Did Terry Hastings Recommend Unsuitable Investments?

Terry Hastings (CRD #: 6036234), a previously registered broker with Newbridge Securities Corporation, is the subject of an investor dispute. This dispute appears on his BrokerCheck record, accessed on September 19, 2023. Keep reading if you have questions about the allegations. 

On July 26, 2023, an investor alleged Terry Hastings recommended unsuitable investments and made misrepresentations that led to losses. 

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. This rule also prohibits excessive trading – the number of trades must not be so large that the transaction fees unfairly compromise the investor’s returns. 

FINRA Rule 2020

FINRA Rule 2020 prohibits the misrepresentation of investments or omission of material facts. Material facts include information about an investment’s potential returns, as well as charges, expenses, and fees. Brokers must always disclose the risks associated with illiquid investments, such as early withdrawal fees. 

Voluntary Resignation 

On July 26, 2023, Terry Hastings voluntarily resigned from Charles Schwab & Co. following allegations that he had entered missing information on a client account form and initialed the form in the client’s name. The firm further alleged that he inaccurately documented the activity in the firm’s proprietary note-taking system. 

Background Information 

Terry Hastings has passed the following exams: 

• Series 66 – Uniform Combined State Law Examination 
• SIE – Securities Industry Essentials Examination 
• Series 7 General Securities Representative Examination 
• Series 6 Investment Company Products / Variable Contracts Representative Examination 

Terry Hastings has registered with the following firms: 

• Newbridge Securities Corporation (CRD #: 104065)
• Charles Schwab & Co. (CRD #: 5393) 
• Merrill Lynch, Pierce, Fenner & Smith (CRD #: 7691) 
• MML Investors Services (CRD #: 10409) 

Kurta Law Can Help

If you worked with Terry Hastings and 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 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.