Daniel Werts Named in Dispute Seeking $1.157 Million in Damages
Daniel Werts (CRD #: 6610699), a broker registered with Madison Avenue Securities, is named in a pending dispute, according to his BrokerCheck record, accessed on June 20, 2023. Investors may have also engaged his services through AE Wealth Management. Keep reading to learn more about his alleged conduct as a broker.
Investor Dispute
On April 25, 2023, multiple investors filed a dispute naming Daniel Werts in allegations of breach of contract and violations of Regulation Best Interest and FINRA Rules 2010, 2020, 2111.05(a), and 3110. These allegations concern investments in GWG L bonds.
The clients seek $1.157 million in damages in this pending dispute.
FINRA Rule 2010
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.
FINRA Rule 2111 and Regulation Best Interest
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 risk tolerance, tax status, and overall financial situation.
FINRA Rule 2111.05(a) specifically requires brokers to have a reasonable basis to believe that a recommended investment is suitable for at least some investors.
Regulation Best Interest (Reg-BI) is an SEC regulation that requires brokerage firms to put their clients’ best interests first. For example, firms must conduct reasonable due diligence when researching investments to ensure their recommendations are suitable for the investor.
FINRA Rule 3110
FINRA Rule 3110 requires that firms establish systems of supervision to ensure their compliance with securities regulations. Firms must appoint supervisors and provide them with Written Supervisory Procedures (WSPs) to follow.
Background Information
Daniel Werts has passed the following exams:
- Series 66 – Uniform Combined State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
Daniel Werts is a registered broker in Colorado and Hawaii. He is also a registered investment adviser in Colorado and Texas.
He has also worked for CL Wealth Management (CRD#:134922) and Cabot Lodge Securities (CRD#:159712).
Kurta Law Can Help
If you worked with Daniel Werts 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.