Robert Thomas Fired by Avantax Investment Services
Robert Thomas (CRD #: 2283452), a broker registered with Avantax Investment Services, is involved in an investor dispute according to his BrokerCheck record, accessed on February 2, 2022.
On October 5, 2022, Avantax Investment Services fired Robert Thomas following allegations that he did not follow firm policies relating to his use of discretion and holding customer funds.
According to the allegations filed on September 30, 2021, Robert Thomas allegedly informed his clients that they could activate the income rider associated with the variable annuities early because they were disabled. They also alleged the income riders were not activated on the date reflected in their contract.
The case was settled for $130,635.84.
What is Misrepresentation?
Misrepresentations concerning material facts in investment recommendations deprive investors of the information they need to assess risks associated with a particular investment. FINRA Rule 2020 prohibits brokerage firms and stockbrokers from making material misrepresentations or inducing people into buying investments with false statements about their potential benefits. This unethical conduct also violates FINRA Rule 2010, which states that brokers must uphold high standards of commercial honor.
Losses that can be attributed to a stockbroker’s material misrepresentations of facts may result in a viable securities arbitration claim for damages.
Robert Thomas has passed the following exams:
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 22 – Direct Participation Programs Representative Examination
- Series 6 – Investment Company Products/Variable Contracts Representative Examination
- Series 26 – Investment Company Products/Variable Contracts Principal Examination
Robert Thomas is a registered broker in five states.
Besides Avantax Investment Services, he has also worked with Securities America (CRD#:10205).
Kurta Law Can Help
If you have worked with Robert Thomas and have concerns about your investments, don’t hesitate to contact us today at 877-600-0098 or firstname.lastname@example.org 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 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.