Bill Simmermon is the Subject of a REIT Dispute

Bill Simmermon (CRD #: 5283860), a broker registered with LPL Financial, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on February 28, 2024. Details concerning this dispute are provided below. Investors may also have engaged his services through Blue Sky Wealth Advisors. 

Investor Dispute

On November 21, 2023, an investor alleged that Bill Simmermon recommended an unsuitable Real Estate Investor Trust (REIT). 

What Are REITs?

Real estate investment trusts (REITs) allow investors to generate returns from a portfolio of real estate without being directly involved in property management. However, REITs tend to be illiquid, which makes them unsuitable for many investors. Non-traded REITs are especially risky because they are not traded on the public exchange, making them difficult or impossible to sell.

FINRA Rule 2111 – Unsuitable Long-Term Investments

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. Investor profiles have information on the investor’s age, risk tolerance, tax status, investing experience, and financial goals. Brokers must also consider the investment time horizon and the investor’s liquidity needs – long-term investments often do not suit a client’s best interests. Investments that do not take these factors into account may be unsuitable. 

Investors who rely on brokers for recommendations may be able to recover losses from unsuitable investment recommendations by pursuing FINRA arbitration.

Background Information 

Bill Simmermon has passed the following exams: 

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

He is a registered broker in 13 states. He is also a registered investment adviser in Colorado. 

During his 17 years of experience, Bill Simmermon has registered with four firms: 

• LPL Financial (CRD #: 6413) 
• Woodbury Financial Services (CRD #: 421) 
• M Holdings Securities (CRD #: 43285) 

Kurta Law Can Help 

If you have worked with Bill Simmermon and have concerns about your investments, do not hesitate to contact us 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 that 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. Do not let securities fraud go unchecked. Start your recovery process today.