Investors might have sustained losses because of securities broker Rodney David Potratz [CRD: 2367896, Clive, Iowa], according to disclosures on FINRA BrokerCheck. Apparently, Rodney Potratz worked for FSC Securities Corporation from October 7, 2003 to November 3, 2023, before registering with Osaic Wealth Inc. on November 3, 2023. Keep reading to learn more about the disclosures involving Potratz, including serious allegations and arbitration outcomes.
Evidently, on November 12, 2023, a Osaic Wealth Inc. client filed a complaint about Rodney Potratz. The client alleged that Potratz made unsuitable recommendations in connection with closed-end interval funds and mutual funds. Because of this, the client allegedly sustained damages. As a result, the client requested $5,000 in compensation from Osaic Wealth Inc. or Potratz.
Also, a client of FSC Securities Corporation contested Rodney Potratz’s sales practices by filing FINRA Arbitration No. 19-03409. Allegedly, Potratz gave unsuitable advice about various direct investments. Therefore, FSC Securities Corporation opted to settle the matter on April 4, 2022, by compensating the client in the amount of $125,000.
According to FINRA BrokerCheck, a client alleged that Rodney Potratz made unsuitable investment recommendations while he was registered with AXA Advisors LLC and FSC Securities Corporation. Additionally, it was claimed that some investments were made without obtaining the client’s prior approval. The financial products referenced in the allegations included variable annuities, mutual funds, and direct investments such as DPP and LP interests. The client complaint, received on December 19, 2011, sought damages totaling $413,000.
Though the claim began as a written complaint, it eventually progressed to arbitration with FINRA under case number 12-02774. The matter was settled on December 3, 2013, for $30,000. Notably, Potratz did not personally contribute to the settlement. He maintains that the complaint was without merit. He also states the settlement was made solely by the firm to avoid the expenses and uncertainties associated with arbitration proceedings.
Seeking more information about Rodney Potratz? If so, reach out to Soreide Law Group online or at (888) 760-6552 and talk with a securities lawyer. Soreide Law Group has recovered losses for investors throughout the United States, works on a contingency fee basis, and advances all costs. Potratz and brokerage firms Potratz worked for deny accusations of sales practice violations.
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