The Certified Financial Planner Board (CFP) recently revoked the designations of three advisors and suspended several others.
According to Financial planning, Michael T. Sullivan with First Allied Securities in Mooresville, N.C. had his CFP designation “stripped for a number of actions””including recommending and selling annuities that were unsuitable.”
According to BrokerCheck, Sullivan has been a registered broker with First Allied Securities since 2008. Broker are required to perform adequate due diligence on any investment they recommend and to ensure that all recommendations are suitable for the investor in light of the investor’s age, risk tolerance, net worth, and investment experience.
Brokers and investment advisers who make unsuitable investment recommendations or fail to adequately disclose investment risks can be held accountable for losses suffered through a FINRA arbitration claim.
For a free consultation with a securities attorney, please call the securities attorneys of The White Law Group at (312)238-9650.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee. The firm represents investors throughout the country in FINRA arbitration claims against their brokerage firm.
For more information on The White Law Group, visit www.whitesecuritieslaw.com.