Investors Seek Over $3.5 Million in Disputes with Armando Roman

Armando Roman (CRD #: 4414526), a broker formerly registered with Independent Financial Group, allegedly over-concentrated clients’ accounts, according to his BrokerCheck record, accessed on February 22, 2023. Keep reading if you have questions about his alleged conduct as a broker.

Investor Disputes

On February 6, 2023, an investor alleged that Armando Roman recommended an unsuitable investment. The investor is seeking $100,000. 

On December 28, 2022, multiple investors filed a dispute alleging that Armando Roman over-concentrated them in illiquid investments that were unsuitable given their investment objectives and risk tolerance. The clients seek $343,475 in damages in this pending dispute.

Another pending dispute, filed on April 20, 2021, similarly alleged that Armando Roman overconcentrated investors in unsuitable investments that were speculative and illiquid. The clients seek $3.5 million in damages.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to take into account investors’ financial goals when recommending investments. Brokers must consult the investor’s profile, which describes their tax status, risk tolerance, and other information.

Brokers must also use investors’ profiles when recommending investment strategies. For example, overconcentration in a particular stock or sector may expose an investor to an unsuitable level of risk.

Investors who believe their losses are the result of unsuitable investment recommendations may be able to recover their funds by seeking out FINRA arbitration.

Background Information

Armando Roman has passed the following exams:

• Series 66 – Uniform Combined State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination

He previously worked for the following firms:

• Independent Financial Group (CRD#:7717)
• J.W. Cole Financial (CRD#:124583)
• H.D. Vest Investment Services (CRD#:13686)

Kurta Law Can Help

If you worked with Armando Roman and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.