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Kyle Luebeck Suspended by FINRA

Nov 8, 2022 Regulatory Action

Kyle Luebeck (CRD #: 5931863), a broker registered with J.W. Cole Financial, was recently suspended by FINRA, according to his BrokerCheck record, accessed on October 21, 2022. Investors may have also engaged his services through J.W. Cole Advisors. Keep reading if you have questions about his conduct as a broker.

FINRA Suspension

On August 30, 2022, Kyle Luebeck consented to the entry of findings that he allegedly improperly removed private, personal client information from Mutual of Omaha, without the clients’ or firm’s consent or knowledge.

A Letter of Acceptance, Waiver & Consent (AWC) alleges that Kyle Luebeck removed this client information in anticipation of his joining another FINRA member firm. The AWC alleges that on May 14 and 15, 2020, Kyle Luebeck sent emails from his Mutual of Omaha email account to an outside account he also controlled containing clients’ nonpublic personal information as defined by Regulation S-P.

This information allegedly included, among other things, clients’ dates of birth, social security numbers, investment account numbers, life insurance policy numbers, tax filings, and one client’s driver’s license number.

Kyle Luebeck allegedly received this information as part of his employment with the firm and retained it improperly after his termination. He allegedly resigned from Mutual of Omaha on May 15, 2020, and associated with another FINRA firm later that day.

The AWC concludes that this alleged misconduct violated FINRA Rule 2010.

FINRA Rule 2010

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

Regulation S-P

Regulation S-P requires firms to provide investors with privacy policies that disclose how their personal information will be shared with third parties.

Sanctions

Kyle Luebeck consented to the following sanctions:

  • $5,000 fine
  • 10-business-day suspension

His suspension ran from September 19 to September 30, 2022.

You can read a copy of the AWC here.

Background Information

Kyle Luebeck 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 6 – Investment Company Products/Variable Contracts Representative Examination

Kyle Luebeck is a registered broker in seven states and a registered investment adviser in Minnesota.

He has also worked for Mutual of Omaha Investor Services (CRD#:611).

Kurta Law Can Help

If you worked with Kyle Luebeck 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. 

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