Todd Luft Suspended by FINRA

Todd Luft (CRD #: 2310647), a broker formerly registered with B. Riley Wealth Management, has been suspended by FINRA, according to his BrokerCheck record, accessed on March 18, 2025. If you want to know more about his alleged conduct as a broker, keep reading.

FINRA Suspension

On February 19, 2025, Todd Luft received a Letter of Suspension alleging that he failed to comply with an arbitration award or settlement agreement or to adequately respond to a request for information as to his compliance.

These allegations were made in connection with an arbitration award filed on December 16, 2024. Ameriprise Financial Services alleged that Todd Luft engaged in unjust enrichment and breached promissory notes that were used to secure loans.

These notes allegedly became due and owing when Todd Luft’s employment with Ameriprise Financial Services ended in February 2023.

The arbitration award made Todd Luft liable for the following:

• $504,462.15 for the principal and interest on the promissory notes
• Pre-award interest on this amount at a rate of 10% per year as well as post-award interest of 10% per year
• Attorneys’ fees and other costs

You can read the arbitration award here.

Todd Luft’s suspension will continue until the required payment is made or discharged.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

FINRA Rule 9554

FINRA Rule 9554 penalizes brokers who fail to comply with arbitration awards or settlements by suspending or canceling their registration. Brokers have 21 days to request a hearing before their suspension or cancellation becomes final.

Article VI, Section 3 of FINRA By-Laws

Article VI, Section 3 of FINRA By-Laws allows FINRA to suspend or cancel the membership of any member who fails to comply with arbitration awards or settlement agreements.

Civil Liens

From 2018-2023, Todd Luft incurred a total of $109,978.25.

Background Information

Todd Luft has passed the following exams:

• Securities Industry Essentials Examination – SIE
• National Commodity Futures Examination – Series 3
• General Securities Representative Examination – Series 7
• Uniform Investment Adviser Law Examination – Series 65
• Uniform Securities Agent State Law Examination – Series 63

He previously worked for the following firms:

• B. Riley Wealth Management (CRD#:2543)
• Ameriprise Financial Services (CRD#:6363)
• UBS Financial Services (CRD#:8174)
• Morgan Stanley Smith Barney (CRD#:149777)
• Morgan Stanley & Company (CRD#:8209)
• Morgan Stanley DW (CRD#:7556)
• Citigroup Global Markets (CRD#:7059)
• PaineWebber (CRD#:8174)
• Aragon Financial Services (CRD#:16023)

Kurta Law Can Help

If you worked with Todd Luft 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 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.