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Read MoreJonathan Cummings: REIT Complaint Against Hurst Advisor
LPL Financial advisor Jonathan Cummings (CRD# 2715296) has received investor complaints alleging he sold unsuitable real estate investment trust (REIT) products. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor based in Hurst, Texas.
Mr. Cummings’ BrokerCheck report discloses four investor complaints. The most recent, filed in February 2022, alleges that as a representative of Investacorp, he misrepresented and omitted material facts, engaged in negligence, and recommended an unsuitable REIT between October 2014 and December 2020. The pending complaint alleges damages of $50,000.
A second investor complaint, filed in October 2021, alleges that as a representative of Securities America and Investacorp, he engaged in “negligence and other wrongdoing” in connection with the sale of an alternative investment. The pending complaint alleges damages of $35,000.
A third investor complaint, filed in 2020, alleged that as an Investacorp representative, he recommended unsuitable REITs and business development companies (BDCs). In 2021 the complaint reached a settlement of $55,000.
A fourth investor complaint, filed in 2009, alleges misconduct relating to the sale of a variable annuity investment while he was at AXA Advisors. The complaint reached a settlement of $158,962.92.
According to the Financial Industry Regulatory Authority, Jonathan Cummings holds 24 years of securities industry experience. Based in Hurst, Texas, he has been a broker and an investment advisor with LPL Financial since 2020. His past registrations include Securities America (Hurst, Texas; 2020), Investacorp (Hurst, Texas; 2009-2020), AXA Advisors (Fort Worth, Texas; 2005-2009), Mony Securities Corporation (New York, New York; 2002-2005), Prudential Securities (New York, New York; 1999-2002), and Foresters Equity Services (San Diego, California; 1996-1997). His credentials include the passage of six securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; 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; the Uniform Investment Adviser Law Examination, or Series 65; and the Uniform Combined State Law Examination, or Series 66. He is licensed in Colorado, Florida, Georgia, Illinois, Indiana, Michigan, Minnesota, Mississippi, Nevada, New Jersey, New York, Ohio, Oklahoma, South Carolina, Tennessee, Texas, and Wisconsin. (Information current as of September 3, 2022.)
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