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David Thiele Subject of an Alternative Investment Dispute

David Thiele (CRD #: 6102260), a broker registered with Osaic Wealth, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on January 19, 2024. Keep reading if you have questions about his conduct.

On October 24, 2023, an investor alleged that David Thiele recommended an unsuitable investment and an unsuitable sale of an alternative investment. The investor is seeking $325,000. 

On October 12, 2023, investors alleged that David Thiele sold an unsuitable variable annuity and an unsuitable private placement. The investor is seeking $200,000. 

According to allegations filed on April 21, 2023, the daughters of a deceased client alleged that David Thiele did not properly supervise the financial professional who services their client’s account and that the account was traded too aggressively, resulting in losses in the account. The investor is seeking $1.2 million. 

What is a Variable Annuity? 

Variable annuities are complex investments. They are insurance products that come with an investment component. The associated fees, surrender charges, and potential tax liability can negate any supposed benefits they offer. Furthermore, the risk associated with this type of illiquid investment makes it unsuitable for many investors. 

FINRA Rule 2111 – Unsuitable Investments 

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. Investor profiles have information on the investor’s age, risk tolerance, tax status, investing experience, and financial goals. Investments that do not take these factors into account may be unsuitable. This rule also prohibits overconcentration, as placing too much of a portfolio in a single sector exposes the investor to unnecessary risk. 

Background Information 

David Thiele has passed the following exams:

  • Series 66 Uniform Combined State Law Examination
  • Series 52TO Municipal Securities Representative Examination 
  • SIE – Securities Industry Essentials Examination 
  • Series 7 General Securities Representative Examination 
  • Series 53 Municipal Securities Principal Examination 
  • Series 51 Municipal Fund Securities Principal Examination 
  • Series 24 General Securities Principal Examination 

He is a registered broker in 29 states. 

During his 11 years of experience, David Thiele has registered with three firms: 

  • Osaic Wealth (CRD #: 23131) 
  • FSC Securities Corporation (CRD #: 7461) 
  • Morgan Stanley (CRD #: 149777) 

Kurta Law Can Help 

If you have worked with David Thiele and you have concerns about your investments, do not hesitate to contact us 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 that 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. Do not let securities fraud go unchecked. Start your recovery process today.