Milton Tanaka Facing Unsuitable Investment Allegations
Milton Tanaka (CRD #: 2499204), a broker registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, is facing allegations of unsuitable investment recommendations. This information is from Milton Tanaka’s BrokerCheck record, accessed on March 23, 2022. You can find more information below about Milton Tanaka’s conduct as a broker.
Unsuitable Investment Allegations
On February 14, 2022, an investor claimed that Milton Tanaka made unsuitable investment recommendations from 2014 to 2022. The investment products that the investor claimed were unsuitable were variable annuities. Variable annuities often do not suit investors’ needs due to their complexity and high fees. The dispute is currently pending.
What is an Unsuitable Investment?
FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals. Brokers must examine the investor’s profile, which contains the following investor characteristics:
- Financial goals
- Risk tolerance
- Time horizon (i.e., how long the investor plans to hold the investment)
- Investing experience
- Tax status
Milton Tanaka 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 31 - Futures Managed Funds Examination
- Series 7 - General Securities Representative Examination
Milton Tanaka is currently registered as a broker in 17 states and a registered investment adviser in Hawaii and Texas.
He has worked for the following firms:
- Morgan Stanley Smith Barney (CRD #:149777)
- Citigroup Global Markets Inc. (CRD #:7059)
- Morgan Stanley DW Inc. (CRD #:7556)
Kurta Law Can Help
If you worked with Milton Tanaka and have concerns about your investments, please contact us today at 877-600-0098 or firstname.lastname@example.org 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.