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D. Whayne Porter Subject of Investor Dispute

Aug 12, 2022 Unsuitable Investments

D. Whayne Porter (CRD #: 1003205), a broker registered with LPL Financial, is involved in a pending dispute, according to his BrokerCheck record, accessed on July 30, 2022. Investors may also have worked with him through KPP Advisory Services. Read on to learn more about his conduct as a broker.

Investor Dispute

In a dispute filed on June 6, 2022, an investor alleged that D. Whayne Porter violated the suitability rule with regard to equity transactions made between July 3, 2018, and March 1, 2022. This dispute is currently pending.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals. Brokers must take into account the information described in an investor’s profile, such as their age, tax status, and other investments.

  • High-risk and illiquid investments may be unsuitable due to their chance of losing money and their difficulty to sell in the short-term, respectively.
  • The number of trades executed can be quantitatively unsuitable, meaning that they are excessive in number. Excessive trading generates fees and commissions that can severely reduce an investor’s returns.
  • Investment strategies also need to be suitable for an investor’s financial goals. Overconcentration is often an unsuitable investment strategy due to the high degree of risk associated with concentrating in only one stock or sector.

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

Background Information

D. Whayne Porter has passed the following exams:

  • Series 65 – Uniform Investment Adviser Law Examination
  • Series 63 – Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 6 – Investment Company Products/Variable Contracts Representative Examination
  • Series 3 – National Commodity Futures Examination
  • Series 7 – General Securities Representative Examination
  • Series 10 – General Securities Sales Supervisor – General Module Examination
  • Series 9 – General Securities Sales Supervisor – Options Module Examination 

D. Whayne Porter is a registered broker in 14 states and the District of Columbia. He is also a registered investment adviser in seven states.

He has also worked for the following firms:

  • Wells Fargo Clearing Services (CRD#:19616)
  • Centennial Financial Services (CRD#:15819)
  • J.C. Bradford & Company (CRD#:1287)
  • Stifel, Nicolaus & Company (CRD#:793)

Kurta Law Can Help

If you worked with D. Whayne Porter 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.