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Virgilio Cristobal Allegedly Recommended Unsuitable Investment

Jun 13, 2022 Unsuitable Investments

Virgilio Cristobal (CRD #: 4662399), a former broker, allegedly made an unsuitable investment recommendation, according to his BrokerCheck record, accessed on June 6, 2022. If you want to learn more about Virgilio Cristobal’s conduct as a broker, read on.

Investor Dispute

On April 29, 2022, an investor alleged that Virgilio Cristobal recommended an unsuitable oil and gas investment. This dispute is currently pending.

FINRA Rule 2111

FINRA Rule 2111 defines suitable investments as securities that adequately match an investor's profile. An investor's profile describes characteristics such as their risk tolerance, financial goals, and age. Investors who rely on their brokers for recommendations may be able to recover their losses through FINRA arbitration.

Investments can be unsuitable in several ways:

  • High-risk investments are more likely to lose money.
  • Illiquid investments can be difficult to sell and tend to rack up fees if investors sell them too early, making them unsuitable for short-term investment goals.
  • An excessive number of trades violates the requirement for quantitative suitability.
  • Investment strategies can also be unsuitable. Over-concentration in a particular sector or stock is a common form of unsuitable investment strategy.

Background Information

Virgilio Cristobal has passed the following exams:

  • Series 66 - Uniform Combined State Law Examination
  • SIE - Securities Industry Essentials Examination
  • Series 7 - General Securities Representative Examination
  • Series 24 - General Securities Principal Examination

He previously worked for the following firms:

  • Sagepoint Financial (CRD#:133763)
  • Lincoln Financial Advisors (CRD#:3978)
  • Waddell & Reed (CRD#:866)

Kurta Law Can Help

If you worked with Virgilio Cristobal 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.