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Mark Horstmann: Wealth Management Group Advisor Has $100K Complaint
Gladstone, Missouri financial advisor Mark Horstmann (CRD# 4079505) recently received an investor complaint alleging his advice resulted in six-figure damages. Financial Industry Regulatory Authority records show that he is a broker and investment advisor with Cambridge Investment Research, doing business as Wealth Management Group of KC.
Mr. Horstmann’s BrokerCheck report discloses one investor complaint against him. Filed in March 2022, it alleges that as a representative of Geneos Wealth Management, he recommended an unsuitable real estate investment. The pending complaint alleges damages of $100,000.
FINRA’s suitability standard requires that stockbrokers must “have a reasonable basis to believe” that when they recommend an investment or strategy to their client, the recommendation is appropriate, or suitable, for the client’s background and objectives. FINRA Rule 2111 stipulates that they must base this determination “on the information obtained through reasonable diligence of the firm or associated person to ascertain the customer’s investment profile.” An investor’s profile includes their age, risk tolerance, investment background, liquidity needs, investment objectives tax status, net worth, and more. “A broker’s ‘recommendation,’ which is based on the facts and circumstances of a particular case, is the triggering event for application of the rule,” the rule states.
According to the Financial Industry Regulatory Authority, Mark Horstmann holds 22 years of securities industry experience. Based in Gladstone, Missouri, he has been a broker and an investment advisor with Cambridge Investment Research since June 2021, doing business as Wealth Management Group of KC. His past registrations include Geneos Wealth Management (Gladstone, Missouri; 2013-2021), Cetera Advisors (Kansas City, Missouri; 2004-2013), and Vestax Securities Corporation (Hudson, Ohio; 1999-2004). He has passed four securities industry qualifying examinations: the General Securities Principal Examination, or Series 24; the Uniform Securities Agent State Law Examination, or Series 63; the General Securities Representative Examination, or Series 7; and the Securities Industry Essentials Examination, or SIE. He is licensed in Alaska, Arizona, Arkansas, Colorado, Florida, Kansas, Kentucky, Missouri, and North Carolina. (Information current as of August 16, 2022.)
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.