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Richard Klimpt Allegedly Facilitated Unsuitable Investment

Jul 20, 2023 Unsuitable Investments

Richard Klimpt (CRD #: 1264574), a broker formerly registered with Cetera Investment Services, was the subject of a recent dispute, according to his BrokerCheck record, accessed on July 14, 2023. Keep reading if you have questions about his alleged conduct as a broker.

Investor Disputes

In a dispute filed on June 13, 2023, a child of clients alleged that Richard Klimpt facilitated an unsuitable investment made by his parents. This dispute was denied by the firm.

On May 24, 2019, an investor named Richard Klimpt in a dispute alleging that she did not understand that a product was a certificate of deposit and not an annuity. The firm denied this dispute.

Investors should be aware, however, that firms don’t need to permit an external review before denying disputes. Investors may be able to recover their losses by seeking out FINRA arbitration after a denial.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to tailor their investment recommendations to suit investors’ profiles. These profiles describe characteristics such as investors’ tax status, age, and financial goals.

Investors who feel their losses were caused by unsuitable investment recommendations may be able to recover their funds through FINRA arbitration.

FINRA Rule 2020

FINRA Rule 2020 prohibits the use of deceptive, manipulative, and otherwise fraudulent tactics to influence investors’ decisions. The misrepresentation or omission of material facts violates this rule.

Background Information

Richard Klimpt has passed the following exams:

  • Series 66 – Uniform Combined State Law Examination
  • 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

He previously worked for the following firms:

  • Cetera Investment Services (CRD#:15340)
  • PNC Investments (CRD#:129052)
  • Wells Fargo Advisors (CRD#:19616)
  • Merrill Lynch, Pierce, Fenner & Smith (CRD#:7691)

Kurta Law Can Help

If you worked with Richard Klimpt 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.