The suitability of a recommended alternative investment raised by a recent complaint filed against Randy Cox, formerly based in Hudson Oaks Texas. The complaint was filed with the Financial Industry Regulatory Authority. (FINRA) and accuses Cox for selling an investment unsuitable to the investor’s requirements. Cox, a broker and advisor at Osaic Wealth (doing business as Cox Financial Group), faces significant damages.
FINRA’s records show that this is not Cox’s first experience with investor complaints. According to his BrokerCheck, Cox has been the subject of two prior complaints. In the most recent complaint filed in November 2023 it is alleged that Cox, while working as an agent of FSC Securities Corporation sold an alternative investment unsuitable. The complaint is requesting damages of $100,000.
The 2012 complaint accused Cox of violating Texas Securities law and FINRA regulations in relation to oil and gas investments and real estate. The complaint was settled in 2014 for $100,000. Cox, in a statement that was included with the disclosure of the complaint, denied the allegations and stated that he, along with FSC, considered the claim without merit. Cox added that the only reason they settled was to avoid arbitration’s costs and uncertainty.
Randy Cox has an impressive 29-year experience in the financial industry. He has been working with Osaic Wealth (under the name Cox Financial Group) in Hudson Oaks since November 2023. His previous registrations included FSC Securities Corporation, Hudson Oaks Texas, 1994-2023, and Cox-Springer Financial Advisors, Weatherford Texas, 2006-2010. Cox is licensed by multiple states and has passed the securities industry qualifying exam five times.
The allegations against Randy Cox show the importance of thoroughly screening financial advisors before making an investment decision. Investors must ensure their advisors are licensed and have a good track record. This will reduce the likelihood of investors being misled by unsuitable recommendations or suffering financial losses.
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The investor complaint against Randy Cox is a reminder to investors of the risks they face when they entrust their financial futures to advisors. If investors feel that their advisors have wronged them, they should do thorough research and get legal advice. Financial firms also need to prioritize compliance with regulations in order protect their clients and maintain integrity within the industry.