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Frank Chiodi Facing Investor Dispute 

Jul 27, 2023 Investor Disputes

Frank Chiodi (CRD #: 3189448), a broker registered with Osaic Wealth, is facing an investor dispute. This is according to his BrokerCheck record, accessed on July 19, 2023. Concerned investors should keep reading. 

On June 8, 2023, an investor alleged that Frank Chiodi recommended an investment product that did not meet with the customer’s needs and objectives. He also allegedly did not make a full disclosure regarding the investment and its features. 

FINRA Rule 2020 

FINRA Rule 2020 prohibits the misrepresentation of an investment and the omission of material facts such as an investment’s potential returns, risks, or limitations. Failing to disclose an investment’s features may violate FINRA Rule 2020. 

FINRA Rule 2111

FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals. 

  • Investments can be unsuitable because they are high risk and likely to lose money.
  • Securities may also be unsuitable because they are illiquid, meaning that they are intended to be held for an extended time, and investors may have to pay high fees to cash out.
  • Securities can be quantitatively unsuitable, which means that brokers executed an excessive number of trades.
  • These requirements apply to the overall investment strategy as well as the investments themselves. For instance, an investment strategy might be unsuitable if the securities are overconcentrated in a particular stock or sector.

Background Information 

Frank Chiodi 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 62 Corporate Securities Limited Representative Examination 
  • Series 6 Investment Company Products / Variable Contracts Representative Examination 

He is a registered broker in 16 states and the District of Columbia and a registered investment adviser in Connecticut and New York. 

Frank Chiodi has registered with the following firms: 

  • Voya Financial Advisors (CRD #: 2882) 
  • Waddell Reed (CRD #: 866) 
  • Signator Investors (CRD #: 468) 

Kurta Law Can Help

If you worked with Frank Chiodi and you have concerns about your investments, please contact us today at 877-600-0098 or 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.