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Arthur Grossbard Embroiled in His Second Unsuitability Dispute

Mar 15, 2022 Unsuitable Investments

Arthur Grossbard (CRD #:1020971), a broker and investment advisor registered with Ameriprise Financial Services, is involved in his second unsuitability dispute, according to his BrokerCheck record, accessed on March 2, 2022. 

Investor Allegations

According to the allegations filed on November 24, 2021, Arthur Grossbard recommended an unsuitable investment. The investor is seeking $250,000一the dispute is still pending.

This is Arthur Grossbard's second dispute alleging unsuitable investment recommendations. In 2020, Arthur Grossbard allegedly recommended two unsuitable private placement investments worth $50,000 each. The case settled for $65,000.

What is Unsuitability?

"Unsuitability" is a term used to describe inappropriate recommendations and trades that are inconsistent with the customer's goals and investment profile.

Under FINRA Rule 2111, a customer's investment profile includes investor characteristics, including:

  • Age
  • Financial situation and needs
  • Tax status
  • Investment objectives
  • Investing experience
  • Risk tolerance

If an investor suffers financial losses as a result of an unsuitable recommendation, the broker's firm may be liable for such losses.

If you've lost money due to a broker’s recommendations, do not hesitate to contact an experienced securities attorney as soon as possible. Kurta Law is a nationally recognized securities law firm with over 25 years of experience litigating securities fraud cases.

Background Information

 Arthur Grossbard has passed the following exams:

  • Series 65 - Uniform Investment Adviser Law Examination
  • Series 63 - Uniform Securities Agent State Law Examination
  • SIE - Securities Industry Essentials Examination
  • Series 7 - General Securities Representative Examination
  • Series 6 - Investment Company Products/Variable Contracts Representative Examination
  • Series 51 - Municipal Fund Securities Principal Examination
  • Series 24 - General Securities Principal Examination
  • Series 26 - Investment Company Products/Variable Contracts Principal Examination

Arthur Grossbard is a registered broker in 50 states and Washington D.C. He is also a registered investment advisor in Texas, New Jersey and Florida. 

Besides Ameriprise Financial Services, Arthur Grossbard has also worked with the following firms:

  • Royal Alliance Associates (CRD#:23131)
  • New Century Financial Group (CRD#:104553)
  • Financial Network Investment Corporation (CRD#:13572)
  • Pennsylvania Securities Company (CRD#:7667)

Kurta Law Can Help

If you have worked with Arthur Grossbard and have concerns about your investments, don't hesitate to contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For nearly 20 years, Kurta Law has advocated for investors 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.