Phillip Batchelder Allegedly Recommended an Unsuitable Product

Phillip Batchelder (CRD #: 1862856), a broker registered with Pruco Securities, is the subject of an investor dispute. This disclosure appears on his BrokerCheck record, accessed on November 28, 2023. Details are provided below. 

On September 28, 2023, an investor alleged that Phillip Batchelder sold him an unsuitable product. The investor further alleges that he misrepresented the product and transferred funds without authorization. 

The investor is seeking $52,471 but the dispute was denied by the firm. Investors should know, however, that firms can deny disputes without any external review. Following a denial, investors may still be able to recover their funds via FINRA arbitration.

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:

• Age
• Risk tolerance
• Time horizon (i.e., how long the investor plans to hold the investment)
• Investing experience
• Tax status
• Financial goals

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

Misrepresentation 

FINRA Rule 2020 forbids the use of deceptive, manipulative, and otherwise fraudulent methods to influence the purchase and sale of securities. The misrepresentation or omission of material facts violates this rule.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. Transferring funds without authorization violates this rule. 

Background Information 

Phillip Batchelder 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 6 Investment Company Products / Variable Contracts Representative Examination 

He is a registered broker and investment adviser in Florida. He is also a registered broker in the following states:

• Georgia 
• Maine 
• New York 
• North Carolina 
• South Carolina 
• Virginia

Phillip Batchelder has registered with two firms during his 35 years of experience: Pruco Securities (CRD #: 5685) and The Prudential Insurance Company of America (CRD #: 680). 

Kurta Law Can Help 

If you have worked with Phillip Batchelder and have concerns about your investments, don’t hesitate to contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors 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. Do not let securities fraud go unchecked. Start your recovery process today.