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Jim Margraf: $100K Complaint Against Center Street Advisor
Springfield, Missouri financial advisor Jim Margraf (CRD# 6517554) recently received an investor complaint alleging his advice resulted in six-figure damages. Records maintained by the Financial Industry Regulatory Authority show that he is currently a broker with Center Street Securities and an investment advisor with LaTour Asset Management.
Mr. Margraf’s BrokerCheck report discloses one investor complaint. Filed in April 2023, it alleges that as a representative of Center Street Securities, he recommended an unsuitable corporate bond investment. The pending complaint alleges damages of $100,000.
Investors should be aware that FINRA rules and guidance require brokers and investment advisers to comply with a standard called “suitability.” In essence, the standard holds that brokers and advisers must “have a reasonable basis to believe a recommended transaction or investment strategy” is appropriate for the client’s investment profile. An investor’s profile is derived from a number of factors, including their age, financial status, investment objectives, liquidity needs, tax status, and risk tolerance. FINRA Rule 2111 requires brokers to “have a firm understanding of both the product and the customer.” Brokers who recommend investments without such an understanding may be found to have violated this rule, and may be held liable in the event of losses. Additional reading on the rules governing the suitability standard can be found via FINRA.
According to the Financial Industry Regulatory Authority, Jim Margraf holds seven years of securities industry experience. Based in Springfield, Missouri, he has been a broker with Center Street Securities and an investment advisor with LaTour Asset Management since 2016. He was previously registered with Gradient Advisors in Fort Washington, Pennsylvania from 2015 until 2016. 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 Investment Adviser Law Examination, or Series 65; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in Alaska, Arizona, Arkansas, Florida, Illinois, Missouri, Ohio, Tennessee, Texas, and Washington. (Information current as of April 17, 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.