Investor Alleges Phil Simonides Recommended Unsuitable Investment

Phil Simonides (CRD #: 1847411), a broker registered with Madison Avenue Securities, allegedly gave an unsuitable investment recommendation, according to his BrokerCheck record, accessed on March 15, 2025. Investors may have also worked with him through McAdam. Read on if you have questions about his alleged conduct as a broker.

Investor Dispute

In a dispute filed on February 21, 2025, an investor alleged that Phil Simonides made an unsuitable recommendation of Skyloft DST. The client seeks $157,747.01 in damages.

FINRA Rule 2111

FINRA Rule 2111 requires that brokers tailor their investment recommendations to an investor’s profile, which contains information about an investor’s investing experience, tax status, risk tolerance, and other characteristics.

Securities may be unsuitable for an investor because they are high-risk, leading to losses, or because their lack of liquidity makes them difficult to sell in the short term.

Investments can also be quantitatively unsuitable. Excessive trading generates trading fees and commissions that can eat into clients’ returns so severely that the investor doesn’t make any profit.

Suitability also applies to investment strategies. An example of a frequently unsuitable investment strategy is overconcentration, which can introduce a degree of risk beyond what is appropriate for many investors’ financial goals.

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

Background Information

Phil Simonides has passed the following exams:

• Registered Options Principal Examination – Series 4
• Municipal Fund Securities Principal Examination – Series 51
• General Securities Principal Examination – Series 24
• Municipal Securities Representative Examination – Series 52TO
• Securities Industry Essentials Examination – SIE
• General Securities Representative Examination- Series 7
• Uniform Investment Adviser Law Examination – Series 65
• Uniform Securities Agent State Law Examination – Series 63

Phil Simonides is a registered broker in Virginia. He is also a registered investment adviser in Texas and Virginia.

He has also worked for the following firms:

• Purshe Kaplan Sterling Investments (CRD#:35747)
• Voya Financial Advisors (CRD#:2882)
• Ameriprise Financial Services (CRD#:6363)
• Ameriprise Advisor Services (CRD#:5979)
• IDS Life Insurance Company (CRD#:6321)

Kurta Law Can Help

If you worked with Phil Simonides 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 that 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.