Investor Alleges Craig Accardo Recommended Unsuitable Investments

Craig Accardo (CRD #: 3000762), a broker registered with FSC Securities Corporation, allegedly gave unsuitable investment recommendations, according to his BrokerCheck record, accessed on December 29, 2022. If you want to know more about his alleged conduct as a broker, read on.

Investor DIsputes

On October 24, 2022, an investor alleged that Craig Accardo recommended investments that were unsuitable given her risk tolerance and investment objectives, leading to losses. The client seeks $100,000 in this pending dispute.

Another dispute, filed on July 24, 2019, alleged that Craig Accardo made unsuitable investment recommendations. This dispute was settled for $3.5 million.

FINRA Rule 2111

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. Brokers must take into account an investor’s tax status, age, risk tolerance, and other information described in their profile.

• Investments can be unsuitable because they are high-risk and more likely to cause losses for the client.
• Investments may also be unsuitable because they are illiquid. Certain securities are meant to be held for an extended time and can penalize investors with high fees if they try to cash out too soon.
• Trading activity can be quantitatively unsuitable, which means that the broker executed an excessive number of trades.
• Overall investment strategies can also be unsuitable—overconcentration in a singular stock or sector is a common example.

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

Background Information

Craig Accardo has passed the following exams:

• 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

Craig Accardo is a registered broker in Florida, Louisiana, Mississippi, Ohio, and Texas. He is also a registered investment adviser in Louisiana.

He has also worked for InterSecurities (CRD#:16164).

Kurta Law Can Help

If you worked with Craig Accardo 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.