Investor Alleges Kyle Lucas Sold Positions without Their Knowledge

Kyle Lucas (CRD #: 5990096), a broker registered with Equitable Advisors, allegedly executed transactions without a client’s knowledge, according to his BrokerCheck record, accessed on March 15, 2023. Keep reading to learn more about his alleged conduct as a broker.

Investor Disputes

A dispute filed on February 3, 2023, alleges that Kyle Lucas sold certain positions without the client’s knowledge while rebalancing their portfolio. This dispute is currently pending.

On November 20, 2017, an investor alleged that Kyle Lucas failed to adequately disclose the risks and features associated with an incentive life insurance policy and a variable annuity the client purchased in 2015. This dispute was denied by the firm.

Investors should be aware, however, that firms can deny disputes without an outside review. Investors may be able to recoup their losses by seeking out FINRA arbitration following a denial.

FINRA Rule 3260

FINRA Rule 3260 prohibits brokers from conducting discretionary trading outside discretionary accounts, pre-approved for discretionary trading by the firm and the client.

FINRA Rule 2020

FINRA Rule 2020 prohibits the use of deception, manipulation, and other fraudulent tactics to influence investors’ decisions. This includes the misrepresentation or omission of information related to investments, such as their fees, limitations, or potential returns.

What are variable annuities?

Variable annuities are complex investments. These policies can decline in value depending on the performance of the underlying security. Surrender charges, tax penalties, and other fees can make these policies unsuitable.

Background Information

Kyle Lucas 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

Kyle Lucas is a registered broker in 26 states and the District of Columbia. He is also a registered investment adviser in 23 states.

He has also worked for New England Securities (CRD#:615).

Kurta Law Can Help

If you worked with Kyle Lucas 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 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.