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Jose Cruz Involved in Million Dollar Dispute

Feb 16, 2022 Broker Blog

Jose Cruz (CRD #:4771173), a broker and investment advisor registered with  LPL Financial, is involved in an investor dispute according to his BrokerCheck record, accessed on February 2, 2022. 

Investor Allegations

On October 14, 2021, a dispute was filed against Jose Cruz, alleging that he breached his fiduciary duty to his customer by accepting insufficient power of attorney documentation which allowed his customer’s daughter to access the customer’s account. The investor is seeking $1,000,001—the dispute is still pending.

One of the most common claims in securities arbitration is that an investment adviser breached a fiduciary duty owed to their client.  A fiduciary duty is a duty to work in a client’s best interest. 

FINRA Rule 2010 requires associated persons to observe high standards of commercial honor and just and equitable principles of trade. By breaching his fiduciary duty, Jose Cruz failed to observe high standards of commercial honor and just and equitable principles of trade thus violating FINRA Rule 2010.

Background Information

Jose Cruz 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

Jose Cruz is a registered broker in three states. He is also a registered investment advisor in Texas.

Besides LPL Financial, Jose Cruz has also worked with IFMG Securities (CRD#:14416) and Chase Investment Services Corp. (CRD#:25574).

Kurta Law Can Help

If you have worked with Jose Cruz and have concerns about your investments, don’t hesitate to contact us today 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 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.