Florida Lawsuit Alleges Wealth Advisor Ignored Disciplinary Record
What happened
A federal lawsuit was filed in the US District Court for the Middle District of Florida on November 3. The complaint alleges that Arkadios Wealth Advisors hired an advisor representative in September 2021 despite the representative having a prior customer arbitration, a discharge from a previous firm, and an open Florida regulatory proceeding. The representative had previously violated firm policies regarding securities transactions and gifts.
From investmentnews.com
Why it matters
The suit alleges that Arkadios Wealth Advisors failed to properly vet an advisor, who had previously been subject to administrative proceedings by the Florida Office of Financial Regulation. This raises questions about compliance standards and oversight within the investment advisory industry.
Law firms are currently operating in Florida concerning various US claims.
From investmentnews.com
Who's involved
- FloridaThe state where the federal lawsuit was filed.