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Glen Cole Allegedly Recommended Unsuitable Investments

Jun 13, 2022 Unsuitable Investments

Glen Cole (CRD #: 1999588), a former broker, is involved in pending investor disputes, according to his BrokerCheck record, accessed on June 6, 2022. Read on to learn more about Glen Cole’s conduct as a broker.

Investor Disputes

On May 2, 2022, an investor alleged that Glen Cole made unsuitable investment recommendations from September 2012 through February 2021. The investor seeks $700,000 in this pending dispute.

Another pending dispute, filed on April 14, 2021, names Glen Cole in relation to unspecified allegations regarding suitability. The client seeks $400,000 in damages.

FINRA Rule 2111

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. These profiles contain information such as investors’ risk tolerance, age, and overall financial situation.

Investors who believe their losses were caused by unsuitable investment recommendations may be able to recover their losses through FINRA arbitration.

Discharge from Moloney Securities Company

On February 8, 2021, Glen Cole was fired from Moloney Securities Company after allegedly being disqualified from FINRA under Section 3(a)(39) of the Securities Exchange Act of 1934.

Section 3(a)(39) of the Securities Exchange Act of 1934

Section 3(a)(39) of the Securities Exchange Act of 1934 defines the conditions under which a person can face a statutory disqualification from participating in or associating with members of a self-regulatory organization.

FINRA is a self-regulatory organization, as are national securities exchanges, registered securities associations, registered clearing agencies, and the Municipal Securities Rulemaking Board.

Reasons for statutory disqualification under the Securities Exchange Act include:

  • Engaging in activity that qualifies the individual for expulsion, suspension, or bar from a self-regulatory organization
  • Expulsion, suspension, or a bar from a self-regulatory organization
  • Conviction of certain offenses or felonies related to the purchase and sale of securities
  • Being subject to an order by the SEC or another regulatory agency
  • Filing false or misleading information on membership filings with a self-regulatory organization

Criminal Charge

Glen Cole has a criminal charge for harassment dated June 25, 2019. 

Tax Lien

In 2012, Glen Cole faced an initial tax lien of $304,590, settled at $30,000.

Background Information

Glen Cole has passed the following exams:

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

In the past, he has worked for the following firms:

  • Moloney Securities Company (CRD#:38535)
  • First Brokerage America (CRD#:43431)
  • Huntleigh Securities (CRD#:7456)
  • Summit Brokerage Services (CRD#:34643)
  • UBS Painewebber (CRD#:8174)
  • Edward Jones (CRD#:250)

Kurta Law Can Help

If you worked with Glen Cole 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.