- April 13, 2021
- Concorde Investment Services
Mark Huber (CRD#: 5976354) is a dually registered Investment Advisor and broker at Concorde Investment Services, LLC, in Racine, WI. He entered the securities industry in 2011 and previously worked for World Equity Group, Inc.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in December 2020, FINRA noted a customer dispute pending against Mark Huber. The allegation states, “Claim alleges breach of contract and warranties, violation of Indiana Securities Act, breach of fiduciary duty, and negligence misrepresentations and omissions, related to investment made in June of 2014.” Damages of $32,000 are requested.
In addition, Mark Huber has been the subject of one additional customer complaints, including one that remains pending, including the following:
● November 2020–”Claim alleges violation of Illinois securities laws, breach of fiduciary duty, violation of FINRA Rule 2010, 2120, 2111, 2111.05a, 3110, negligence and negligent misrepresentations, and vicarious liability relating to investments made in January 2018.” Damages of $150,000 are requested. The customer dispute remains pending.
For a copy of Mark Huber’s FINRA BrokerCheck, click here.
Registered Investment Advisors are required by the U.S. Securities and Exchange Commision to always maintain the fiduciary interests of their clients. They are required to center their client’s needs in all actions, from making recommendations to providing investors with disclosures that can help them make educated and informed investment decisions.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
Reasonable basis suitability requires that a recommended investment or investment strategy be suitable or appropriate for at least some investors. Reasonable basis suitability requires an advisor to conduct adequate due diligence so that he or she can determine the risks and rewards of the investment or investment strategy.
Quantitative suitability requires a brokerage firm or financial advisor with actual or de facto control over a customer’s account to have a reasonable basis for believing that a series of recommended transactions – even if suitable when viewed in isolation – is not excessive and unsuitable for the customer when taken together in light of the customer’s investment profile. No single test defines excessive activity, but factors such as the turnover rate, the cost-equity ratio, and the use of in-and-out trading in a customer’s account may provide a basis for a finding that a member or associated person has violated the quantitative suitability obligation.
Customer-specific suitability requires that a member or associated person have a reasonable basis to believe that the recommendation is suitable for a particular customer based on that customer’s investment profile. Among the criteria that a financial advisor must evaluate to satisfy his or her customer-specific suitability obligations include the investor’s agee, tax status, time horizon, liquidity needs, and risk tolerance; a client’s other investments, financial situation and needs, investment objectives, and any other information disclosed by the customer should also be considered.
The Wolper Law Firm, P.A. represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, P.A., is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at 800.931.8452 or by email at email@example.com.