Broker Tom Kudarauskas, who’s affiliated with Osaic Wealth, is now facing yet another investor dispute – making it his fourth. As reported by his BrokerCheck record, accessed on February 26, 2024, the consistency of disputes raised against him for his alleged activities raises significant questions. Here’s what you need to know.
What exactly are the allegations?
Let’s take a look at the most recent allegations launched against Kudarauskas. Firstly, on November 21, 2023, an investor alleged that Kudarauskas misrepresented an alternative investment putting forward claims that this recommendation was inappropriate for the investor’s financial portfolio.
Moving along, based on allegations lodged on April 20, 2021, Kudarauskas was accused of selling unsuitable alternative investments to investors. An estimated $95,000 is being pursued by the affected investors in this case.
The question remains, however – what is an unsuitable investment?
The Unsuitability of Investments?
It’s crucial to grasp the concept of ‘unsuitable investments.’ By definition under FINRA Rule 2111, brokers are mandated to evaluate whether an advised investment strategy aligns with their client’s financial objectives. This assessment involves a thorough consideration of the investor’s profile, including age, risk tolerance, investment duration, investing experience, tax status, and overall financial goals.
Investors who encounter find themselves victims of inappropriate investment recommendations may find some solace. They can recover their losses by pursuing FINRA arbitration, providing they had relied on the broker’s advisory during their decision-making process.
Who is Tom Kudarauskas?
To understand the allegations better, it might help to delve into the background of broker Tom Kudarauskas. He has successfully completed various important exams in this field, including Series 65 Uniform Investment Adviser Law Examination, Series 63 Uniform Securities Agent State Law Examination, Securities Industry Essentials Examination, among others.
Apart from being a registered broker in eleven states, Kudarauskas is also an official investment adviser in several counties across Georgia, North Carolina, and Texas. He has amassed over 33 years of experience in the industry and has been registered with eleven firms over his career with the most recent ones being Osaic Wealth.
Kudarauskas’ professional history and the persisting allegations against him serve as a stark reminder. Investors must trust, but verify, when it comes to relying on brokers’ recommendations. As one seeks to build, grow, and secure their financial future, understanding the nature of the investments and the reliability of their advisers becomes mission critical.
Should you have any dealings with Tom Kudarauskas and have concerns about your investments, remember that immediate action can be the first step towards recovery. For years, victims of financial violations have successfully combated fraudulent activities by seeking professional help. Remember, your financial well-being should not be compromised by the alleged misconduct of a broker.