Virgil Biggs Embroiled In Investor Dispute
Virgil Biggs (CRD #:1755904), a broker registered with Avantax Investment Services, is involved in an investor dispute, according to his BrokerCheck record, accessed on February 20, 2022. He is also a registered investment advisor with Avantax Advisory Services.
According to the allegations filed on December 6, 2021, Virgil Biggs allegedly recommended unsuitable investments in 2014 and 2015. The allegations further state that he also misrepresented the investments. The case is still pending.
FINRA Rules 2111 and 2020
A stockbroker who recommends a security or investment is subject to ethical standards enforced by FINRA. These include:
- FINRA Rule 2111 requires registered brokers to have a "reasonable basis" to believe that a recommended transaction or investment strategy suits their client's needs. A broker must have exercised due diligence and have an adequate reason for believing that an investment will also be suitable or beneficial for the investor
- FINRA Rule 2020 prohibits brokerage firms and stockbrokers from making material misrepresentations or inducing people into buying securities with false statements about the investment’s potential benefits.
Virgil Biggs' alleged unethical conduct also violates FINRA Rule 2010, which states that brokers must uphold high standards of commercial honor.
Virgil Biggs has passed the following exams:
- Series 66 - Uniform Combined State 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 22 - Direct Participation Programs Representative Examination
Virgil Biggs is a registered broker in five states and is also a registered investment advisor in Michigan.
Besides Avantax Investment Services and Avantax Advisory Services, Virgil Biggs has not worked with any other firm.
Kurta Law Can Help
If you have worked with Virgil Biggs and have concerns about your investments, don't hesitate to contact us today at 877-600-0098 or firstname.lastname@example.org 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.