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Investor Alleges Robert D’Agosta Misrepresented Unsuitable Alternative Investments

Robert D’Agosta (CRD #: 1903105), a broker registered with IBN Financial Services, allegedly misrepresented unsuitable investments, according to his BrokerCheck record, accessed on July 3, 2022. Keep reading to learn more about Robert D’Agosta’s conduct as a broker.

Pending Dispute

On April 5, 2022, an investor alleged that Robert D’Agosta recommended unsuitable alternative investments from 2013 to 2015 and misrepresented and/or omitted the risks associated with the investments.

The investor also alleged that Berthel, Fisher & Company Financial Services failed to conduct due diligence regarding these investments and failed to adequately supervise Robert D’Agosta. The client seeks $99,999 in this pending dispute.

FINRA Rules 2111 and 2020

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. Brokers must take into account an investor’s age, tax status, risk tolerance, and other characteristics described in their profile.

Investors who rely on brokers for investment recommendations can potentially recover their losses by seeking out FINRA arbitration.

The misrepresentation and omission of information related to investments violate FINRA Rule 2020, which bans the use of manipulative, deceptive, and otherwise fraudulent tactics to influence investors’ decisions.

FINRA Rule 3110

Failure to supervise violates FINRA Rule 3110, which requires firms to maintain supervisory systems to ensure their compliance with securities regulations.

Regulatory Action by Wisconsin Commissioner of Insurance

On October 16, 2019, Robert D’Agosta was denied an insurance license in the state of Wisconsin, allegedly because of prior arbitrations.

Settled Disputes

In a dispute filed on May 16, 2017, an investor alleged Robert D’Agosta misrepresented unsuitable investments that he purchased between 2004 to 2014. The client also claims that Berthel, Fisher & Company Financial Services failed to supervise and conduct due diligence regarding Robert D’Agosta.

The client sought $2,000,000 in damages and received a $500,000 settlement.

On June 17, 2015, an investor alleged that Robert D’Agosta placed unauthorized, unsuitable, and misrepresented trades in his portfolio from 2005 to present. The client further alleged that Berthel, Fisher & Company Financial Services failed to supervise Robert D’Agosta’s actions and failed to conduct due diligence.

The investor sought $566,262.25 and received a $200,000 settlement.

FINRA Rule 3260

FINRA Rule 3260 limits brokers to exercising discretionary power only in pre-authorized discretionary accounts. Clients and firms must provide approval before brokers can conduct discretionary trading.

Background Information

Robert D’Agosta 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 7 – General Securities Representative Examination
  • Series 6 – Investment Company Products/Variable Contracts Representative Examination
  • Series 22 – Direct Participation Programs Representative Examination

Robert D’Agosta is a registered broker in 12 states and a registered investment adviser in New Jersey.

He has also worked for the following firms:

  • Berthel, Fisher & Company Financial Services (CRD#:13609)
  • Mony Securities (CRD#:4386)
  • The Mutual Life Insurance Company of New York (CRD#:2873)
  • Martin Financial Planning (CRD#:13254)

Kurta Law Can Help

If you worked with Robert D’Agosta 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.