York City office is in Rockefeller Plaza, according to its website, with Mr. Dumont serving as a “private financial and estate planner” for about 50 families.
“It is his passion to teach his clients how their money works and what their options are so that together they can construct an effective, highly customized financial strategy for themselves and their families,” a biographical statement on the website explains. “Brian’s style is a little like educational therapy for your money.”
FINRA: Brian Dumont Based in New York City
Brian Dumont embarked on his career as a broker in 2004, when he registered with MetLife Securities in New York City. He left that firm in 2008 for Cambridge Financial Research, where he remained until 2018. While he is no longer registered as a broker, he is registered as an investment adviser with Dumont Wealth in New York City, according to FINRA. He has completed five industry exams, including the Series 65 and the Series 6.
Call MDF Law for a Free Consultation Today
If you lost money investing with Brian Dumont, you should be aware of potential recovery options. At MDF Law, an investment fraud law firm based in New York and offering free consultations nationwide, our team has proven experience advocating for investors. Through the FINRA arbitration process, we have secured more than $100 million in recoveries for our clients. Call 800-767-8040 to discuss your options today.