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Doug Lode: Prime Capital Advisor Faces $500K Complaint
Overland Park, Kansas financial advisor Doug Lode (CRD# 4134521) allegedly provided investment advice that led to six-figure damages, according to a recent investor complaint. Financial Industry Regulatory Authority records show that he is a broker with Private Client Services and an investment advisor with Prime Capital Investment Advisors.
Mr. Lode’s BrokerCheck report discloses one investor complaint. Filed in October 2023, it alleges that as a representative of Cambridge Investment Services, he misrepresented and recommended an unsuitable real estate investment. The pending complaint alleges damages of $500,000.
Investors should be aware that FINRA rules prohibit brokers like Mr. Lode from giving customers inaccurate or incomplete information regarding investments. FINRA Rule 2020 specifically stipulates that no registered representative may “effect any transaction in, or induce the purchase or sale of, any security by means of any manipulative, deceptive or other fraudulent device or contrivance.” Brokers who misrepresent the products hey recommend risk leading their customers to make unsuitable investments, in violation of FINRA Rule 2111. Brokers who misrepresent and/or recommend unsuitable investments may be liable for damages in the event of losses.
A profile of Mr. Lode on Prime Capital Investment Services’ website describes his work in the firm’s retirement services division, as well as his professional background. “Doug’s first career out of college was in human resources for a large Midwest retail department store chain,” it states. “A natural transition into sales lead him to a career change to the opposite side of the HR desk where he began selling all employee benefits to employers. As his career progressed he narrowed his focus solely to employer sponsored retirement plans, at the same time, expanding his knowledge of different plan design experience.”
According to the Financial Industry Regulatory Authority, Doug Lode holds 23 years of securities industry experience. Based in Overland Park, Kansas, he has been a broker with Private Client Services since 2018 and an investment advisor with Prime Capital Investment Advisors since 2017. His registration history includes Cambridge Investment Research (Overland Park, Kansas; 2010-2018), Lawing Financial (Overland Park, Kansas; 2009-2017), The ON Equity Sales Company (Overland Park, Kansas; 2009-2010), and Princor Financial Services (Overland Park, Kansas; 2000-2009). His credentials include the passage of four securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed in Iowa, Kansas, Missouri, and Nebraska. (Information current as of November 21, 2023.)
Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.