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Robert Disterhaupt Allegedly Liquidated Variable Annuity Without Client’s Authorization

Robert Disterhaupt (CRD #: 2176721), a broker registered with Charles Schwab & Company, allegedly executed an unauthorized liquidation, according to his BrokerCheck record, accessed on July 18, 2023. If you have questions about his alleged conduct as a broker, read on.

Investor Dispute

On June 1, 2023, an investor alleged that Robert Disterhaupt failed to follow instructions by liquidating her variable annuity on March 11, 2022, without her authorization. This dispute was denied by the firm.

However, investors should be aware that firms don’t need to permit an external review before denying a dispute. Investors can still pursue FINRA arbitration following a denial and may be able to recover their funds.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

FINRA Rule 3260

FINRA Rule 3260 requires brokers to receive written authorization from their clients before engaging in discretionary trading. Discretionary accounts must also be approved by the firm.

What are Variable Annuities?

Variable annuities are complex investments. These policies can decline in value depending on the performance of the underlying security. Surrender charges, tax penalties, and other fees can make these policies unsuitable.

Background Information

Robert Disterhaupt 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 9 – General Securities Sales Supervisor – Options Module Examination
  • Series 10 – General Securities Sales Supervisor – General Module Examination
  • Series 8 – General Securities Sales Supervisor Examination (Options Module & General Module)
  • Series 4 – Registered Options Principal Examination
  • Series 24 – General Securities Principal Examination

Robert Disterhaupt is a registered broker in 26 states and a registered investment adviser in Missouri and Texas.

He has also worked for FFP Securities (CRD#:16337) and Hibbard Brown & Company (CRD#:18246).

Kurta Law Can Help

If you worked with Robert Disterhaupt 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.