FINRA reports important information about securities broker Kevin Andrew Hobbs (CRD: 4267482, Lake Worth, Florida). Not only has FINRA sanctioned Hobbs for inaccurate information during a FINRA investigation, but investors disputed the sales practices of the securities broker. Here’s more about the FINRA regulatory action and investor disputes on Hobbs’ record.
Particularly, FINRA issued Case: 2021073069401 on March 9, 2023, sanctioning Kevin Hobbs for infractions. Allegedly, Hobbs provided false information to FINRA during its investigation into possible violations of FINRA rules, including trading away from his employer. Therefore, Hobbs was barred. Notably, this means that he cannot associate with FINRA-member entities as a securities broker or in other capacities.
Also, a client of PFS Investments Inc. contested Kevin Hobbs’ sales practices by filing FINRA Arbitration: 21-02436. Allegedly, Hobbs made unsuitable recommendations. It appears that Hobbs possibly caused the client to sustain damages on common stocks and preferred stocks. Therefore, PFS Investments Inc. opted to settle the matter on January 25, 2023, by compensating the client in the amount of $375,000.
Notably, a client of PFS Investments Inc. contested Kevin Hobbs’ sales practices, according to a complaint dated September 13, 2022. Allegedly, Hobbs recommended investments that poorly performed. Supposedly, Hobbs possibly caused the client to sustain damages on financial futures. Therefore, the client requested compensation from PFS Investments Inc. or Hobbs in the amount of $800,000 in this ongoing matter.
Evidently, on January 20, 2023, a PFS Investments Inc. client filed FINRA Arbitration: 23-00173 about Kevin Hobbs. Namely, the client alleged that Hobbs gave unsuitable advice. Because of this, the client allegedly sustained damages on common stocks and preferred stocks. Therefore, the client requested $500,000 in compensation from PFS Investments Inc. or Hobbs. Evidently, this arbitration is pending a resolution.
Specifically, a PFS Investments Inc. client filed FINRA Arbitration: 12-00950 about Kevin Hobbs. Namely, the client alleged that Hobbs misstated information concerning a defined benefit transfer. Because of this, the client allegedly sustained damages. Therefore, on April 28, 2014, PFS Investments Inc. settled this matter by paying the client $280,860 in damages.
Evidently, on October 24, 2002, a PFS Investments Inc. client filed a complaint about Kevin Hobbs. Namely, the client alleged that Hobbs committed forgery. Because of this, the client allegedly sustained damages on mutual funds. Therefore, the client requested compensation from PFS Investments Inc. or Hobbs. However, the securities firm denied this complaint.
Also, a client of PFS Investments Inc. contested Kevin Hobbs’ sales practices, according to a complaint dated August 16, 2012. Allegedly, Hobbs failed to explain a variable annuity properly. Supposedly, Hobbs possibly caused the client to sustain damages on variable annuities. Therefore, the client requested compensation from PFS Investments Inc. or Hobbs. However, the client withdrew this complaint.
Did you suffer damages by investing with Kevin Hobbs? If so, contact Soreide Law Group at (888) 760-6552 and speak with a securities attorney regarding a potential recovery of your investment losses. Soreide Law Group, who has successfully recovered losses for investors across the United States, represents clients on a contingency fee basis and advances all costs. Please keep in mind that Hobbs and brokerage firms Hobbs worked for deny any and all allegations of sales practice violations.
Soreide Law Group has filed a FINRA arbitration on behalf of our clients (Claimants) against: CONCORDE INVESTMENTS SERVICES, LLC, and BERTHEL, FISHER & COMPANY FINANCIAL SERVICES, INC (Respondents). The Claimants are in their late 70s, retired, and according to the lawsuit, were not looking to take any unnecessary risks with their retirement savings. The Claimants […]
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