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Brian Patterson Allegedly Sold an Unsuitable REIT

Aug 10, 2022 Unsuitable Investments

Brian Patterson (CRD #: 3238574), a broker registered with Equitable Advisors, allegedly sold an unsuitable investment, according to his BrokerCheck record, accessed on July 23, 2022. Read on if you want to know more about Brian Patterson’s conduct as a broker.

Investor Dispute

On June 15, 2022, an investor alleged that Brian Patterson sold them an unsuitable real estate investment trust (REIT) in 2015. This dispute is pending.

FINRA Rule 2111

FINRA Rule 2111 defines suitable investments as those that adequately fit an investor’s profile. Brokers must take into account the information described in an investor’s profile, such as their risk tolerance, tax status, and other investments when making recommendations.

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

What is a real estate investment trust?

A real estate investment trust (REIT) is a company that purchases and maintains real estate properties. Investors can buy shares of a REIT and generate returns without needing to manage the properties themselves. However, REITs are often illiquid, making them unsuitable for many investors.

Background Information

Brian Patterson has passed the following exams:

  • Series 66 – Uniform Combined State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 – General Securities Representative Examination
  • Series 24 – General Securities Principal Examination

Brian Patterson is a registered broker in 31 states and a registered investment adviser in 29 states.

He has also worked with AXA Advisors (CRD#:6627) and The Equitable Life Assurance Society of the United States (CRD#:4039).

Kurta Law Can Help

If you worked with Brian Patterson 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.