Last Updated: February 2025
Have you invested money through Independent Financial Group, LLC (IFG) or one of their financial advisors? If so, you should be aware of the firm’s extensive history of regulatory violations, customer complaints, and supervision failures that have resulted in substantial financial losses for investors.
About Independent Financial Group
Independent Financial Group (CRD# 7717) is a broker-dealer headquartered in San Diego, California. Founded in 2001, the firm is registered with FINRA, the SEC, and 53 U.S. states and territories. IFG conducts 14 different types of investment business, including mutual funds, variable annuities, and alternative investments like REITs.
Concerning Patterns and Regulatory Issues
Our analysis of IFG’s FINRA BrokerCheck report reveals troubling patterns of regulatory violations and customer harm. Some key findings include:
Recent Major Regulatory Actions
- In November 2024, FINRA fined IFG $75,000 for failing to supervise 529 college savings plan recommendations, resulting in customers paying excessive fees
- In September 2024, FINRA imposed a $500,000 fine for supervision failures related to excessive trading that caused significant customer losses
- In September 2023, the California Department of Insurance fined the firm for violations of state insurance codes
Persistent Supervision Problems
IFG has repeatedly failed to:
- Implement adequate supervisory systems for reviewing investment recommendations
- Monitor for excessive trading and inappropriate concentration in risky investments
- Properly train and oversee financial advisors handling retirement accounts
- Maintain required documentation and respond fully to regulatory requests
Notable Customer Arbitration Awards
Recent FINRA arbitration panels have ordered IFG to pay substantial damages to harmed investors:
- $1,000,000 award in December 2023 involving REITs and other alternative investments
- $170,425 award in January 2022 involving unauthorized trading and elder abuse allegations
Individual Financial Advisor Concerns
We are investigating financial advisors with this firm and will shortly update with specific individuals who have been or are currently subject to customer complaints and regulatory scrutiny.
Protecting Your Investment Rights
If you’ve lost money while investing through Independent Financial Group or its financial advisors, you may have legal rights to recover your losses. Common signs of potential misconduct include:
- Unexpected losses in “safe” or “conservative” investments
- High-pressure sales tactics for alternative investments like REITs
- Excessive trading or frequent account charges
- Investments that weren’t properly explained or seemed unsuitable
- Unauthorized trades or account activity
Frequently Asked Questions About Investment Loss Recovery
How do I know if I have a valid claim against Independent Financial Group?
You may have a valid claim if you’ve experienced financial losses due to:
- Unsuitable investment recommendations
- Unauthorized trading
- Excessive fees or commissions
- Misrepresentation of investment risks
- Concentration in high-risk investments
- Elder financial abuse
The best way to determine if you have a claim is to contact an experienced investment fraud attorney who can review your specific situation.
How long do I have to file a claim?
There are strict time limits (statutes of limitations) for filing investment fraud claims. Generally, you should act within:
- 6 years from the violation date for FINRA arbitration claims
- 2-4 years for state law claims (varies by state)
- 1-2 years from discovery of the fraud for certain federal claims
Don’t delay in seeking legal advice, as waiting too long could prevent you from recovering your losses.
What does it cost to pursue a claim?
At Patil Law, P.C., we handle investment fraud cases on a contingency fee basis. This means:
- No upfront legal fees
- We only get paid if we recover money for you
- Free initial consultation to evaluate your case
- No obligation to proceed after consultation
How long does the recovery process take?
The timeline for resolving investment fraud claims varies depending on:
- Complexity of the case
- Amount of losses involved
- Whether the case settles or goes to arbitration
- Cooperation of the parties involved
Most cases resolve within 8-18 months, though some may take longer if they involve complex issues or multiple parties.
What documentation do I need?
While we can help gather records, it’s helpful to have:
- Account statements
- Trade confirmations
- Correspondence with your advisor
- Marketing materials or presentations
- Notes from conversations with your advisor
- New account opening documents
Take Action to Protect Your Rights
Don’t wait to explore your legal options. The investment fraud attorneys at Patil Law, P.C. have extensive experience helping investors recover losses caused by broker misconduct and inadequate supervision. Contact us today at 800-950-6553 for a free consultation to understand your rights and potential recovery options.
This post is intended solely for informational purposes and does not constitute legal advice. Every case is unique and should be evaluated individually by qualified legal counsel. For more brokerage firm investigations by Patil Law, please visit the Brokerage Firm Investigations page.