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Craig McIlroy Allegedly Gave Unsuitable Recommendation of Oil & Gas Investment

Jan 27, 2023 Unsuitable Investments

Craig McIlroy (CRD #: 1422508), a broker registered with Lincoln Financial Advisors, allegedly recommended an unsuitable investment, according to his BrokerCheck record, accessed on January 18, 2023. Investors may have also engaged his services through The McIlroy Group. Read on if you have questions about his alleged conduct as a broker.

Investor Dispute

On December 9, 2022, an investor alleged that Craig McIlroy made an unsuitable recommendation of an oil & gas program investment. The client sought $200,000 in damages in this pending dispute.

Oil and gas programs are risky investments and are often unsuitable for investor’s financial needs. 

FINRA Rule 2111

FINRA Rule 2111 requires brokers to tailor their investment recommendations to suit investors’ profiles. These profiles describe investor characteristics, including the following:

  • 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 their broker for recommendations may be able to recoup their losses through FINRA arbitration.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. Violations of many other rules may also violate FINRA Rule 2010.

Background Information

Craig McIlroy has passed the following exams:

  • Series 63 – Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 – General Securities Representative Examination

Craig McIlroy is a registered broker in 19 states and a registered investment adviser in Colorado and Texas.

He has also worked for the following firms:

  • The Lincoln National Life Insurance Company (CRD#:2580)
  • Cigna Financial Advisors (CRD#:145)
  • Mony Securities Corporation (CRD#:4386)

Kurta Law Can Help

If you worked with Craig McIlroy and you have concerns about your investments, please contact us today at 877-600-0098 or 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.