Investors Allege Patrick Durst Recommended Unsuitable Alternative Investments

Patrick Durst (CRD #: 6328382), a broker registered with LifeMark Securities Corporation, allegedly gave unsuitable investment recommendations, according to his BrokerCheck record, accessed on October 17, 2022. Read on if you want to know more about Patrick Durst’s conduct as a broker.

Investor Disputes

On June 30, 2022, an investor alleged that Patrick Durst and a partner recommended an unsuitable alternative investment as part of a larger, diversified portfolio and the client purchased the product in or around September 2020. 

The client was allegedly 77 years old at the time with a “moderately aggressive” risk tolerance. She further alleges that she invested $100,000 in this investment product, equal to 15% of her investable assets in her portfolio and that the company offering the product has since filed for bankruptcy.

The client alleges that this investment recommendation was unsuitable due to its level of risk and lack of liquidity. She seeks $300,000 in this pending dispute.

A dispute filed on April 14, 2022, similarly alleges that Patrick Durst and a partner made an unsuitable recommendation of an alternative investment product purchased in or around April 2020.

The client was allegedly 56 years old at the time with a conservative risk tolerance. He allegedly invested $60,000, equal to 10% of his investable assets, but the company offering the product went bankrupt.

This investor also alleges that this product was unsuitable because of its degree of risk and illiquidity. This dispute is currently pending.

FINRA Rule 2111

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. These profiles include information about an investor’s financial goals, age, tax status, and their risk tolerance.

Investors who rely on brokers for recommendations may be able to recover their losses by seeking out FINRA arbitration.

Background Information

Patrick Durst has passed the following exams:

• Series 66 – Uniform Combined State Law Examination
• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination
• Series 6 – Investment Company Products/Variable Contracts Representative Examination

Patrick Durst is a registered broker in seven states and a registered investment adviser in 15 states.

He has also worked for Jackson National Life Distributors (CRD#:40178).

Kurta Law Can Help

If you worked with Patrick Durst 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.