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Daniel Mann Embroiled in Investor Dispute Following Overconcentration Allegations

Apr 26, 2022 Unsuitable Investments

Daniel Mann (CRD #:4592568), a broker and investment advisor registered with Independent Financial Group, is involved in an investor dispute, according to his BrokerCheck record, accessed April 12, 2022. 

Investor Allegations

On January 31, 2022, Daniel Mann was named in an investor dispute alleging a breach of fiduciary duty and overconcentration in high-risk securities. The investor is seeking $334,000ーthe case is still pending.

Overconcentration is a Violation of FINRA Rule 2111

Overconcentration happens when a broker concentrates an investor's portfolio in a single security or sector, exposing the portfolio to an unsuitable level of risk and potentially resulting in severe losses.

Suitable investments, as defined by FINRA Rule 2111, are securities that match an investor's profile. A broker must have conducted due diligence and have reasonable grounds to believe that an investment is also suitable or beneficial to the investor.

An investment strategy might be unsuitable if the securities are over-concentrated in a particular stock or sector. 

Background Information

 Daniel Mann 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 7 - General Securities Representative Examination
  • Series 6 - Investment Company Products/Variable Contracts Representative Examination

Daniel Mann is a registered broker in 11 states. He is also a registered investment advisor in Nevada.

Besides Independent Financial Group, Daniel Mann has also worked with the following firms:

  • Kalos Capital (CRD#:44337)
  • Kalos Management (CRD#:133025)
  • Global Financial Private Capital (CRD#:132070)
  • Horter Investment Management (CRD#:119880)
  • Cornerstone Advisory Group  (CRD#:163984)
  • Daniel H. Mann (CRD#:141744)
  • Planmember Securities Corporation (CRD#:11869)

Kurta Law Can Help

If you have worked with Daniel Mann and have concerns about your investments, don't hesitate to contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For nearly 20 years, Kurta Law has advocated for investors 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.