Sonn Law Group is reviewing recently reported and pending customer disputes involving financial professionals associated with firms including UBS Financial Services, Ameriprise Financial Services, Morgan Stanley, Capulent, Avantax Investment Services, Innovation Partners, Emerson Equity, Realta Equities, Centaurus Financial, and Kestra Investment Services.
This roundup examines 10 brokers whose FINRA BrokerCheck records reflected pending customer disputes when reviewed on September 7, 2026.
The brokers were selected based on factors such as the amount of alleged damages, number of pending disputes, investments involved, and potential relevance to investors. This article is not a comprehensive list, an official FINRA ranking, or a list limited to complaints filed in September 2026.
FINRA explains that BrokerCheck contains most reportable customer complaints involving registered investment professionals. However, the existence of a complaint does not establish that a broker committed wrongdoing. Pending allegations may be contested, denied, withdrawn, dismissed, settled, or resolved in favor of the broker. (FINRA)
1. Javier Adolfo Naselli — CRD No. 2425401
Javier Adolfo Naselli is currently registered with Creand Securities and was previously registered with UBS Financial Services.
According to FINRA BrokerCheck, Naselli’s record reflects two pending and two final customer disputes. One pending FINRA arbitration alleges that an illicit and unsuitable selling-away scheme was used to invest customers’ money in a proposed biorefinery in Uruguay.
The alleged conduct reportedly occurred between 2022 and 2023 while Naselli was associated with UBS Financial Services. The claimants seek $5 million in alleged damages.
The arbitration was filed on June 4, 2026, and is identified as FINRA Case No. 26-01261. Naselli strongly denies the allegations. The claim remains pending and has not been adjudicated. (FINRA)
Official FINRA BrokerCheck source:
(https://files.brokercheck.finra.org/individual/individual_2425401.pdf)
2. Brian Robert Peers — CRD No. 2545530
Brian Robert Peers is associated with Ameriprise Financial Services.
According to a pending FINRA arbitration reported in BrokerCheck, the claimants allege that they instructed their financial advisor to invest $100,000 each in Nvidia, Apple, and Broadcom on March 24, 2020, but that the requested trades were not executed.
The claimants seek $3,166,966 in alleged damages. The investments identified in the dispute are publicly traded equities.
The arbitration was filed on March 24, 2026, and is identified as FINRA Case No. 26-00649. The matter remains pending, and the allegations have not been proven or adjudicated. (FINRA)
Official FINRA BrokerCheck source:
(https://files.brokercheck.finra.org/individual/individual_2545530.pdf)
3. Edward Eric Fernandez — CRD No. 2956661
Edward Eric Fernandez is associated with Capulent LLC.
Fernandez’s BrokerCheck report lists 18 pending customer disputes, making his record one of the most significant included in this roundup. The disputes generally involve Delaware Statutory Trust investments sponsored by Versity Investments, also identified in the claims as Crew.
One claim alleges that a Vintage DST investment was unsuitable for the customers’ Section 1031 exchange. That arbitration seeks $292,134 in alleged damages and is identified as FINRA Case No. 26-01018.
Another pending arbitration involving two Versity-sponsored DSTs—One on 4th and Hayworth Tanglewood—seeks $795,000 in alleged damages. The claimants allege that the investments were unsuitable and that material risks involving the sponsor, investment structure, and underlying properties were not adequately disclosed.
Fernandez denies the allegations and maintains that the investments were appropriate based on the information and disclosures available when the recommendations were made. All 18 disputes were listed as pending when the report was reviewed. (FINRA)
Official FINRA BrokerCheck source:
(https://files.brokercheck.finra.org/individual/individual_2956661.pdf)
4. Kevin J. Birkner — CRD No. 5831301
Kevin J. Birkner is the subject of a pending customer dispute involving options investments reportedly recommended while he was associated with Morgan Stanley.
According to FINRA BrokerCheck, the claimant alleges misrepresentations concerning investment recommendations made during 2024 and 2025.
The claimant seeks $1,439,541 in alleged damages. The identified product category is options.
