Andrew Topka: $297K Complaint Against Blue Oak Group Advisor
Johns Island, South Carolina financial advisor Andrew Topka (CRD# 5070107) recently received an investor complaint alleging his investment advice resulted in six-figure damages. Financial Industry Regulatory Authority and Securities and Exchange Commission records show that the former Kalos Capital broker is currently an investment advisor with The Blue Oak Group.
Mr. Topka’s BrokerCheck report discloses multiple investor complaints against him. The most recent, filed in February 2022, alleges that as a representative of Kalos Capital, he sold unsuitable securities, omitted material facts, breached his fiduciary duty, and failed in his supervisory obligations. The pending complaint alleges damages of $297,500.
An earlier complaint, filed in 2020, alleged that he recommended an investment in GPB Capital that was “worthless.” In 2021 the complaint reached a settlement of $14,500.
A third investor complaint, filed in 2020, alleged he breached his fiduciary duty, over-concentrated the account in alternative investments, and recommended unsuitable securities. In 2021 the complaint reached a settlement of $152,923.
A third investor complaint, filed in 2020, alleged he failed to conduct reasonable due diligence and recommended unsuitable investments in GPB Capital Holdings. In 2021 the complaint reached a settlement of $45,128.
A fifth complaint, filed in 2013, alleged he recommended investments that “did not perform as expected” while a representative of Berthel Fisher & Company. The complaint reached a settlement of $52,000.
According to the Financial Industry Regulatory Authority and the Securities and Exchange Commission, Andrew Topka holds 16 years of securities industry experience. Based in Johns Island, South Carolina, he has been an investment advisor with The Blue Oak Group since 2018. He is also registered with the firm’s office in Southborough, Massachusetts. His past registrations include Kalos Capital (Mount Pleasant, South Carolina; 2014-2018), Berthel Fisher & Company Financial Services (Charleston, South Carolina; 2006-2014), and Merrill Lynch (Charleston, South Carolina; 2006). His credentials include the passage of three securities industry qualifying examinations: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Combined State Law Examination, or Series 66. He is not currently licensed as a broker. (Information current as of July 26, 2022.)
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