George Burmann Allegedly Violated His Fiduciary Duty

George Burmann (CRD #: 1240237), a broker registered with Cabot Lodge Securtiies, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on April 19, 2024. Details concerning this dispute are provided below. 

Investor Allegations 

On December 5, 2023, an investor alleged that George Burmann violated his fiduciary duty, engaged in negligence, and violated FINRA Rule 2111 with unsuitable investment recommendations. The investor is seeking $65,000. 

FINRA Rule 2111 – Unsuitable Investments 

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. Investor profiles have information on the investor’s age, risk tolerance, tax status, investing experience, and financial goals. Investments that do not take these factors into account may be unsuitable. 

Negligence

Many types of broker misconduct may qualify as negligence. Typical examples include unsuitable investment recommendations, misrepresentations or omissions of material fact, and failure to follow instructions.

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

Fiduciary Duties

Brokers are often dually registered as Registered Investment Advisers (RIAs) with the SEC. RIAs are fiduciaries, and fiduciaries are required to act in their clients’ best interests. Brokers are not fiduciaries but must abide by FINRA Rule 2111 and Regulation Best Interest. (To learn more about the differences between brokers and Registered Investment Advisers, click here.) 

Background Information 

George Burmann has passed the following exams:

• Series 63 Uniform Securities Agent State Law Examination 
• SIE – Securities Industry Essentials Examination 
• Series 7 General Securities Representative Examination on 
• Series 4 Registered Options Principal Examination 
• Series 24 General Securities Representative Examination 

He is a registered broker in 13 states. 

During his 40 years of experience, he has registered with six firms: 

• Cabot Lodge Securities (CRD #: 159712) 
• IFS Securities (CRD #: 40375) 
• J.P. Turner & Company (CRD #: 43177) 
• Gunnallen Financial (CRD #: 17609) 
• First Union Securities Financial Network (CRD #: 11025) 
• Blinder Robinson & Co. (CRD #: 5096) 

Kurta Law Can Help 

If you have worked with George Burmann and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors 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. Do not let securities fraud go unchecked. Start your recovery process today.