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Investor Alleges Philip Adra Omitted Investment Information

Aug 15, 2022 Unsuitable Investments

Philip Adra (CRD #: 5695907), a broker registered with Northwestern Mutual Investment Services, was the subject of a recent dispute, according to his BrokerCheck record, accessed on July 30, 2022. If you have questions about Philip Adra’s conduct as a broker, keep reading.

Investor Dispute

In a dispute filed on June 3, 2022, an investor alleged that, in or around November 2021, Philip Adra made an unsuitable recommendation to sell certain stocks and failed to disclose the potential tax consequences of that sale. The client sought $100,000 in damages but the dispute was denied by the firm.

However, investors should know that firms don’t need to allow an external review before denying disputes. Investors can still pursue FINRA arbitration following a denial and may be able to recover their losses.

FINRA Rules 2111

FINRA Rule 2111 requires brokers to consider whether securities adequately fit their investor’s financial goals when making recommendations. Brokers must take into account an investor’s tax status, age, risk tolerance, and other information described in their profile.

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

FINRA Rule 2020

FINRA Rule 2020 bans the use of deceptive, manipulative, and otherwise unethical tactics to influence the purchase and sale of securities. This includes misrepresenting or omitting relevant information concerning investments, such as their tax implications, risks, limitations, or potential returns.

Background Information

Philip Adra has passed the following exams:

  • 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

Philip Adra is a registered broker in 21 states.

He has also worked for Northwestern Mutual Investment Services (CRD#:2881).

Kurta Law Can Help

If you worked with Philip Adra 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.