Investor Alleges C. Reginald Esiobu’s Recommendation Led to Tax Consequences

C. Reginald Esiobu (CRD #: 2674859), a broker registered with Ameriprise Financial Services, is involved in a pending dispute, according to his BrokerCheck record, accessed on December 12, 2022. Read on if you have questions about his alleged conduct as a broker.

Investor Dispute

On September 16, 2022, an investor alleged that C. Reginald Esiobu recommended she surrender her certificates in two parts to divide the income received over two years in order to reduce the associated tax consequences.

The client alleged that C. Reginald Esiobu gave this recommendation on or around December 12, 2017, and that she owed approximately $10,000 in additional taxes for 2017 and 2018 after following this approximation.

This dispute is currently pending.

FINRA Rule 2111

FINRA Rule 2111 requires that brokers tailor their recommendations of investments and investment strategies to their investor’s profile, which contains information about the client’s age, risk tolerance, and tax situation.

Investors who rely on their brokers for recommendations may be able to recover their losses through FINRA arbitration.

FINRA Rule 2020

The misrepresentation of information related to investments violates FINRA Rule 2020, which bans the use of manipulation, deception, and other unethical tactics to influence the purchase and sale of securities.

Background Information

C. Reginald Esiobu has passed the following exams:

• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination
• Series 6 – Investment Company Products/Variable Contracts Representative Examination
• Series 26 – Investment Company Products/Variable Contracts Principal Examination

C. Reginald Esiobu is a registered broker in 15 states and a registered investment adviser in Florida and Texas.

He has also worked for IDS Life Insurance Company (CRD#:6321) and PFS Investments (CRD#:10111).

Kurta Law Can Help

If you worked with C. Reginald Esiobu and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.