Jeffrey Poosch Allegedly Recommended an Unsuitable Private Placement
Jeffrey Poosch (CRD #: 2490703), a broker registered with Prospera Financial Services, allegedly made an unsuitable investment recommendation, according to his BrokerCheck record, accessed on February 9, 2023. If you have questions about his alleged conduct as a broker, read on.
On August 1, 2022, an investor filed a dispute alleging Jeffrey Poosch misrepresented and omitted facts and made an unsuitable recommendation of Walton Land Fund 3, a real estate private placement the client purchased in 2014. The client also alleges that Summit Brokerage Services failed to supervise Jeffrey Poosch with regard to this investment recommendation.
The investor seeks $300,000 in this pending dispute.
On February 24, 2018, an investor alleged that Jeffrey Poosch executed unauthorized trades and failed to disclose the fees associated with a variable annuity. The client sought $500,000 in damages but the dispute was denied by the firm.
Investors should know, however, that firms can deny disputes without an external review. Investors may be able to recover their funds by seeking out FINRA arbitration after a denial.
FINRA Rule 2020
FINRA Rule 2020 bans the use of fraudulent tactics, like deception or manipulation, as they relate to the purchase and sale of securities.
FINRA Rule 2111
FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. These profiles contain information about an investor’s risk tolerance, tax status, and other characteristics.
FINRA Rule 3110
Failure to supervise violates FINRA Rule 3110, which requires that firms establish supervisory systems to identify and prevent violations of securities regulations. Among other things, firms must ensure that supervisory personnel have the training or experience necessary for their role.
FINRA Rule 3260
FINRA Rule 3260 forbids brokers from conducting discretionary trading outside accounts approved in advance by their client and firm.
What are variable annuities?
Variable annuities are complex investments. These policies can decline in value depending on the performance of the underlying security. Surrender charges, tax penalties, and other fees can make these policies unsuitable.
Jeffrey Poosch has passed the following exams:
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
- Series 9 – General Securities Sales Supervisor – Options Module Examination
- Series 10 – General Securities Sales Supervisor – General Module Examination
Jeffrey Poosch is a registered broker in 17 states.
He has also worked for the following firms:
- Cetera Advisor Networks (CRD#:13572)
- Summit Brokerage Services (CRD#:34643)
- Raymond James Financial Services (CRD#:6694)
- Edward Jones (CRD#:250)
Kurta Law Can Help
If you worked with Jeffrey Poosch and you 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 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.