Samuel Ingram Allegedly Failed to Conduct Due Diligence on Oil and Gas Investment

Samuel Ingram (CRD #: 2622115), a broker formerly registered with J.W. Cole Financial, allegedly failed to sufficiently research an investment, according to his BrokerCheck record, accessed on November 29, 2022. Keep reading if you want to learn more about his conduct as a broker.

Investor Dispute

On October 10, 2022, an investor alleged that Samuel Ingram failed to research and vet an oil and gas limited partnership before selling it to the client, contributing to a loss of principal. The client seeks $100,000 in damages in this pending dispute. Oil and gas investments are often unsuitable for investors due to their illiquid nature and the risk for major losses. 

FINRA Rule 2111

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. An investor’s profile includes information about their risk tolerance, financial goals, and age. Investors who rely on their brokers for recommendations may be able to recover their losses through FINRA arbitration.

• Investments can be unsuitable because they are high-risk and likely to lose money.
• Securities may also be unsuitable because they are illiquid, meaning that they are intended to be held for an extended time, and investors may have to pay high fees to cash out.
• Securities can be quantitatively unsuitable, which means that brokers executed an excessive number of trades.
• These requirements apply to the overall investment strategy as well as the investments themselves. For instance, an investment strategy might be unsuitable if the securities are over-concentrated in a particular stock or sector.

Background Information

Samuel Ingram 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

He previously worked for the following firms:

• J.W. Cole Financial (CRD#:124583)
• Jonathan Roberts Financial Group (CRD#:46285
• 1st Global Capital Corporation (CRD#:30349)

Kurta Law Can Help

If you worked with Samuel Ingram 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.