Clifford Shirah Allegedly Gave Unsuitable Investment Recommendation

Clifford Shirah (CRD #: 2767896), a broker registered with Cabot Lodge Securities, allegedly recommended an unsuitable investment, according to his BrokerCheck record, accessed on June 15, 2023. Investors may have also engaged his services through CL Wealth Management. Keep reading to learn more about his alleged conduct as a broker.

Investor Dispute

On May 3, 2023, an investor alleged that Clifford Shirah made an unsuitable investment recommendation. The client seeks $49,000 in damages in this pending dispute.

FINRA Rule 2111

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. These profiles describe an investor’s tax status, risk tolerance, and other characteristics.

Investors who rely on brokers for investment recommendations can potentially recover their losses by pursuing FINRA arbitration.

Michigan Regulatory Action

On April 10, 2018, the Michigan Securities Division denied Clifford Shirah’s securities agent registration. The Division alleged that Clifford Shirah engaged in dishonest or unethical behavior in the securities industry in the past ten years.

The Michigan Uniform Securities Act

Section 451.2412(1) of the Michigan Uniform Securities Act allows the Michigan Securities Division to deny an application or limit the registration of a broker within certain conditions, including if the individual is found to have engaged in dishonest or unethical business practices.

What are Blue Sky Laws?

Blue sky laws are state-level regulations that provide investors with an additional layer of protection against securities fraud. They typically also define which types of investments must register with the state securities board.

Resignation from ProEquities

On January 4, 2018, Clifford Shirah was permitted to resign from ProEquities after allegedly admitting to signing client initials without their permission and signing their names.

Background Information

Clifford Shirah has passed the following exams:

• Series 66 – Uniform Combined State Law Examination
• Series 63 – Uniform Securities Agent State Law Examination
• Series 6TO – Investment Company Products/Variable Contracts Representative Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination
• Series 6 – Investment Company Products/Variable Contracts Representative Examination
• Series 24 – General Securities Principal Examination

Clifford Shirah is a registered broker in Georgia, Ohio, Tennessee, and Virginia. He is also a registered investment adviser in Georgia.

He has also worked for the following firms:

• SB Advisory (CRD#:154680)     
• IFS Securities (CRD#:40375)
• Investment Advisors (CRD#:15708)
• ProEquities (CRD#:15708)
• FSC Securities (CRD#:7461)

Kurta Law Can Help

If you worked with Clifford Shirah 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.