Robert Baird Voluntarily Resigns Following Unsuitability Allegations 

Robert Baird (CRD #:2217138), a formerly registered broker, voluntarily resigned from his position at Moors & Cabot according to his BrokerCheck record, accessed on April 5, 2022.

Resignation Details

On December 9, 2021, Robert Baird voluntarily resigned from his position at Moors & Cabot following a surveillance alert that identified a mutual fund switch for one of Robert Baird’s clients, which raised concerns about suitability. UIT trades for a different customer also prompted review—mutual fund switches and short-term UIT trades can incur high costs, making them unsuitable for many investors. 

Robert Baird also allegedly failed to document notes and records of phone conversations with his customers. Due to Robert Baird’s actions, Moors & Cabot could not establish if the transactions were in the best interest of the customers.

FINRA Rules 4511 and 2010

FINRA requires firms to maintain accurate records. FINRA Rule 4511 states that firms “shall make and preserve books and records as required under the FINRA Rules, the Exchange Act, and the applicable Exchange Act rules.” FINRA Rule 4511 applies to customer account information, communications between brokers and investors, as well as records of written customer complaints. 

By allegedly causing Moors & Cabot to preserve inaccurate records, Robert Baird also violated FINRA Rule 2010, which states that brokers must uphold high standards of commercial honor.

Unsuitability Allegations

On May 17, 2016, Robert Baird was named in an investor dispute which has since been denied. According to the allegations, Robert Baird poorly managed funds in his client’s Advisor Managed Portfolio. 

Investors should know that they can still recover their losses following a denial. Speak to a securities lawyer if you have questions about what steps to take next. 

FINRA 2111

An investment is only considered “suitable” if it meets the suitability criteria outlined in FINRA Rule 2111. 

A broker must have exercised due diligence and have an adequate reason for believing that an investment will be beneficial for the investor Investors who rely on their brokers for recommendations may be able to recover their losses through FINRA arbitration if their broker recommended an unsuitable investment. 

Background Information

Robert Baird 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 31 – Futures Managed Funds Examination
• Series 7 – General Securities Representative Examination.

Besides Moors & Cabot, Robert Baird has also worked with the following firms:

• Royal Alliance Associates (CRD#:23131)
• Signator Investors (CRD#:468)
• Prime Capital Services (CRD#:18334)
• Investors Capital Corp. (CRD#:30613)
• Morgan Stanley & Co., Incorporated (CRD#:8209)
• Morgan Stanley DW (CRD#:7556)
• American Express Financial Advisors (CRD#:6363)
• IDS Life Insurance Company (CRD#:6321)
• Mesirow Financial (CRD#:2764)
• Carillon Investments (CRD#:14646)
• W. S. Griffith & Co.(CRD#:10410)
• Phoenix Equity Planning Corporation (CRD#:3036)
• Capital Analysts, Incorporated (CRD#:5478)

Kurta Law Can Help

If you suffered losses after working with Robert Baird, 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 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 your losses.