Benjamin Paul Julianel (CRD# 5705371) is a registered broker and investment adviser currently associated with Valmark Securities, Inc. and Valmark Advisers, Inc. in Irvine, California. Our firm is investigating the circumstances surrounding a settled customer complaint alleging that Mr. Julianel fully liquidated a client’s investment advisory account in direct contravention of the customer’s instructions.
Financial Advisor’s Career History
According to FINRA BrokerCheck, Benjamin Paul Julianel has been registered in the securities industry since 2009. He is currently dually registered as a General Securities Representative with Valmark Securities, Inc. and as an Investment Adviser Representative with Valmark Advisers, Inc.
Mr. Julianel’s recent and prior registrations include:
- Valmark Advisers, Inc. (CRD# 108050) – Investment Adviser Representative based in Akron, Ohio, with a branch office in Irvine, California. Registered with this firm since July 1, 2022.
- Valmark Securities, Inc. (CRD# 31243) – General Securities Representative, registered since July 1, 2022, with a branch office located at 9890 Irvine Center Drive, Irvine, California.
- FDP Wealth Management, LLC (CRD# 154597) – Previously registered as an investment adviser representative in Irvine, California from July 2022 to July 2023.
- Securian Financial Services, Inc. (CRD# 15296) – Previously registered from September/October 2009 through July 2022 as both a broker and investment adviser representative in Newport Beach, California and St. Paul, Minnesota.
In addition to his brokerage and advisory registrations, Mr. Julianel has reported other investment-related business activities, including serving as Founder/CEO of Navigators Advisory Group, an investment, insurance, and financial planning firm in Irvine, California.
Benjamin Paul Julianel Fraud Allegations and Investor Complaints Explained
FINRA BrokerCheck for Benjamin Paul Julianel discloses one customer dispute, which was reported as a written customer complaint and later settled. There are no reported regulatory actions, terminations, or criminal disclosures on his record as of the most recent report.
2022 Customer Complaint – Alleged Unauthorized Liquidation of Investment Advisory Account
- Date Complaint Received: July 18, 2022
- Firm at Time of Events: Securian Financial Services, Inc.
- Allegations: The client alleged that Mr. Julianel “fully liquidated his account on 06/21/22 in direct contravention to his directives.”
- Account / Product Type: “Other – investment advisory account”
- Alleged Damages: Firm reported estimated potential damages exceeding $5,000, with an alleged damages amount of $5,000.
- Resolution / Disposition:
- Status: Settled
- Status Date: September 20, 2022
- Settlement Amount: $6,070.00
- Individual Contribution Amount: $6,070.00 (paid by Mr. Julianel)
This complaint was reported both by the firm and by Mr. Julianel personally, with consistent descriptions of the core allegation: that the client’s account was fully liquidated on June 21, 2022, contrary to the client’s instructions. The matter did not proceed to arbitration or civil litigation and was resolved through a monetary settlement. As with all settlements, the payment does not necessarily reflect an admission of wrongdoing but does indicate that the affected customer received compensation.
Summary of Disclosure History
- Customer Disputes:
- 1 customer complaint (written) involving alleged unauthorized liquidation of an investment advisory account, settled for $6,070.
- Regulatory Actions: None reported.
- Terminations, Bankruptcy, Criminal or Civil Judicial Events: None reported.
Because the allegation centers on liquidating a client’s account without following the client’s directions, the conduct described fits within the broader category of unauthorized trading and potential misuse of discretionary authority in a customer’s account—issues that are frequently litigated in
Investors who experienced unexpected or unwanted liquidation of positions, unexplained cash-out of portfolios, or trades they did not approve should carefully review their account statements and correspondence. Claims involving unauthorized trading and related misconduct are often pursued in FINRA arbitration, where investors can seek to recover investment losses caused by broker negligence or misconduct.
To obtain a copy of Benjamin Paul Julianel’s FINRA BrokerCheck report, visit this link
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 3260 (Discretionary Accounts)
FINRA Rule 3260 governs how brokers handle discretionary accounts, including when they may enter trades without first obtaining the client’s specific approval for each transaction. The rule provides that a broker cannot exercise discretionary power in a customer’s account unless:
- The customer has given prior written authorization designating the individual who may exercise discretion; and
- The firm has accepted the account in writing, and must then promptly approve discretionary orders and review such accounts at frequent intervals to detect excessive or improper trading.
In the 2022 customer complaint involving Mr. Julianel, the client alleged that his investment advisory account was “fully liquidated” on June 21, 2022, in direct contravention to his directives. In an arbitration or enforcement context, arbitrators and regulators would scrutinize:
- Whether the account was discretionary or non-discretionary;
- Whether the client had ever signed written discretionary authority;
- Whether firm records properly documented that authority; and
- Whether liquidating the entire account without clear, prior client approval amounted to an improper exercise of discretion under FINRA Rule 3260.
If a broker liquidates a client’s positions without written discretionary authority or clear, contemporaneous instructions, arbitrators may conclude that the broker violated Rule 3260’s requirements regarding authorization, acceptance, and review of discretionary activity.
FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade)
Even when a specific technical rule is not clearly violated, FINRA often relies on FINRA Rule 2010 as a broad ethical standard. The rule requires that “a member, in the conduct of its business, shall observe high standards of commercial honor and just and equitable principles of trade.”
Allegations that a broker ignored a client’s explicit instructions, liquidated an advisory account without authorization, or failed to confirm a significant change in investment strategy can be charged as violations of Rule 2010 because such conduct may be inconsistent with fair dealing and the trust placed in the advisor–client relationship.
In a case like the settled complaint on Mr. Julianel’s record, arbitrators might consider whether:
- The broker reasonably understood and followed the client’s directives;
- The decision to fully liquidate the account was communicated and explained to the client; and
- Any miscommunication or disregard of instructions fell below the “high standards of commercial honor” required by Rule 2010.
If a panel concludes that the broker’s conduct was unfair or deceptive—even without a separate, technical rule violation—it can still find a violation of FINRA Rule 2010.
FINRA Rule 3110 (Supervision)
While the 2022 complaint names Mr. Julianel as the individual representative, FINRA also places heavy responsibility on brokerage firms to supervise their associated persons. FINRA Rule 3110 requires firms to establish, maintain, and enforce a system of supervision reasonably designed to achieve compliance with applicable securities laws and FINRA rules.
In the context of an alleged unauthorized liquidation of a client’s advisory account, arbitrators and regulators may examine whether the firm:
- Had written supervisory procedures addressing discretionary trading, unauthorized trading, and liquidation of accounts;
- Required supervisory review and approval of significant liquidations or changes in portfolio strategy;
- Detected and followed up on red flags, such as sudden liquidation of a long-standing advisory account; and
- Took appropriate corrective or disciplinary action if a representative failed to follow client instructions.
If a firm’s supervisory system fails to detect or prevent situations where a broker sells a client’s positions without authorization, that failure may constitute a breach of FINRA Rule 3110, often paired with a derivative violation of FINRA Rule 2010 for failing to maintain appropriate supervisory standards.
Losing money because your account was liquidated or traded without consent is not simply “bad luck”—it may be the result of violations of FINRA Rule 3260, FINRA Rule 2010, and FINRA Rule 3110, depending on the specific facts of your case.
For investors considering whether their own situation resembles the complaint involving Mr. Julianel, an experienced securities attorney can analyze account records, communications, and firm policies to determine which FINRA rules may have been breached and how best to pursue recovery.
For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.