The matter was served on April 9, 2026, and is identified as FINRA Case No. 26-00694. The arbitration remains pending, and the reported allegations have not been established through a FINRA hearing or other adjudication. (FINRA)
Official FINRA BrokerCheck source:
(https://files.brokercheck.finra.org/individual/individual_5831301.pdf)
5. Christopher N. Kirkland — CRD No. 5602044
Christopher N. Kirkland is currently registered with Cetera Wealth Services and was formerly registered with Avantax Investment Services and LPL Financial.
Kirkland’s BrokerCheck report reflects 11 customer disputes, including five pending and six final matters.
Several of the pending disputes involve structured notes. In one FINRA arbitration, a customer alleges that a structured-note investment was unsuitable and seeks $250,000 in damages. Kirkland’s statement reports that the customer’s losses were substantially less than the amount claimed. That arbitration is identified as FINRA Case No. 26-00186.
Another pending complaint seeks $150,000 over allegedly unsuitable structured notes. A separate pending FINRA arbitration seeks $750,000 and involves structured notes and exchange-traded funds. Kirkland’s record also includes a pending complaint involving a NorthStar Healthcare Income REIT.
The pending allegations have not been proven or formally adjudicated. (FINRA)
Official FINRA BrokerCheck source:
(https://files.brokercheck.finra.org/individual/individual_5602044.pdf)
6. Robert Joseph Reese — CRD No. 5880465
Robert Joseph Reese is currently registered with Innovation Partners. The pending dispute concerns alleged conduct while Reese was associated with Secure Capital Research.
According to FINRA BrokerCheck, the customer alleges that funds were invested in illiquid private placements and that the alternative investments were represented as involving less risk than the securities markets.
The claim also alleges that the investments were concentrated in life insurance and real estate. The investments identified in the report include:
- CA Ventures GP Fund II;
- CA Ventures GP Fund III; and
- HA Select-Waterford LLC.
The claimant seeks $500,000 in alleged damages. The matter is identified as FINRA Case No. 26-00467.
Reese denies the allegations and disputes whether the claimant qualified as his customer under FINRA’s definitions. He maintains that the claimant was an experienced investor who sought alternative investments independently. The matter remains pending. (FINRA)
Official FINRA BrokerCheck source:
(https://files.brokercheck.finra.org/individual/individual_5880465.pdf)
7. Christopher Glenn Rogers — CRD No. 4453653
Christopher Glenn Rogers faces a pending FINRA arbitration involving a real estate security reportedly offered while he was associated with Emerson Equity.
The claimants allege breach of contract, breach of fiduciary duty, negligence, gross negligence, misrepresentations and omissions, violations of FINRA rules, violations of state and federal securities laws, and violations of best-interest obligations.
The claim concerns an investment made in 2022. The claimants seek $1.1 million in alleged damages, in addition to other requested relief.
The arbitration was filed on November 21, 2025, and is identified as FINRA Case No. 25-02599.
Rogers unequivocally denies the allegations. His BrokerCheck statement maintains that the recommendations were consistent with the customer’s objectives, risk tolerance, and financial profile and that the appropriate disclosures were provided. The arbitration remains pending. (FINRA)
Official FINRA BrokerCheck source:
(https://files.brokercheck.finra.org/individual/individual_4453653.pdf)
8. Matthew Mitchell Chancey — CRD No. 5645874
Matthew Mitchell Chancey is associated with Realta Equities.
According to FINRA BrokerCheck, Chancey faces a pending arbitration in which the claimant alleges improper investment recommendations and other unspecified acts or omissions.
The dispute involves alternative investments. Although the report does not state one exact damages figure, it identifies the requested compensatory damages as between $100,000 and $500,000.
The matter was served on March 3, 2026, and is identified as FINRA Case No. 26-00489.
The arbitration remains pending. The allegations have not been proven, and no finding of wrongdoing has been entered against Chancey in connection with the claim. (FINRA)
Official FINRA BrokerCheck source:
(https://files.brokercheck.finra.org/individual/individual_5645874.pdf)
9. Michael Y. Hamilton — CRD No. 2038138
Michael Y. Hamilton faces a pending FINRA arbitration involving investments reportedly recommended while he was associated with Centaurus Financial.
