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Robert Luley Fired from Pruco Securities

May 20, 2022 Unsuitable Investments

Robert Luley (CRD #: 4176139), a former broker, was fired from his previous firm, according to his BrokerCheck record, accessed on May 15, 2022. Keep reading if you have questions about Robert Luley’s conduct as a broker.

Discharge from Pruco Securities

On March 4, 2022, Robert Luley was fired from Pruco Securities after allegedly failing to amend his Form U4 in a timely manner to disclose the closing of two client complaints filed at his prior firm, Madison Avenue Securities, as well as for allegedly failing to follow firm policy regarding moving his registered private office to his home.

FINRA Rule 1122

FINRA Rule 1122 requires that brokers maintain accurate and complete membership or registration filings and amend those filings as necessary.

Investor Disputes

Robert Luley faced several investor disputes in 2020:

  • On October 20, 2020, an investor alleged Robert Luley made unsuitable recommendations of unspecified alternative investments. The client sought $150,000 in damages and received a settlement of $66,180.93.
  • Three disputes filed in 2020 allege Robert Luley made unsuitable recommendations of GPB Automotive. One suit, filed on July 20, specifies that this recommendation occurred in January 2018. These investors received settlements totaling $190,748.65.
  • Two more disputes filed in 2020 by multiple investors each alleged that Robert Luley failed to conduct due diligence in several ways. These allegations include providing unsuitable investment recommendations, over-concentrating accounts, and misrepresenting and omitting information regarding alternative investments. Investors alleged these violations took place in 2014. These disputes were settled for a total of $302,535.55.

FINRA Rules 2111 and 2020

FINRA Rule 2111 defines suitable investments as securities that match an investor’s profile. Brokers must use the information in their clients’ profiles, such as their tax status, risk tolerance, and investment goals, to evaluate the suitability of their recommendations.

Over-concentration of accounts also violates Rule 2111 by being an unsuitable investment strategy for most investors.

Investors can seek out FINRA arbitration to recover losses caused by unsuitable investment recommendations

FINRA Rule 2020 bans the use of deceptive, manipulative, and otherwise unethical means of influencing the purchase and sale of securities. Misrepresentation and omission of information violate this rule.

Background Information

Robert Luley 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

Previously, he worked for the following firms:

  • Pruco Securities (CRD#:5685)
  • Madison Avenue Securities (CRD#:23224)
  • Allstate Financial Services (CRD#:18272)
  • Park Avenue SSecurities (CRD#:46173)
  • NFP Securities (CRD#:42046)
  • Securities America (CRD#:10205)
  • Park Avenue Securities (CRD#:46173)
  • PFS Investments (CRD#:10111)

Kurta Law Can Help

If you worked with Robert Luley and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com 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.