Sandeep Varma Allegedly Recommended an Unsuitable Investment

Sandeep Varma (CRD #: 1926613), a broker registered with Avantax Investment Services, is the subject of an investor. This is according to his BrokerCheck record, accessed on May 7, 2024. Keep reading if you have questions concerning his alleged conduct. 

Investor Allegations 

On February 8, 2024, an investor alleged that Sandeep Varma recommended an investment that was unsuitable for their investment objectives and risk tolerance. 

FINRA Rule 2111 – Unsuitable Investments 

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. Investor profiles have information on the investor’s age, risk tolerance, tax status, investing experience, and financial goals. Investments that do not take these factors into account may be unsuitable. 

Regulation Action 

On January 19, 2018, Sandeep Varma entered into an Acceptance, Waiver, and Consent agreement (AWC) in which he consented to the findings that he used a seminar slide presentation promoting a complex estate planning strategy that involved the use of a Charitable Remainder Trust (CRT) without providing a sound basis for evaluating the CRT. He also allegedly failed to provide a balanced discussion of the risks and awards associated with the strategy. 

As part of the terms of the AWC, Sandeep Varma consented to a $15,000 fine and a 10-day suspension. You can read a copy of the AWC here. 

Background Information 

Sandeep Varma 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 3 National Commodity Futures Examination 

He is a registered broker in 33 states and is a registered investment adviser in California and Louisiana. 

Sandeep Varma has registered with the following firms: 

• Avantax Investment Services (CRD #: 13686) 
• Avantax Advisory Services (CRD #: 104556) 
• ATS Wealth Management (CRD #: 137705) 
• FSC Securities Corporation (CRD #: 7461) 
• LPL Financial (CRD #: 6413) 
• American Express Financial Advisors (CRD #: 6363) 
• IDS Life Insurance Company (CRD #: 6321) 

Kurta Law Can Help 

If you have worked with Sandeep Varma and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email info@kurtalawfirm.com 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 that 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. Do not let securities fraud go unchecked. Start your recovery process today.