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John Galvin Allegedly Recommened an Unsuitable REIT

John Galvin (CRD #: 4941768), a broker registered with Hightower Securities, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on February 27, 2024. Keep reading if you have concerns about his alleged conduct. 

Investor Allegations

On November 21, 2023, an investor alleged that John Galvin recommended an unsuitable Real Estate Investment Trust (REIT). 

What Are REITs?

Real estate investment trusts (REITs) allow investors to generate returns from a portfolio of real estate without being directly involved in property management. However, REITs tend to be illiquid, which makes them unsuitable for many investors. Non-traded REITs are especially risky because they are not traded on the public exchange, making them difficult or impossible to sell. 

What is an Unsuitable Investment?

FINRA Rule 2111 requires brokers to evaluate whether an investment strategy fits their investor’s financial goals. Brokers must examine the investor’s profile, which contains the following investor characteristics:

  • Age
  • Risk tolerance
  • Time horizon (i.e., how long the investor plans to hold the investment)
  • Investing experience
  • Tax status
  • Financial goals

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

Background Information 

John Galvin has passed the following exams:

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

He is a registered investment adviser and a broker in New York. 

During his 16 years of experience, he has registered with four firms: 

  • Hightower Securities (CRD #: 116681) 
  • Hightower Advisors (CRD #: 145323) 
  • Equitable Advisors (CRD #: 6627) 
  • CMG Financial Planning LTD. (CRD #: 119609) 

Kurta Law Can Help 

If you have worked with John Galvin and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or 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.