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Joseph Beam Named in Suitability Disputes Involving GWG Holdings

Joseph Beam (CRD #: 5407778), a broker formerly registered with Capital Investment Group, is the subject of allegations concerning suitability, according to his BrokerCheck record, accessed on November 7, 2024. If you have questions about his conduct as a broker, keep reading.

Investor Disputes

Two pending disputes filed in May 2024 name Joseph Beam in allegations involving GWG Holdings investments and the following misconduct:

These disputes seek $552,000 in damages.

Two pending disputes filed in 2024 also alleged that Joseph Beam failed to conduct reasonable diligence regarding investments in GWG L-Bonds. These disputes seek $575,000 in damages. 

Another pending dispute, filed on November 16, 2023, named Joseph Beam in allegations of breach of contract, violation of state securities statutes, and unsuitable investment recommendations of GWG Holdings investments. The client seeks $100,000.

On February 9, 2023, an investor alleged that Joseph Beam breached a written contract with regard to a purchase in GWG Holdings. The client seeks $125,000 in this pending dispute.

A dispute filed on November 29, 2022, named Joseph Beam in allegations involving misrepresentation and the unsuitability of an investment in GWG Holdings. The client received a settlement of $60,000.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

FINRA Rule 2111

FINRA Rule 2111 requires that brokers tailor their investment recommendations to their client’s profiles. Investors’ profiles contain information about their investment goals, tax status, and age.

Investors who rely on brokers for investment recommendations can pursue FINRA arbitration and potentially recover their losses.

FINRA Rule 2020

Misrepresenting an investment violates FINRA Rule 2020, which bans the use of deceptive, manipulative, and otherwise unethical tactics to influence the purchase or sale of securities.

What is Broker Negligence?

Many types of broker misconduct may qualify as negligence, including unsuitable investment recommendations, failure to follow instructions, and misrepresentations or omissions of material fact.

Investors who believe their losses are the result of broker negligence may be able to recover their funds through FINRA arbitration.

Background Information

Joseph Beam 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 6 – Investment Company Products/Variable Contracts Representative Examination

He previously worked for Capital Investment Group (CRD#:14752) and SunTrust Investment Services (CRD#:17499).

Kurta Law Can Help

If you worked with Joseph Beam and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com 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 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. 

 

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