Robert Crothers Allegedly Recommended an Unsuitable Private Placement

Robert Crothers (CRD #: 1648677), a broker registered with American Portfolios Financial Services, is the subject of an investor dispute. This disclosure appears on his BrokerCheck record, accessed on October 1, 2024. Keep reading if you have questions.

Investor Allegations 

On July 19, 2024, an investor alleged that Robert Crothers recommended an unsuitable, high-risk private placement. 

This is the second investor dispute on his record. 

What is an Unsuitable Investment? 

FINRA Rule 2111, a.k.a. The Suitability Rule, requires brokers to tailor their investment recommendations to suit investors’ needs. 

Rule 2111 also requires brokers to consider 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

Investments that do not fit the criteria established by the investor profile may be unsuitable. Investors who rely on brokers for recommendations may recover their losses by pursuing FINRA arbitration.

Background Information

Robert Crothers has passed the following exams: 

• Series 66 – Uniform Combined State Law Examination 
• Series 63 Uniform Securities Agent State Law Examination 
• SIE – Securities Industry Essentials Examination 
• Series 7 General Securities Representative Examination 

He is a registered broker in 31 states and D.C. He is also a registered investment adviser in California, Michigan, and New York. 

During his 37 years of experience, Robert Crothers has registered with seven firms. These are the four most recent: 

• American Portfolios Financial Services (CRD #: 18487) 
• American Portfolios Advisors (CRD #: 112697) 
• GBI Capital Partners (CRD #: 14623) 
• Joseph Lyon & Ross Incorporated (CRD #: 3227) 
• A.J. Michaels & Co. LTD. (CRD #: 19883) 

Kurta Law Can Help 

If you worked with Robert Crothers and you have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email 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.