Did Vince Annable Recommend Unsuitable Investments?
Vince Annable (CRD #: 1033573), a broker registered with Coastal Equities, is facing new investor allegations that he had recommended unsuitable investments and overconcentrated certain investments in their portfolios. This is according to his BrokerCheck record, accessed on June 22, 2022.
On April 12, 2022, an investor alleged that Vince Annable recommended high risk, illiquid, and unsuitable investments, in violation of FINRA Rule 2111. The investor is seeking to recover $600,000.
What are suitable investments?
FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. Investors’ profiles include information concerning their financial goals, other investments, and personal information like their age.
Some common violations of this rule include:
- Recommendations of high-risk investments, which are more likely to lose money.
- Recommendations of illiquid securities that, since they are meant to be held long-term, can incur high fees for investors who attempt to cash out early.
- A broker executing an excessive number of trades violates the requirement for quantitative suitability.
These requirements also apply to the overall investment strategy a broker recommends or enacts. For instance, an investment strategy that over-concentrates the investor’s account in one stock or sector is likely unsuitable.
Investors may be able to recover losses caused by unsuitable investment or investment strategy recommendations by pursuing FINRA arbitration.
Vince Annable has been the subject of two tax liens that total approximately $282,588.38.
Vince Annable has passed the following exams:
- Series 63 Uniform Securities Agent State Law Examination
- Series 65 Uniform Investment Adviser 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
He is a registered broker in 11 states and is a registered investment adviser in Arizona, California, Nevada, North Carolina, and Texas.
Vince Annable has registered with the following firms:
- Coastal Equities (CRD #: 23769)
- Coastal Investment Advisors (CRD #: 134952)
- Wealth Strategies Advisory Group (CRD #: 308173)
- Arete Wealth Advisors (CRD #: 145488)
- Center Street Advisors (CRD #: 169329)
- Center Street Securities (CRD #: 26898)
- Newbridge Financial Services Group (CRD #: 130814)
- Newbridge Securities Corporation (CRD #: 104065)
- Compak Asset Management (CRD #: 109930)
- Compak Securities (CRD #: 125472)
- CBS Advisors (CRD #: 134922)
- Community Bankers Securities (CRD #: 42794)
- American Trading Securities Corp. (CRD #: 13221)
- Brokers Transaction Services (CRD #: 17587)
- Planned Investments (CRD #: 5066)
- Focus II Securities (CRD #: 25068)
- Royal Alliance Associates (CRD #: 23131)
- Integrated Resources Equity Corporation (CRD #: 6403)
- VCG Securities (CRD #: 15563)
- DH Equine (CRD #: 15629)
- Sutro & Co. (CRD #: 801)
- Municicorp of California (CRD #: 7184)
- Bache Halsey Stuart Shields Incorporated (CRD #: 7471)
Kurta Law Can Help
If you worked with Vince Annable and you have concerns about your investments, please contact us today at 877-600-0098 or email@example.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.