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Xenith Financial’s Randall Hall: $75K Suitability Complaint
A recent investor complaint alleges that Fort Worth financial advisor Randall Hall (CRD# 7067453) provided an unsuitable investment recommendation that resulted in 5-figure damages. Records provided by the Securities and Exchange Commission indicate that he is an investment advisor affiliated with Xenith Financial Advisory Services.
Mr. Hall’s SEC-maintained Investment Adviser Public Disclosure describes one investor complaint. Filed in October 2022, it alleges that as a representative of Xenith Financial Advisory Services, he recommended an unsuitable investment in a hedge fund. The pending complaint alleges damages of $75,000.
Investors should be aware that financial advisors are required by securities industry rules and regulations abide by a standard called “suitability.” The suitability standard, as outlined by FINRA Rule 2111, requires advisors to “have a reasonable basis to believe a recommended transaction or investment strategy” is suitable for the customer to which they are recommending it. To determine whether an investment or strategy is suitable, representatives must conduct reasonable diligence into an investor’s profile, which includes such factors as their age, financial situation, tax status, risk tolerance, and liquidity needs. Additional reading on the rules governing the suitability standard can be found via FINRA.
According to the Securities and Exchange Commission, Randall Hall holds three years of securities industry experience. Based in Fort Worth, Texas, he has been an investment advisor with Xenith Financial Advisory Services since 2019. He has no prior registrations. His credentials include the passage of one securities industry qualifying exam: the Uniform Investment Adviser Law Examination, or Series 65, which he obtained on March 22, 2019. He is currently licensed as an investment advisor in Louisiana and Texas. (Information current as of January 14, 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.