Kurt Gunter Investigation
November 2021-Bee Cave, Texas
Gunter Sanctioned by FINRA
According to his FINRA record Kurt Jason Gunter a financial advisor who was last employed as a registered broker by Wells Fargo Clearing Services was sanctioned by FINRA for unsuitable sales of unit investment trusts (UITs).
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In November 2020 Gunter, without admitting or denying the findings, agreed to a three month suspension and a fine of $10,000 to resolve FINRA’s allegations that from July 2013-December 2016 he engaged in an unsuitable pattern of short-term trading of UITs in customer accounts at Stifel Nicolaus.
In addition, FINRA found that Gunter signed switch letters that were sent to customers that contained inaccurate or missing information about the costs they were incurring as a result of early rollovers of UITs.
Unit Investment Trusts are designed to be long term investments and short term trading is generally improper. According to FINRA findings, Gunter recommended that his customers roll over UITs more than 100 days prior to maturity on more than 270 occasions. As a result customers incurred unnecessary sales charges and the recommendation was unsuitable in view of the frequency and cost of the transaction.
On average, according to FINRA, the switch letters that contained inaccurate information understated the sales charges incurred by customers by about $2,500.
Gunter Sanctioned by Texas Securities Regulators
The Texas State Securities Board (TSSB) suspended the registration of former Stifel Nicolaus/ Wells Fargo financial advisor Kurt Jason Gunter as an investment advisor representative in Texas in December 2020 for a period of 3 months. Follow this to review the Consent Order.
According to publicly available records. Kurt Gunter was employed by Stifel Nicolaus from 6/2013-8/2017 and with Wells Fargo from 8/2017-12/2020. He is not currently registered with any registered broker dealer.
If you have losses in an account handled by Kurt Gunter, call to speak with an experienced securities attorney to learn how you may be able to recover damages from his former employer.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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