Robert Luley Jr. Suspended Indefinitely by FINRA
According to public records, FINRA, the self-regulator who oversees brokers and brokerage firms, has reportedly suspended Robert Luley Jr. from the securities industry.
According to FINRA’s Notice of Suspension letter dated July 21, 2023, Luley was suspended on August 14, 2023, from associating with any FINRA member firm in all capacities. If Luley fails to request termination of the suspension he will automatically be barred on October 24, 2023, from association with any FINRA member in all capacities.
His broker report indicates that his former employer, Pruco Securities, reportedly discharged Luley in March 2022 after he “failed to amend his U4 in a timely manner to disclose the closing of two client complaints initiated at his prior Broker Dealer, and he failed follow Company policy for moving his Registered Private Office to his home.”
FINRA BrokerCheck Report – Robert Luley Jr.
Luley reportedly has 9 customer complaints filed against him since April 2020, according to his broker report. Many of the allegations are in connection with unsuitable alternative investment recommendations, such as GPB Capital offerings. Eight of the complaints were settled, with one still pending.
According to this FINRA BrokerCheck report, Luley was registered with the following firms, among others, during his career in the securities industry:
05/15/2020 – 03/08/2022, PRUCO SECURITIES, LLC. (CRD#:5685), CHARLOTTE, NC,
B, 06/20/2014 – 11/16/2018, MADISON AVENUE SECURITIES, LLC (CRD#:23224), CLOVER, SC
B, 10/28/2005 – 06/18/2014, ALLSTATE FINANCIAL SERVICES, LLC (CRD#:18272), ROCK HILL, SC
The FINRA BrokerCheck tool is a free online tool that allows investors to research and verify the background and credentials of financial brokers, brokerage firms, and investment advisors registered with FINRA.
FINRA BrokerCheck provides investors with detailed information about the professional history, qualifications, and regulatory actions of brokers and brokerage firms. Investors can use the tool to verify whether a broker or brokerage firm is registered with FINRA, as well as to review their employment history, licensing status, and any regulatory actions or complaints filed against them.
Broker Due Diligence
Broker due diligence ensures that your advisor is recommending and selling investment products that are appropriate for you. In fact, brokerage firms and financial advisors have a fiduciary duty to their clients to perform adequate due diligence on any investment prior to offering it for sale to its clients. If your broker fails to perform due diligence on your investments and you suffer losses, you may be able to file a claim for recovery.
If you have suffered losses investing with Robert Luley Jr., the securities attorneys at the White Law Group may be able to help you. For a free consultation with a securities attorney, please call (888) 637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm dedicated to helping investors in claims in all 50 states against their financial professional or brokerage firm. Since the firm launched in 2010, it has handled over 700 FINRA arbitration cases.
Our firm represents investors in all types of securities related claims, including claims involving stock fraud, broker misrepresentation, churning, unsuitable investments, selling away, and unauthorized trading, among many others.
With over 30 years of securities law experience, The White Law Group has the expertise to help investors to recover their fraud losses. For more information, please visit our website, www.whitesecuritieslaw.com.
Tags: broker investigation, Pruco Securities, Robert Luley Last modified: November 1, 2023