Garth Lurvey Allegedly Recommended an Unsuitable Structured Note
Garth Lurvey (CRD #: 4729301), a broker registered with Private Client Services, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on November 2, 2023. Keep reading if you have questions about his alleged conduct.
On August 21, 2023, an investor alleged that Garth Lurvey recommended unsuitable investments. They further alleged that he made misrepresentations regarding a structured note. Investors should know that this is the fourth investor dispute on his record.
Structured products are complex investments that combine a bond and a derivative. Investors’ returns are dependent on the performance of the derivative component—examples of which include forwards, options, and swaps.
The complicated nature of structured products makes them difficult for investors to evaluate.
What is an Unsuitable Investment?
FINRA Rule 2111 requires brokers to evaluate whether an investment strategy fits their investor’s financial goals. Brokers must examine the investor’s profile, which contains the following investor characteristics:
- Risk tolerance
- Time horizon (i.e., how long the investor plans to hold the investment)
- Investing experience
- Tax status
- Financial goals
FINRA Rule 2020 forbids the use of deceptive, manipulative, and otherwise fraudulent methods to influence the purchase and sale of securities. The misrepresentation or omission of material facts violates this rule.
Garth Lurvey has passed the following exams:
- Series 66 Uniform Combined State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 General Securities Representative Examination
- Series 24 General Securities Principal Examination
- Series 26 Investment Company Products/Variable Contracts Principal Examination
He is a registered broker in Florida, Maryland, Texas, and West Virginia. He is also a registered investment adviser in Florida and Texas.
Garth Lurvey has registered with eight firms:
- Private Client Services (CRD #: 120222)
- Prime Capital Investment Advisors (CRD #: 288712)
- LPL Financial (CRD #: 6413)
- SunTrust Advisory Services (CRD #: 283390)
- SunTrust Investment Services (CRD #: 17499)
- UBS Financial Servives (CRD #: 8174)
- Waddell & Reed (CRD #: 866)
- Pruco Securities (CRD #: 5685)
Kurta Law Can Help
If you worked with Garth Lurvey and have concerns about your investments, please contact us today at 877-600-0098 or firstname.lastname@example.org 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 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.