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Dwayne Bullen Involved in a $1.2 Million Investor Dispute

Nov 15, 2021 Investor Disputes

Dwayne Bullen (CRD #:6394076), a registered broker with VCS Venture Securities, is involved in an investor dispute, according to his BrokerCheck record, accessed on November 3, 2021. Keep reading for more details regarding the allegations.

Investor Allegations

On August 9, 2021, an investor filed a dispute against Dwayne Bullen alleging; churning and violations of SEC Rule 10b-5; qualitative and quantitative unsuitability; breach of fiduciary contract; negligent misrepresentations and omissions; and violations of FINRA Rule 2010. 

The investor is requesting a settlement of $1,277,631.00. The dispute is still pending. 

Dwayne Bullen’s alleged conduct is unethical and violates FINRA Rule 2010, which states that brokers must uphold the highest standards of commercial honor.

FINRA Rule 2111 – Suitability

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. An investor’s profile includes information about their risk tolerance, financial goals, and age. 

  • Investments can be unsuitable because they are high risk and likely to lose money, making them qualitatively unsuitable for many investors.
  • Securities can be quantitatively unsuitable, which means that brokers executed an excessive number of trades. This type of misconduct is also called churning.
  • Securities may also be unsuitable because they are illiquid, meaning that they are intended to be held for an extended time, and investors may have to pay high fees to cash out.
  • These requirements apply to the overall investment strategy as well as the investments themselves. For instance, an investment strategy might be unsuitable if the securities are over-concentrated in a particular stock or sector.

Other Disclosures

  1. On April 27, 2015, Dwayne Bullen became the subject of a tax lien for $127.29.
  2. On January 8, 2014, Dwayne Bullen became the subject of a civil lien for $15,891.75

Background Information

Dwayne Bullen has passed the following exams:

  • Series 63 – Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 – General Securities Representative Examination

He is a registered broker in 9 states. 

Besides VCS Venture Securities, Dwayne Bullen has not worked with any other firm.

Kurta Law Can Help

If you have worked with Dwayne Bullen and have concerns about your investments, don’t hesitate to contact us today at 877-600-0098 or for a free consultation.

For nearly 20 years, Kurta Law has advocated for investors 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. Please contact us today if you would like us to evaluate your potential case.