The Certified Financial Planner Board (CFP) recently revoked the designations of three advisors and suspended several others.
According to Financial Planning,” Brett Fellows, managing member of Oak Capital Advisors in Mount Pleasant, S.C., misled clients into transferring their accounts to a new broker-dealer by sending letters indicating that the reason for them to sign the enclosed forms was purely administrative.” Fellows lost the use of the CFP credentials for over one year.
According to BrokerCheck, Fellows was a registered broker with MML Investors services and was preparing to move to another brokerage firm at the time of the incident. He is currently a registered broker with Kovack Securities Inc.
Brokers 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.
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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.
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