Frank Aguilar’s Recommendation Allegedly Not in Client’s Best Interest

Frank Aguilar (CRD #: 2296920), a broker formerly registered with Ameriprise Financial Services, is the subject of a pending dispute, according to his BrokerCheck record, accessed on May 11, 2023. Keep reading if you have questions about his alleged conduct as a broker.

Investor Dispute

On April 12, 2023, multiple claimants filed a dispute alleging that Frank Aguilar made a recommendation that was not in the best interest of his now-deceased client.

The dispute alleges that he referred the client to an attorney in 2017 in relation to her possibly selling annuities received in a personal injury litigation. The client allegedly entered into an agreement with this attorney to sell her annuities with a 25% contingent fee, from which Frank Aguilar allegedly benefitted.

This pending dispute seeks $437,500 in damages.

FINRA Rule 2111 and Regulation Best Interest

FINRA Rule 2111 requires brokers to recommend securities that adequately fit an investor’s financial goals. Brokers must examine the information contained in an investor’s profile, such as their tax status, age, and overall financial situation.

This rule also requires brokers to take these profiles into account when recommending investment strategies and transactions.

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 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

Bankruptcy

On July 30, 2018, Frank Aguilar discharged a bankruptcy.

Civil Lien

On May 16, 2017, Frank Aguilar was subject to a civil lien of $82,500.

Background Information

Frank Aguilar 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 24 – General Securities Principal Examination
• Series 8 – General Securities Sales Supervisor Examination (Options Module & General Module)

He previously worked for the following firms:

• Ameriprise Financial Services (CRD#:6363)
• Tricor Financial (CRD#:142518)
• Invest Financial Corporation (CRD#:12984)
• Commonwealth Financial Network (CRD#:8032)
• Banc of America Investment Services (CRD#:16361)
• BA Investment Services (CRD#:12965)

Kurta Law Can Help

If you worked with Frank Aguilar 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.