Gary Hughes Named in Dispute Alleging Fraud and Elder Abuse

Gary Hughes (CRD #: 1700976), a broker formerly registered with Concorde Investment Services, is involved in a pending dispute, according to his BrokerCheck record, accessed on June 28, 2023. Read on to learn more about his alleged conduct as a broker.

Investor Dispute

On April 5, 2023, an investor named Gary Hughes in allegations of the following with regard to an investment made in February 2020:

• Common law fraud
• Elder abuse
• Violation of the California Securities Act
• Negligent supervision and other negligence
• Unsuitable recommendations
• Breach of contract

The client seeks $150,000 in damages in this pending dispute.

FINRA Rule 2010

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

FINRA Rule 3110

FINRA Rule 3110 requires that firms establish supervisory systems in order to identify and prevent violations of securities regulations. This includes appointing supervisors and providing them with Written Supervisory Procedures (WSPs).

FINRA Rule 2111

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile, which describes their age, tax status, and other characteristics.

Investors who rely on brokers for investment recommendations can potentially recover their losses by seeking out FINRA arbitration.

What are Blue Sky Laws?

Blue sky laws are state securities regulations that provide investors with an extra layer of protection against fraud. They frequently also define what investments qualify as securities in the state.

What is broker negligence?

Brokers may act in many negligent ways. Common examples include unsuitable investment recommendations, excessive trading, and failure to supervise other brokers.

Investors who feel their losses are the result of broker negligence may be able to recover their funds through FINRA arbitration. 

Tax Lien

On January 18, 2022, Gary Hughes incurred a tax lien of $134,833.77.

Denied Dispute

On July 9, 2020, an investor named Gary Hughes in a dispute alleging dissatisfaction with a certain investment product’s performance and the suspension of its distributions. The client sought $50,000 in damages but the firm denied the dispute.

Investors should know, however, that firms can deny disputes without an external review. Investors can still pursue FINRA arbitration following a denial and may be able to recover their losses.

Background Information

Gary Hughes has passed the following exams:

• Series 66 – Uniform Combined State Law Examination
• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination

He previously worked for the following firms:

• Concorde Investment Services (CRD#:151604)
• Arque Capital (CRD#:121192)
• Questar Capital (CRD#:43100)
• Pension Planners Securities (CRD#:14068)
• Merrill Lynch, Pierce, Fenner & Smith (CRD#:7691)
• UBOC Investment Services (CRD#:14455)
• MetLife Securities (CRD#:14251)
• Metropolitan Life Insurance Company (CRD#:4095)
• Dean Witter Reynolds (CRD#:7556)
• Brokers Transaction Services (CRD#:17587)
• United Pacific Securities (CRD#:21986)
• BA Investment Services (CRD#:12965)
• Yaeger Securities (CRD#:10118)

Kurta Law Can Help

If you worked with Gary Hughes 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.