Richard Brown Allegedly Recommened an Unsuitable Investment

Richard Brown (CRD #: 1595628), a broker registered with Cetera Advisor Networks, is the subject of an investor dispute. This disclosure appears on his BrokerCheck record, accessed on February 26, 2024. Keep reading if you have questions regarding his alleged conduct. 

Investor Dispute

On November 22, 2023, an investor alleged that Richard Brown recommended an unsuitable investment and executed excessive annuity sales. The investor is seeking $368,803. 

Excessive Trading

FINRA Rule 2111, a.k.a. The Suitability Rule, requires brokers to tailor their investment recommendations to suit investors’ needs. Trades must be quantitatively suitable, meaning the number of trades must suit an investor’s needs. Each trade comes with a transaction fee, so too many transactions will result in excessive fees for the investor. Excessive trading is also known as “churning.” 

Previous Investor Disputes

There are six settled disputes on his record. The most recent investor disputes alleged he recommended unsuitable investments. 

Background Information 

Richard Brown 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 24 General Securities Representative Examination 

He is a registered broker in 30 states. 

During his 35 years of experience, Richard Brown has registered with the following firms: 

• Cetera Advisor Networks (CRD #: 13572) 
• Summit Brokerage Services (CRD #: 34643) 
• McDonald Investments (CRD #: 566)
• Raymond James & Associates (CRD #: 705) 

Kurta Law Can Help 

If you have worked with Richard Brown 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.