Kirk Badii Investigation
December 2023 update
Southlake, TX
The FINRA records of Kirk Badii, a stockbroker who previously worked for UBS Financial Services , disclose setlement of a customer dispute and 2 terminations from employment.
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 12/2021 a customer of Kirk Badii’s prior employer, UBS Financial Services, filed FINRA case 21-3080. The customer, an elderly homemaker, alleged that Badii mismanaged her accounts by recommending alternative investments that were unsuitable and that he did not fully explain the risks. This elderly claimant also alleges that credit lines were established to qualify her for the purchase of the alternative investments as well as using the credit lines to make distributions to her family, who believed the distributions were income from the investments. In 12/2022 this case was settled for $525,000.
Alternative Investments: These are assets that are not stocks, bonds or cash. Alternative investments generally fall within five categories: hedge funds, private capital, natural resources (oil and gas, energy), real estate (REITs) and infrastructure. They are typically less liquid that conventional investments, less regulated with higher fees and generally higher risk. For more investigations involving Alternative Investments, see this.
Kirk Badii worked for UBS Financial Services from 5/2012-8/2018 when he was discharged by UBS. The company makes the following allegation on Badii’s FINRA record: “FA was discharged after firm review found, among other things, that FA (i) violated firm’s social media policy and blocked management’s ability to monitor his social media and (ii) violated firm’s KYC/AML policy in connection with the onboarding of certain clients and prospects.”
Earlier in his career Badii was “permitted to resign” from Credit Suisse Securities for violations of firm policy.
Kirk Badii currently is registered with Independent Financial Group in Southlake, TX. His prior registration history also includes Cantella & Co.
If you have questions about an account in an account handled by Kirk Badii , who does business under the dba “Badii Private Wealth Management” in Southlake, TX, contact us to discuss how you may be able to recover damages for those losses.
Firms Have a Duty to Supervise their Financial Advisors (FINRA Rules 3110 & 2090) Brokers and their firms have a duty to comply with the FINRA suitability rule which requires that they have a reasonable basis to believe that a recommendation is suitable for the customer. FINRA Rule 2111- suitability
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.
See this for more information on REITs and Other Alternative Investments
Information on Elder Financial Abuse
Nationwide Representation
TollFree: 877-224-3199
Florida-561 391 1900
Texas-512-329-2870
