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$500,000 Investor Complaint Against League City Rep Robert Kasten
Securities America stockbroker Robert Kasten (CRD# 1009160) recently received an investor complaint alleging $500,000 in damages. Financial Industry Regulatory Authority records show that he is a stockbroker based in League City, Texas, and an investment adviser affiliated with Robertson Wealth Management in Houston, Texas.
FINRA records disclose one pending investor complaint against Mr. Kasten. Filed in 2021, the complaint alleges that as a representative of First Allied Securities, he misrepresented material facts, breached contract, was negligent in his supervisory obligations, and recommended an “unapproved outside securities transaction” involving a variable annuity. The pending complaint alleges $500,000 in damages.
Mr. Kasten has also received three investor complaints that ended in settlements paid to the claimants. A complaint filed in 2020, for instance, alleged that he improperly solicited an investment in an unapproved outside securities transaction, made an unsuitable investment recommendation, committed fraud, breached contract, acted negligently, and breached his fiduciary duty, reaching a 2021 settlement of $125,000. A 2020 complaint made the same allegations, also reaching a settlement of $125,000.
According to the Financial Industry Regulatory Authority, Robert Kasten holds 37 years of securities industry experience. He is a stockbroker affiliated with Securities America in League City, Texas, and an investment adviser affiliated with Robertson Wealth Management in Houston, Texas. His past registrations include First Allied Securities (League City, Texas; 2015-2019), Voya Financial Advisors (League City, Texas; 2004-2015), D.E. Wine Investments (Spring, Texas; 1993-2004), MetLife Securities (Springfield, Massachusetts; 1990-1991), and the Stuart James Company (Denver, Colorado; 1988-1989). His credentials include the passage of four securities industry qualifying exams: the Uniform Securities Agent State Law Examination, or Series 63; the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7; and the General Securities Representative Examination, or Series 24. He holds six state licenses. (Information current as of April 1, 2022.)
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