Investors are increasingly turning towards the Financial Industry Regulatory Authority to recover losses incurred as a result of misrepresentation or mismanagement of investments. David Hartke is the registered representative of EQUITABLE ADVICE, LLC. This recent case highlights the importance and role of FINRA to protect investor interests.
Case Overview
Clients allege in an ongoing dispute that Hartke misrepresented terms of a variable Annuity (VA), sold in 2020 or 2021. This alleged misrepresentation led to financial losses of $9,444.95. The case has not yet been resolved, and the clients have requested FINRA arbitration to seek compensation for their losses.
Role of FINRA
It is important to note that the word “you” means “you”. Financial Industry Regulatory Authority (FINRA) It is a nongovernmental organization which regulates the exchange markets and member brokerage firms in the United States. Its mission to protect investors is by ensuring that the brokerage industry maintains its integrity. FINRA provides BrokerCheck as a free service to check the backgrounds and experience of financial advisers, firms, and brokers.
In this instance, the clients turned towards FINRA to resolve their dispute through arbitration. Arbitration is a faster and more cost-effective process than litigation. FINRA arbitration is a process that allows investors to argue their case in front of an impartial panel who will then decide on the resolution.
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EQUITABLE ADVISERS, LLC and David Hartke
EQUITABLE ADVISORS LLC is a brokerage registered with FINRA. David Hartke, RR in dispute, is associated with EQUITABLE ADVISE, LLC since June 28 2017. He is a broker as well as an investment advisor. The alleged false representation involves a variable annuity (VA), a type product of investment that pays income, and is commonly used in retirement planning.
Recovering Losses Through FINRA Arbitration
Investors who feel they have lost money due to broker misconduct, or misrepresentation, can recover these losses by FINRA arbitration. This process includes filing a claim and presenting evidence. It also involves attending an hearing. The panel makes a final decision which is often binding.
In the case EQUITABLE ADVISERS, LLC and David Hartke the clients seek to recover their losses by this process. The case is still pending but serves as a good reminder to understand investment products and investment agreements.
Investors are encouraged use resources such as FINRA BrokerCheck for research on brokers and firms prior to making investment decisions. If you think you are a victim or broker misconduct, it is important to get legal advice.
