Jim Conwell Allegedly Recommended an Unsuitable Investment

Jim Conwell (CRD #: 1436190), a broker registered with International Assets Advisory, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on July 19, 2024. Investors may have engaged his services through Rockbridge Wealth Management. 

Investor Allegations 

On June 2, 2024, an investor alleged that Jim Conwell recommended a Smart Shop purchase that was not suitable. Allegedly, they could not liquidate the investment to cover distribution in SEP IRA. The investor sought $52,913.11 but the dispute was denied by the firm. Investors should note, however, that firms can deny disputes without any external review. 

There is another dispute alleging he made material misrepresentations and failed to conduct reasonable due diligence. The dispute settled for $5,054,000. 

There are three other investor disputes on his record. 

FINRA Rule 2111 – Unsuitable, Illiquid 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. Brokers must also consider the investment time horizon and the investor’s liquidity needs – illiquid, long-term investments often do not suit a client’s best interests. 

Investors who rely on brokers for recommendations may be able to recover losses from unsuitable investment recommendations by pursuing FINRA arbitration.

Misrepresentation 

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.

Background Information 

Jim Conwell has passed the following exams: 

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

He is a registered broker in five states and is a registered investment adviser in Alabama. 

During his 37 years of experience, Jim Conwell has registered with seven firms: 

• International Assets Advisory (CRD #: 10645) 
• International Assets Investment Management (CRD #: 144426) 
• WFG Advisors (CRD #: 125073) 
• WFG Investments (CRD #: 22704) 
• Gunnallen Financial (CRD #: 17609) 
• Colonial Brokerage (CRD #: 111668) 
• Compass Brokerage (CRD #: 17086) 

Kurta Law Can Help 

If you have worked with James Conwell 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.