Robert William Waugh (CRD #1490815) Has Regulatory and Customer Dispute Disclosures on FINRA BrokerCheck

Robert William Waugh (CRD #1490815) is a broker with one regulatory action and one customer dispute on FINRA BrokerCheck. We reviewed his BrokerCheck report on June 10, 2026. It reflects one regulatory event and one customer dispute. If you invested with Robert William Waugh and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Regulatory Actions

Robert Waugh’s FINRA BrokerCheck Report reflects one regulatory disclosure. A summary of the action is below:

On October 12, 2006, Missouri initiated a regulatory action involving investment recommendations. Robert Waugh’s FINRA BrokerCheck report states that respondents recommended a strategy. That strategy required investors to mortgage homes to increase investable assets. Missouri also reported that respondents failed to reasonably supervise agents.

The matter resolved by consent. Respondents were ordered to pay $10,000 each in civil penalties and $850 in investigation costs. The firm was ordered to pay $56,000 in restitution. Robert Waugh paid the civil penalty and his portion of the investigation costs in full on October 9, 2006.

The order also barred respondents from making investment recommendations that involved mortgaging homes. It also barred them from serving in a supervisory capacity. The two-year bar applied to broker-dealer and investment adviser work starting October 12, 2006.

Investor Disputes / Customer Complaints

Robert Waugh’s FINRA BrokerCheck Report reflects one customer dispute disclosure. A summary of the dispute is below:

On March 30, 2026, customers alleged that Robert Waugh provided a poor recommendation to sell mutual funds. The customers said the sale led to tax consequences. They sought $35,733 in damages. Robert Waugh’s FINRA BrokerCheck report lists the product as a mutual fund.

The dispute settled on May 15, 2026 for $19,846.46. The individual contribution amount was $10,000.

Rule Summary #1: FINRA Rule 2111 (Suitability)

FINRA Rule 2111 addresses suitability obligations for recommendations. It can apply when a dispute questions whether a trade or strategy fit the investor.

Rule Summary #2: FINRA Rule 3110 (Supervision)

FINRA Rule 3110 requires firms to maintain a supervisory system. It can matter when a disclosure involves questions about how a firm supervised recommendations.

Why This Matters to Investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation. It strengthens the standard of conduct that broker-dealers owe to retail investors. It applies when they recommend securities transactions or investment strategies. The U.S. Securities and Exchange Commission adopted Reg BI. It became effective on June 30, 2020. Reg BI aims to protect investors while preserving access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in a retail customer’s best interest at the time of a recommendation. They must not place their own financial or other interests ahead of the customer’s. This standard is higher than the older “suitability” rule. Suitability meant a recommendation only had to be appropriate. It did not have to be the best option or free of conflicts.

Reg BI has four key obligations:

Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and the recommendation. This includes fees, the scope of services, and conflicts of interest.

Care Obligation – Broker-dealers must use reasonable diligence, care, and skill. They must consider costs, risks, and alternatives when making a recommendation.

Conflict of Interest Obligation – Firms must identify conflicts of interest. They must disclose them and mitigate or eliminate them. This includes conflicts that create incentives to favor one product over another.

Compliance Obligation – Firms must maintain policies and procedures. Those policies should be designed to ensure compliance with Reg BI as a whole.

Reg BI applies to each recommendation. It is not a continuous duty like the fiduciary standard for registered investment advisers. Even so, it narrows the gap. It puts more focus on costs, conflicts, and investor-focused decision-making.

Overall, Regulation Best Interest promotes transparency. It also aims to improve the quality of investment recommendations. It is designed to reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background Information (from BrokerCheck)

Based on his FINRA BrokerCheck report, Robert Waugh:

Is currently registered with Cambridge Investment Research, Inc. and Cambridge Investment Research Advisors, Inc.

Has passed the Securities Industry Essentials (SIE) exam. Robert Waugh has also passed Series 7 and Series 63.

Was previously registered with Asset Strategies, Inc. and FSC Securities Corporation. Robert Waugh was also registered with Transamerica Financial Resources, Inc. and SMA Equities, Inc.

Kurta Law Can Help

If you have worked with Robert Waugh and have concerns about his activity, Kurta Law may be able to help. A securities attorney can assess potential causes of action. The review can explain whether losses may be recoverable through FINRA arbitration or other avenues. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful resources: Securities Attorney | What Is Securities Fraud

For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable. Our firm represents clients nationwide in securities arbitration and related disputes. An attorney can review the facts and explain possible next steps.