Investor Alleges Tom Lopshire Made Poor Investment Recommendation

Tom Lopshire (CRD #: 2532500), a broker registered with Concourse Financial Group Securities, is involved in a pending dispute, according to his BrokerCheck record, accessed on January 6, 2023. Investors may have also worked with him through HL Financial Group. Read on to learn more about his alleged conduct as a broker.

Investor Dispute

On October 15, 2022, an investor alleged that Tom Lopshire made a poor recommendation with regard to a mutual fund investment. The client seeks $250,000 in damages in this pending dispute.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to take into account investors’ financial goals when recommending investments. Brokers must examine the information contained in an investor’s profile, such as their tax status, age, and overall financial situation.

Securities may be unsuitable because they are high-risk, leading to losses for the investor. Illiquid investments are often unsuitable due to their difficulty to sell and potentially high fees for cashing out early.

Trading activity must be quantitatively suitable, meaning that the broker has not executed an excessive number of trades.

This rule also applies to Investment strategies. A common unsuitable investment strategy is overconcentration, which can expose an investor to a level of risk that exceeds what is appropriate for their financial goals.

Investors who believe their losses are the result of unsuitable investment recommendations may be able to recover their funds by pursuing FINRA arbitration.

Background Information

Tom Lopshire has passed the following exams:

• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 6 – Investment Company Products/Variable Contracts Representative Examination

Tom Lopshire is a registered broker in 17 states.

He has also worked for the following firms:

• Lighthouse Capital Corporation (CRD#:41812)
• Sunset Financial Services (CRD#:3538)
• San Clemente Securities (CRD#:21895)
• NYLIFE Securities (CRD#:5167)

Kurta Law Can Help

If you worked with Tom Lopshire 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.