Darren Oglesby Involved in Investor Dispute Alleging Unsuitability
Darren Oglesby (CRD #: 2480135), a broker registered with Money Concepts Capital Corp, is involved in an investor dispute according to his BrokerCheck record, accessed on February 2, 2022. He is also an investment advisor registered with Money Concepts Advisory Service.
On October 14, 2021, a dispute was filed against Darren Oglesby, alleging unsuitability and failure to disclose the risk of alternative investments purchased by the customer in 2014 and 2015. The investor is seeking $191,000一the dispute is still pending.
What is Unsuitability?
“Unsuitability” is a term used to describe recommendations and trades that are inconsistent with the customer’s goals and investment profile.
Under FINRA Rule 2111, a customer’s investment profile includes the customer’s:
- Financial situation and needs
- Tax status
- Investment objectives
- Investment experience
- Risk tolerance.
Brokers should take into account any risk tolerances or goals the person has expressed before making recommendations, and take note if those preferences change over time.
Investors who rely on their brokers for recommendations may be able to recover their losses through FINRA arbitration.
What is Misrepresentation?
Misrepresentation is a common problem in the securities industry. It usually occurs when an investment broker makes false or misleading statements about a financial product in an effort to persuade their customer to invest.
Did you know that any of the following can be considered misrepresentation or omission?
- Inadequate due diligence concerning security offerings
- Failure to disclose all material risks
- Failure to disclose all transaction costs
- Unrealistic presumptions for investment projections
- Inaccurate investment performance calculation
Misrepresentations and omissions concerning material facts in investment recommendations deprive investors of the information they need to assess risks associated with a particular investment. FINRA Rule 2020 prohibits brokerage firms and stockbrokers from making material misrepresentations or inducing people into buying investments with false statements about their potential benefits. This unethical conduct also violates FINRA Rule 2010, which states that brokers must uphold high standards of commercial honor.
Losses that can be attributed to a stockbroker’s material misrepresentations of facts may result in a viable securities arbitration claim for damages.
Darren Oglesby 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
Darren Oglesby is a registered broker in 23 states and is a registered investment adviser in Louisiana.
He has also worked with Fortis Investors (CRD#:421) and NYLIFE Securities (CRD#:5167).
Kurta Law Can Help
If you have worked with Darren Oglesby and have concerns about your investments, don’t hesitate to contact us today at 877-600-0098 or firstname.lastname@example.org 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.