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Investors Allege Cole Smith Recommended Unsuitable Oil & Gas Investment

Cole Smith (CRD #: 5327357), a broker registered with LPL Financial, allegedly gave an unsuitable investment recommendation, according to his BrokerCheck record, accessed on February 22, 2023. Investors may have also worked with him through Integrated Wealth Concepts. Keep reading if you have questions about his alleged conduct as a broker.

Investor Dispute

On January 3, 2023, multiple investors filed a dispute alleging that Cole Smith made an unsuitable recommendation of an oil and gas investment. They seek $100,000 in this pending dispute.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to take into account investors’ financial goals when recommending investments. Brokers must examine the investor’s profile, which contains the following investor characteristics:

  • Age
  • Financial goals
  • Risk tolerance
  • Time horizon (i.e., how long the investor plans to hold the investment)
  • Investing experience
  • Tax status

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

Background Information

Cole Smith has passed the following exams:

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

Cole Smith is a registered broker in 17 states and the District of Columbia. He is also a registered investment adviser in Texas and Virginia.

He has also worked for Lincoln Financial Advisors (CRD#:3978) and Ameriprise Financial Services (CRD#:6363).

Kurta Law Can Help

If you worked with Cole Smith 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. 

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