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Luis Garcia Subject of Dispute Alleging Unsuitable Investment Recommendations

Apr 22, 2022 Unsuitable Investments

Luis Garcia (CRD #: 4143376), a broker registered with Oppenheimer & Co., allegedly made unsuitable investment recommendations, according to his BrokerCheck record, accessed on April 14, 2022. Keep reading to learn more about Luis Garcia’s conduct as a broker.

Investor Dispute

In a dispute filed on January 27, 2022, an investor claimed Luis Garcia recommended unsuitable investments in their accounts between 2019-and 2022. The client sought $74,000 but the firm denied the dispute.

However, firms can deny disputes without allowing any external review. Investors can still pursue FINRA arbitration to recover their losses after a denial.

FINRA Rule 2111

Brokers must obey FINRA Rule 2111 when making investment recommendations. Brokers’ recommendations must suit investors’ profiles, which contain information such as their age, financial goals, and risk tolerance.

Investors who have lost money through unsuitable investment recommendations may be able to recoup their losses through FINRA arbitration.

Background Information

Luis Garcia has passed the following exams:

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

Luis Garcia is a registered broker in six states and a registered investment adviser in Florida and Texas.

In the past, he has also worked for RBC Capital Markets (CRD#:31194) and Merrill Lynch, Pierce, Fenner & Smith (CRD#:7691).

Kurta Law Can Help

If you worked with Luis Garcia 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.