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Virg Cristobal: Complaint Against Former Lincoln Financial Advisor

San Francisco financial advisor Virg Cristobal (CRD# 4662399) allegedly recommended an unsuitable investment, according to a recent investor complaint. Financial Industry Regulatory Authority and Securities and Exchange Commission records show that he is a representative of Chrome Advisors and was formerly a broker with SagePoint Financial and Lincoln Financial Advisors.

Mr. Cristobal’s BrokerCheck report discloses one investor complaint. Filed in April 2022, it alleges that as a representative of Lincoln Financial Advisors Corporation, he recommended an unsuitable oil and gas investment. The pending complaint alleges unspecified damages believed to exceed $5,000.

FINRA’s suitability rule, for reference, stipulates that brokers must “have a reasonable basis to believe” that investments they recommend are appropriate not only for some investors, but for the specific investors to which they are recommending the products or strategies. As outlined by FINRA Rule 2111, brokers determine an investment’s suitability  by conducting reasonable diligence “to ascertain the customer’s investment profile,” which encompasses the client’s age, net worth, risk tolerance, investment objectives, liquidity needs, tax status, and other factors. “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 and the Securities and Exchange Commission, Virg Cristobal holds 19 years of securities industry experience. Based in San Francisco, California, he has been an investment advisor with Chrome Advisors since 2020. His past registrations include SagePoint Financial (San Francisco, California; 2019-2020), Lincoln Financial Advisors Corporation (San Francisco, California; 2007-2019), and Waddell & Reed (San Mateo, California; 2003-2007). His credentials include the passage of four securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Uniform Combined State Law Examination, or Series 66; the General Securities Representative Examination, or Series 7; and the Securities Industry Essentials Examination, or SIE. He is licensed as an investment advisor in California. (Information current as of June 27, 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.

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