According to BrokerCheck, the customer alleges that Hamilton recommended unsuitable, high-risk, and illiquid investments between September 2019 and February 2021.
The investments are classified as corporate debt. The customer seeks $224,500 in alleged damages.
The arbitration was filed on March 20, 2026, and is identified as FINRA Case No. 26-00583.
Hamilton vehemently denies wrongdoing. His statement maintains that the investments were consistent with the customer’s financial circumstances and objectives and that the customer received documents disclosing the investments’ characteristics and risks. The arbitration remains pending. (FINRA)
Official FINRA BrokerCheck source:
(https://files.brokercheck.finra.org/individual/individual_2038138.pdf)
10. Markus G. Byrd — CRD No. 2177376
Markus G. Byrd has two pending customer disputes involving investments reportedly offered through Kestra Investment Services.
In the first dispute, the claimant alleges that unsuitable alternative investments were recommended. The products are categorized as direct investments involving DPP and limited-partnership interests. Kestra reportedly made a good-faith determination that the alleged damages would exceed $5,000.
The matter was filed on March 11, 2026, and is identified as FINRA Case No. 26-00557. Byrd states that he is not a party to the case and that the products were vetted and approved by the brokerage firm.
The second arbitration alleges that discretionary authority was used to purchase an exchange-traded note between September 2020 and April 2023. The claimants also allege that the investment was unsuitable, was held for longer than appropriate, and was described through inaccurate statements concerning its characteristics and performance.
That matter is identified as FINRA Case No. 26-00470. Byrd states that he was not named as a respondent and maintains that the investment was appropriate when made.
Both disputes remain pending. Byrd’s complete BrokerCheck record reflects two pending and five final customer disputes. (FINRA)
Official FINRA BrokerCheck source:
(https://files.brokercheck.finra.org/individual/individual_2177376.pdf)
What Does a Pending FINRA Customer Dispute Mean?
A pending customer dispute reported in BrokerCheck may involve:
- A FINRA arbitration;
- An investment-related civil lawsuit; or
- A written customer complaint alleging a reportable sales-practice violation.
A pending disclosure is not a finding that the financial professional violated securities laws or FINRA rules. It means that reportable allegations have been made but have not yet been formally resolved.
FINRA advises investors to review the nature of each complaint, how many similar complaints appear on the broker’s record, the period over which they were reported, and how completed matters were resolved. (FINRA)
FINRA’s BrokerCheck explanation:
(https://www.finra.org/investors/investing/working-with-investment-professional/about-brokercheck/customer-complaint)
Common Investments Identified in the Pending Disputes
The pending matters discussed in this roundup involve a wide range of securities and investment strategies, including:
- Delaware Statutory Trusts;
- Section 1031 exchange investments;
- Structured notes;
- Options;
- Private placements;
- Alternative investments;
- Real estate securities;
- Corporate debt;
- Exchange-traded notes; and
- Publicly traded technology stocks.
These products involve different levels of risk, complexity, liquidity, and potential loss. Financial professionals and brokerage firms may be responsible for investigating investments, understanding their material risks, making appropriate recommendations, accurately presenting the investments, and reasonably supervising their representatives.
Did You Suffer Investment Losses?
Investors who suffered losses involving unsuitable investments, misrepresentations, selling away, excessive concentration, private placements, structured products, DSTs, options, or other securities may be able to pursue compensation through FINRA arbitration.
Potential claims may involve:
- Unsuitable investment recommendations;
- Misrepresentations or omissions;
- Failure to conduct reasonable due diligence;
- Breach of fiduciary duty;
- Unauthorized or discretionary trading;
- Failure to execute customer instructions;
- Selling away;
- Overconcentration;
- Negligence; and
- Failure to supervise.
Contact Sonn Law Group at 1-844-689-5754 for a free and confidential consultation. Sonn Law Group fiercely represents investors nationwide in FINRA arbitration and securities-loss matters.
