Massachusetts Places Conditions on Tom Burke’s Registration
Tom Burke (CRD #: 5137927), a broker registered with Kovack Securities, was recently the subject of a state-level regulatory action, according to his BrokerCheck record, accessed on February 2, 2023. Investors may have also engaged his services through Kovack Advisors or Rockham Financial Partners. Keep reading if you have questions about his alleged conduct as a broker.
Regulatory Action by State of Massachusetts
On December 2, 2022, the Massachusetts Securities Division took regulatory action against Tom Burke following an ongoing FINRA inquiry and certain internal review and termination disclosures that allegedly revealed that he improperly performed a task on a client’s behalf.
The Massachusetts Securities Division placed conditions on Tom Burke’s registration as a broker for Kovack Securities and registered investment advisor for Kovack Advisors. Tom Burke consented to heightened supervision by these firms for 18 months, which includes the following:
- Kovack Securities and Kovack Advisors’ supervisors or a designee must do the following each quarter: randomly select the greater of 10 or 10% of Tom Burke’s Massachusetts client accounts; review all of his emails, documents requiring client signature, and requests requiring client approval; and obtain and review a written statement, signed by Tom Burke, in which he indicates that he has not falsely represented himself as a client and that he has maintained proper records of calls with third parties.
- Annual audits must also include an in-person interview with Burke and a review of his personnel file.
In compliance with this consent order, Kovack Securities must also notify the Massachusetts Securities Division of the result of FINRA’s review.
FINRA Rule 2010
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.
Termination from Securities America
On May 26, 2022, Tom Burke was permitted to resign from Securities America after allegedly performing a task on a client’s behalf, with permission, that was required to be performed by the client.
Background Information
Tom Burke 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
Tom Burke is a registered broker in seven states and a registered investment adviser in Massachusetts.
He has also worked for the following firms:
- Securities America Advisors (CRD#:110518)
- Securities America (CRD#:10205)
- Lincoln Financial Advisors Corporation (CRD#:3978)
- Infinex Investments (CRD#:35371)
- Investment Professionals (CRD#:30184)
- Citigroup Global Markets (CRD#:7059)
Kurta Law Can Help
If you worked with Tom Burke 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 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.