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Phil Watson Allegedly Misrepresented REITs

Phil Watson (CRD #: 2400788), a broker registered with Ameriprise as well as Watson & Associates, recently faced an investor dispute, according to his BrokerCheck record, accessed on June 22, 2022. For more details, keep reading.

On April 12, 2022, investors alleged that the risks associated with Real Estate Investment Trusts (REITS) were misrepresented. The investor is seeking to recover $52,000 but the dispute was denied. Investors should know that they can still recover losses following a denial.

  • FINRA Rule 2020 prohibits brokers from misrepresenting investments. It also forbids using any form of manipulation or deception to induce an investor to purchase a security.
  • REITs are often unsuitable because they are illiquid, meaning they are meant to be held for a long period.
  • FINRA Rule 2111defines suitable investments as securities that fit an investor’s profile. Investors’ profiles include information concerning their liquidity needs.

Background Information

Phil Watson 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 7 General Securities Representative Examination
  • Series 10 General Securities Sales Supervisor General Module Examination
  • Series 9 General Securities Sales Supervisor – Options Module Examination
  • Series 24 General Securities Principal Examination

He is a registered broker in 32 states and is an investment adviser in Illinois and Texas.

Phil Watson has worked for the following firms:

  • Ameriprise Financial Services (CRD #: 6363)
  • Securities America (CRD #: 10205)
  • IDS Life Insurance Company (CRD #: 6321)

Kurta Law Can Help

If you worked with Phil Watson and you have concerns about your investments, please contact us today at 877-600-0098 or 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.