Former Financial Advisor Curtis W. Smith Suspended by FINRA

• April 29, 2025
• United Financial Planners

Curtis Wayne Smith (CRD#:1383235) was a previously registered broker and investment advisor.

Broker’s History

He entered the securities industry in 1985 and previously worked with Pruco Securities, LLC; SCF Securities, Inc.; Kovack Securities Inc.; and United Planners’ Financial Services of America A Limited Partner.

Allegations of Misconduct

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in April 2025, without admitting or denying the findings, Smith consented to the sanctions and to the entry of findings that he impersonated a customer on four telephone calls to an annuity provider in order to obtain paperwork to facilitate a transaction for the customer. The findings stated that Smith recommended that the customer transfer their fixed annuity contract into a brokerage account in order to purchase certain securities and receive a monthly dividend. In connection with that recommendation, which the customer accepted, Smith made the phone calls to the annuity provider. The findings also stated that Smith exercised discretionary authority in a non-discretionary account by reallocating a variable annuity’s subaccount allocation without prior written authorization from the customers who owned the and without the account having been accepted as discretionary by his member firm. Smith attempted to conceal his misconduct by using a personal email account to send an email discussing the transaction with the affected customers. Further, Smith falsely certified to his firm that he did not use discretion in commission-based accounts. The findings also included that Smith caused his firm to fail to preserve required books and records by using two personal email accounts to conduct securities business. Smith used the personal email accounts to respond to customer inquiries about their accounts, provide investment summaries to customers, and communicate with annuity providers about customer transactions. In addition, Smith falsely attested to his firm that he was sending and receiving all business-related communications through an approved and archived email address.

As a result, Respondent consented to the imposition of the following sanctions:

• a three-month suspension from associating with any FINRA member in all capacities and
• a $10,000 fine.

For a copy of the Disciplinary Action Details, click here.

In addition, Curtis Smith has been the subject of two other FINRA Disclosures:

• August 2024—Discharged by United Planners’ Financial Services of America A Limited Partner: “ Mr. Smith was found and admitted to calling an insurance company and impersonating a client to get information on a contract he was not the agent of record on. Additionally, Mr. Smith was found and admitted to using an unapproved email address for securities business.”
• September 2006—Voluntary Resignation from Pruco Securities: “ REGISTERED REPRESENTATIVE CREATED NON-GENUINE CLIENT SIGNATURES ON VARIOUS DOCUMENTS. ALLEGATIONS CONFIRMED.”

For a copy of Curtis Smith’s FINRA BrokerCheck, click here.

We Help Investors Recover Investment Losses

FINRA Rule 2150 specifically addresses theft and conversion in a customer account, stating “no member or person associated with a member shall make improper use of a customer’s securities or funds.”  This rule includes any “guarantee” that brokers make to customers in relation to losses incurred in a brokerage account.

In addition, FINRA Rule 3240 strictly prohibits a financial advisor from borrowing money from a client absent from unique circumstances, such as a familial relationship between the Financial Advisor and the client.  There is also an exception if the client is a financial institution regularly engaged in the business of lending.  The reason for this prohibition is clear—borrowing money from clients creates an immediate conflict of interest and can potentially lead to theft or conversion of client assets.

The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, 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 mwolper@wolperlawfirm.com.