Randy Birkinbine is the Subject of a New Six-Figure Investor Dispute

Randy Birkinbine (CRD #: 2008599), a a broker registered with Ausdal Financial Partners, has racked up his seventh investor dispute This is according to his BrokerCheck record, accessed on April 4, 2024. Keep reading if you have questions regarding his alleged conduct. 

Investor Allegations 

On March 1, 2024, an investor alleged Randy Birkinbine engaged in negligent supervision, breached his fiduciary duty, and violated the Minnesota Uniform Securities Act. The investor is seeking $120,000. 

On January 19, 2024, an investor alleged that Randy Birkinbine violated Regulation Best Interest and recommended unsuitable investments. The investor is seeking $85,000. 

Two other disputes – one from 2020 and one from 2021 – also alleged that Randy Birkinbine recommended unsuitable investments. These collectively settled for approximately $100,000. 

Tax Liens

Randy Birkinbine also has five tax liens on his record, totaling approximately $261,776. 

Regulation Best Interest

Regulation Best Interest (Reg-BI) is an SEC regulation that requires brokerage firms to put their clients’ best interests first. For example, firms must conduct reasonable due diligence when researching investments to ensure their recommendations are suitable for the investor.

Unsuitable Investments 

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. Investor profiles have information on the investor’s age, risk tolerance, tax status, investing experience, and financial goals. Investments that do not take these factors into account may be unsuitable. This rule also prohibits overconcentration, as placing too much of a portfolio in a single sector exposes the investor to unnecessary risk. 

Fiduciary Duties

Brokers are often dually registered as Registered Investment Advisers (RIAs) with the SEC. RIAs are fiduciaries, and fiduciaries are required to act in their clients’ best interests. Brokers are not fiduciaries but must abide by FINRA Rule 2111 and Regulation Best Interest. (To learn more about the differences between brokers and Registered Investment Advisers, click here.) 

Background Information 

Randy Birkinbine has passed the following exams: 

• Series 65 Uniform Investment Adviser Law Examination 
• Series 63 Uniform Securities Agent State Law Examination 
• Series 22TO Direct Partcipation Programs Representative Examination 
• Series 42 Registered Options Representative Examination 
• Series 82TO Limited Representative Private Securities Offerings
• Series 52TO Municipal Securities Representative Examination 
• SIE – Securities Industry Essentials Examination 
• Series 7 General Securities Representative Examination
• Series 6 Investment Company Products/Variable Contracts Representative Examination 

He is a registered broker in nine states and is a registered investment adviser in Minnesota. 

During his 33 years of experience, Randy Birkinbine has registered with the following firms: 

• Ausdal Financial Partners (CRD #: 7995) 
• Workman Securities Corporation (CRD #: 31898) 
• Invest Financial Corporation (CRD #: 12984) 
• FSC Securities Corporation (CRD #: 7461)
• Lutheran Brotherhood Securities (CRD #: 4205) 

Kurta Law Can Help 

If you have worked with Randy Birkinbine and have concerns about your investments, do not hesitate to contact us 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.