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Thomas Bates is the Subject of a Six-Figure Dispute

Thomas Bates (CRD #: 1037294), a broker registered with Cambridge Investment Research, is the subject of an investor dispute. This disclosure appears on his BrokerCheck record, accessed on January 2, 2024. Keep reading if you have questions regarding this dispute. 

On October 31, 2023, an investor alleged that Thomas Bates recommended unsuitable investments. The investor is seeking $500,000. 

What is an Unsuitable Investment?

FINRA Rule 2111 requires brokers to evaluate whether an investment strategy fits their investor’s financial goals. Brokers must examine the investor’s profile, which contains the following investor characteristics:

  • Age
  • Risk tolerance
  • Time horizon (i.e., how long the investor plans to hold the investment)
  • Investing experience
  • Tax status
  • Financial goals

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

Background Information 

Thomas Bates 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 
  • Series 6 Investment Company Products/Variable Contracts Representative Examination 

He is a registered broker in 15 states and is a registered investment adviser in Ohio and Texas. 

During his 41 years of experience, he has registered with seven firms: 

  • Cambridge Investment Research (CRD #: 39543) 
  • Cambridge Investment Research Advisors (CRD #: 134139) 
  • Woodbury Financial Services (CRD #: 421) 
  • AXA Advisors (CRD #: 6627) 
  • Mony Securities Corporation (CRD #: 4386) 
  • Pruco Securities Corporation (CRD #: 5685) 
  • The Prudential Insurance Company of America (CRD #: 680) 

Kurta Law Can Help 

If you have worked with Thomas Bates and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or 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.