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Investor Names Robert Rasbach in Allegations of Misrepresentation and Unsuitability

Jun 21, 2022 Misrepresentation

Robert Rasbach (CRD #: 1204704), a broker registered with Benchmark Investments, is involved in a pending dispute, according to his BrokerCheck record, accessed on June 11, 2022. Keep reading to learn more about Robert Rasbach’s conduct as a broker.

Investor Dispute

On April 25, 2022, an investor alleged Robert Rasbach misrepresented and/or omitted information and committed unspecified violations of suitability. The client seeks $499,000 in damages in this pending dispute.

What are suitable investments?

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. Investors’ profiles include information concerning their financial goals, other investments, and personal information like their age.

Some common violations of this rule include:

  • Recommendations of high-risk investments, which are more likely to lose money.
  • Recommendations of illiquid securities that, since they are meant to be held long-term, can incur high fees for investors who attempt to cash out early.
  • A broker executing an excessive number of trades violates the requirement for quantitative suitability.

These requirements also apply to the overall investment strategy a broker recommends or enacts. For instance, an investment strategy that over-concentrates the investor’s account in one stock or sector is likely unsuitable.

Investors may be able to recover losses caused by unsuitable investment or investment strategy recommendations by pursuing FINRA arbitration.

FINRA Rule 2020

Misrepresentation or omission of information violates FINRA Rule 2020, which prohibits brokers from using manipulative, deceptive, or otherwise fraudulent tactics to influence the sale or purchase of securities.

Background Information

Robert Rasbach 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 6 - Investment Company Products/Variable Contracts Representative Examination

Robert Rasbach is a registered broker in 12 states.

He has also worked for David Lerner Associates (CRD#:5397) and IDS Marketing Corporation (CRD#:6363).

Kurta Law Can Help

If you worked with Robert Rasbach 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.