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Frank Stuart Subject of Disputes Involving Suitability and Misrepresentation

Jul 18, 2022 Unsuitable Investments

Frank Stuart (CRD #: 4417262), a broker registered with LPL Financial, allegedly made an unsuitable investment recommendation, according to his BrokerCheck record, accessed on July 8, 2022. Investors may also have worked with Frank Stuart through Precision Financial Strategies. Read on if you have questions about Frank Stuart’s conduct as a broker.

Investor Disputes

In a dispute filed on March 28, 2022, an investor alleged that Frank Stuart recommended an unsuitable oil and gas investment. This dispute is pending.

On September 26, 2018, an investor alleged that Frank Stuart misled them when persuading them to purchase non-traded real estate investment trusts (REITs) by failing to disclose their lack of liquidity. This dispute was denied by the firm.

However, investors should be aware that firms can deny disputes without an outside review. Investors can still recover their losses after a denial by seeking out FINRA arbitration.

FINRA Rule 2111

FINRA Rule 2111 defines suitable investments as those that fit an investor’s profile. Brokers must consider characteristics such as their client’s age, risk tolerance, and investment goals, which are described in their client’s profile.

Investors who feel their losses were caused by unsuitable investment recommendations may be able to recover their funds by pursuing FINRA arbitration.

FINRA Rule 2020

FINRA Rule 2020 prohibits the use of deceptive, manipulative, and otherwise fraudulent tactics to influence the purchase and sale of securities. This includes the misrepresentation or omission of information, such as an investment’s fees and liquidity. 

What is a real estate investment trust?

A real estate investment trust (REIT) allows investors to purchase shares in a portfolio of real estate and see returns without taking on direct responsibility for the upkeep of the properties. However, REITs are generally illiquid and unsuitable for many investors.

Background Information

Frank Stuart has passed the following exams:

  • Series 66 – Uniform Combined State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 – General Securities Representative Examination

Frank Stuart is a registered broker in 17 states and a registered investment adviser in New Jersey.

He has also worked for the following firms:

  • Lincoln Financial Advisors (CRD#:3978)
  • The Lincoln National Life Insurance Company (CRD#:2580)
  • VeraVest Investment Advisors (CRD#:105796)
  • VeraVest Investments (CRD#:3960)

Kurta Law Can Help

If you worked with Frank Stuart 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.