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Investor Alleges John Prather Opened Wrong College Savings Account

May 5, 2023 Investor Disputes

John Prather (CRD #: 1676850), a broker registered with MML Investors Services, allegedly failed to open the correct account for a client, according to his BrokerCheck record, accessed on April 27, 2023. Read on if you want to know more about his alleged conduct as a broker.

Investor Dispute

On March 2, 2023, an investor alleged that John Prather incorrectly established a UTMA account instead of a 529 plan in or around 1998, resulting in tax losses. This dispute was denied by the firm.

However, investors should know that firms don’t need to allow an external review before denying a dispute. Investors can still pursue FINRA arbitration and potentially recoup their losses following a denial.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. Violations of many other rules may also qualify as violations of FINRA Rule 2010.

Background Information

John Prather has passed the following exams:

  • Series 65 – Uniform Investment Adviser Law Examination
  • Series 63 – Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 – General Securities Representative Examination

John Prather is a registered broker in 34 states and the District of Columbia. He is also a registered investment adviser in Tennessee and Texas.

He has also worked for the following firms:

  • Guardian Investor Services (CRD#:6635)
  • JMC Financial Corporation (CRD#:16063)
  • Swan Securities (CRD#:14129)
  • Hibbard Brown & Company (CRD#:18246)
  • FSC Securities (CRD#:7461)

Kurta Law Can Help

If you worked with John Prather 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.