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Travis Hudak: FINRA Investigates Ex-H. Beck Advisor
Former Draper, Utah financial advisor Travis Hudak (CRD# 3128251) was the subject of a recent investigation that determined to allege he violated industry rules. Financial Industry Regulatory Authority and Securities and Exchange Commission records show that the former H. Beck and Transitional Broker representative is currently an investment advisor with Premier Investment Management.
Mr. Hudak’s BrokerCheck report discloses the recent FINRA investigation into his conduct. Filed in August 2023, it describes FINRA’s preliminary determination to recommend disciplinary action against him in connection with allegations he violated FINRA Rules 2111, 2330, and 2010 by making unsuitable variable annuity recommendations. For reference, FINRA Rule 2111 requires brokers to make suitable investment recommendations; Rule 2330 requires brokers, among other things, to have a reasonable belief that deferred variable annuity transactions are suitable and that customers have been informed of the products features; and Rule 2010 requires brokers to observe high standards of commercial honor and just and equitable principles of trade.
In a lengthy statement included with the investigation’s disclosure, Mr. Hudak wrote that he “always adhered to the highest standards of professional conduct” and stressed that his former member firm, H. Beck, “vetted and approved” the annuity transactions at issue in the investigation. “”I am steadfast in my commitment to uphold ethical and professional standards in the financial sector,” his statement concluded, “and I am confident that a thorough review of the facts will attest to my dedication and integrity.”
A second disclosure on Mr. Hudak’s BrokerCheck report describes his 2021 termination from Lone Peak Advisers. According to the disclosure, the firm fired him in connection with allegations he failed in his supervisory duties with respect to marketing, advertising, and sales literature. In a statement included with the disclosure, he wrote that his termination “was a retaliatory firing for a whistleblowing complaint.”
According to the Financial Industry Regulatory Authority and Securities and Exchange Commission, Travis Hudak holds 24 years of securities industry experience. Based in Draper, Utah, he has been an investment advisor with Premier Investment Management since March 2022. His past registrations include Transitional Broker (Draper, Utah; 2020-2021), H. Beck (Draper, Utah; 2008-2018), Gunnallen Financial (Salt Lake City, Utah; 2007-2008), Investment Management Corporation (Salt Lake City, Utah; 2003-2007), Eagle Gate Securities (Salt Lake City, Utah; 2002-2003), UBS Painewebber (Weehawken, New Jersey; 1999-2002), and Fidelity Brokerage Services (Smithfield, Rhode Island; 1998-1999). His credentials include the passage of five securities industry qualifying exams: the General Securities Principal Examination, or Series 24; 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 Investment Adviser Law Examination, or Series 65. He is licensed as an investment advisor in Utah. (Information current as of August 27, 2023.)
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