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Todd Sivak Embroiled in Roth IRA Unsuitability Dispute

Feb 22, 2022 Investor Disputes

Todd Sivak (CRD #:2201246), a broker and investment advisor registered with  LPL Financial, is involved in an unsuitability dispute according to his BrokerCheck record, accessed on February 10,  2022. 

According to the allegations filed on December 22, 2021, Todd Sivak recommended his clients to invest all their Roth IRA into one mutual fund, resulting in a 55% loss. The client further claimed Todd Sivak knew that they did not want to take any unnecessary financial risks. The dispute is still pending.

FINRA Rule 2111 (Suitability Rule)

Poor investments may not fit FINRA's suitability requirements. Brokers must consider the factors listed below when recommending investments to investors: 

  • The investor's current financial state and tax status 
  • The investor's financial goals  
  • The investor's risk tolerance 

According to FINRA Rule 2111, brokers may be liable for investor unsuitability claims if they fail to take the factors listed above into account. A broker must have exercised due diligence and have an adequate reason for believing that an investment will be suitable or beneficial for the investor.  

If you believe you lost funds due to unsuitable investment recommendations, ensure you are not being taken advantage of by contacting the securities attorneys at Kurta Law as soon as possible. 

Background Information

Todd Sivak 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
  • Series 24 - General Securities Principal Examination
  • Series 26 - Investment Company Products/Variable Contracts Principal Examination

Todd Sivak is a registered broker in 19 states. He is also a registered investment advisor in Wisconsin and Texas.

Besides LPL Financial, Todd Sivak has also worked with  the following firms:

  • MML Investors Services (CRD#:10409)
  • IFG Network Securities (CRD#:19948)
  • Intervest International Equities Corporation (CRD#:20289)
  • Fortis Investors (CRD#:421)

Kurta Law Can Help

If you have worked with Todd Sivak and have concerns about your investments, don't hesitate to contact us today at 877-600-0098 or 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 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.