Patrick Hobert: $100K Complaint Against Newport Beach Advisor

Recent investor complaints against Newport Beach financial advisor Patrick Hobert (CRD# 805680) allege that he recommended unsuitable investments. Financial Industry Regulatory Authority records show that he is a broker and investment advisor with Centaurus Financial, doing business as Hobert Wealth Management.

Mr. Hobert’s BrokerCheck report discloses two recent investor complaints against him. The most recent, filed in June 2022, alleges that as a representative of Centaurus Financial, he “improperly recommended a high-risk, high commission and illiquid investment.” The pending complaint alleges damages of $100,001.

In a statement on the pending complaint’s disclosure, Mr. Hobert “vehemently” denied any wrongdoing and described the allegations as “completely” meritless. “The investments about which the customer complained were suitable and were recommended based on the customer’s objectives, goals and financial circumstances and were offered only after her review of all material documentation related to the investment,” he wrote, adding: “At all times, I put the customer’s interest first and I will vigorously defend this matter to the fullest extent of the law.”

An earlier complaint, filed in 2019, alleged that as a representative of Centaurus Financial, he recommended unsuitable real estate investments in August 2014. The complaint reached a settlement of $6,500.

Mr. Hobert’s statement on the above complaint’s disclosure also includes his denial of any wrongdoing. “The investment about which the investors have complained was suitable and was recommended based on the customers’ objectives, goals, net worth and financial circumstances and were recommended only after 5 meetings of discussion and detailed review of all material documentation related to the investment,” he wrote, adding that he would “vigorously” defend the matter “to the fullest extent of the law.”

According to the Financial Industry Regulatory Authority, Patrick Hobert holds 45 years of securities industry experience. Based in Newport Beach, California, he has been a broker and investment advisor with Centaurus Financial since 2007, doing business as Hobert Wealth Management. His past registrations include Wedbush Morgan Securities, Brookstreet Securities Corporation, FSC Securities Corporation, Corporate Benefit Securities, Prudential-Bache Securities, E.F. Hutton & Company, Southmark Financial Services, CG Equity Sales Company, American General Capital Planning, Glicoa ASsociates, PLA Securities Corporation, and Chubb Securities Corporation. His credentials include the passage of five securities industry examinations: the Registered Representative Examination, or Series 1; 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 Combined State Law Examination, or Series 66. He is licensed in Arizona, California, Connecticut, Kentucky, Nevada, Oklahoma, and Washington. (Information current as of July 11, 2022.)

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