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Investors Allege Kirk Israel Acted Negligently 

Kirk Israel (CRD #: 5695967), a broker registered with Arvest Wealth Management, was the subject of a recent dispute, according to his BrokerCheck record, accessed on November 13, 2022. Keep reading if you have questions about his conduct as a broker.

Investor Dispute

On August 23, 2022, multiple investors filed a dispute alleging that Kirk Israel acted negligently in the following ways:

  • Providing improper advice regarding the tax consequences of IRA withdrawals
  • Failing to inform them that in-kind securities transfers effected in 2021 from the clients’ qualified IRA accounts to their son’s investment account at another financial institution were subject to federal and state income tax
  • Failing to withhold taxes from these IRA distributions, which the clients believed was standard procedure

The investors sought $202,500 in damages but the dispute was denied by the firm.

However, investors should know that firms can deny disputes without allowing an outside review. Investors may be able to recover their funds by pursuing FINRA arbitration following a denial.

FINRA Rule 2020

FINRA Rule 2020 prohibits the use of deceptive, manipulative, and otherwise fraudulent tactics to influence investors’ decisions. The misrepresentation and omission of material facts about investments violate this rule.

What qualifies as broker negligence?

Many types of broker misconduct can qualify as negligent, ranging from unsuitable investment recommendations to excessive and unauthorized trading. Investors who lose money through broker negligence may be able to recover their funds by seeking out FINRA arbitration.

Background Information

Kirk Israel has passed the following exams:

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

Kirk Israel is a registered broker in 21 states and a registered investment adviser in Arkansas, Kansas, Missouri, Oklahoma, and Texas.

Kurta Law Can Help

If you worked with Kirk Israel 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.