Investors Allege Ross Hoffman Recommended Unsuitable 1035 Exchange

Ross Hoffman (CRD #: 803445), a broker registered with Fortune Financial Services, allegedly made unsuitable recommendations, according to his BrokerCheck record, accessed on July 13, 2023. Investors may have also worked with him through Hoffman & Associates Financial & Estate Advisors. Read on to learn more about his alleged conduct as a broker.

Pending Dispute

On June 26, 2023, multiple investors filed a dispute alleging Ross Hoffman recommended an unsuitable 1035 exchange into a new Pacific Life Indexed Universal Life insurance policy. They further alleged that he recommended unsuitable premium financing and that they face excessive loan payments.

The clients seek $637,000 in damages in this pending dispute.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals. Brokers must use the information in an investor’s profile, such as their age, risk tolerance, and tax status when making recommendations.

Brokers must also ensure that they recommend suitable investment strategies. A common example of an unsuitable investment strategy is overconcentration in a single stock or sector, which can expose an investor to excess risk.

Investors who rely on brokers for recommendations may be able to recover their losses by pursuing FINRA arbitration.

Background Information

Ross Hoffman has passed the following exams:

• Series 65 – Uniform Investment Adviser Law Examination
• Series 63 – Uniform Securities Agent State Law Examination
• Series 7TO – General Securities Representative Examination
• SIE – Securities Industry Essentials Examination
• Series 1 – Registered Representative Examination
• Series 24 – General Securities Principal Examination

Ross Hoffman is a registered broker in California, Colorado, Oregon, Texas, and Washington. He is also a registered investment adviser in California and Texas.

He has also worked for the following firms:

• Girard Securities (CRD#:18697)
• M Holdings Securities (CRD#:43285)
• Royal Alliance Associates (CRD#:23131)
• Investment Account Services Corporation (CRD#:14745)
• Integrated Resources Equity Corporation (CRD#:6403)
• Mutual Services Corporation (CRD#:4806)
• The Lincoln National Life Insurance Company (CRD#:2580)
• Financial Industries Securities Corporation (CRD#:6592)
• Lincoln Financial Advisors (CRD#:3978)

Kurta Law Can Help

If you worked with Ross Hoffman 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.