Investor Alleges Robert Armstrong Misused Funds Via Outside Business 

Robert Armstrong (CRD #: 4732005), a broker registered with Ameriprise Financial Services, was involved in a recent dispute, according to his BrokerCheck record, accessed on November 20, 2022. If you want to learn more about his conduct as a broker, read on.

Investor Disputes

On August 15, 2022, Robert Armstrong’s wife alleged that he, in his role as her broker, used certain funds for his personal gain by investing in an outside business activity. She sought $200,000 in damages but the dispute was denied by the firm.

However, investors should know that firms don’t need to allow an external review before denying disputes. Investors can seek out FINRA arbitration following a denial and may be able to recover their losses.

On January 23, 2015, an investor alleged that Robert Armstrong made misrepresentations and unsuitable investment recommendations from 2011-2014. This dispute was settled for $189,000.

FINRA Rule 2150

FINRA Rule 2150 forbids brokers from misusing investors’ funds.

FINRA Rule 3270

FINRA Rule 3270 requires brokers to inform their firm and receive approval for any business activities they engage in beyond their firm.

FINRA Rule 2020

FINRA Rule 2020 bans the use of manipulation, deception, and other unethical means of influencing the purchase and sale of securities. The misrepresentation of an investment’s limitations, features, or potential returns violates this rule.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals. Brokers must examine the information contained in an investor’s profile, such as their tax status, risk tolerance, and other characteristics when making recommendations.

Investors who believe their losses are the result of unsuitable investment recommendations may be able to recover their funds by seeking out FINRA arbitration.

Other business activities

Robert Armstrong’s detailed BrokerCheck report lists the following outside business activities:

• Owner of unnamed multi-family real estate in Kentucky.
• President of Lash Out!, Inc. (dba Deka Lash), a retail beauty company.
• Member of Lashing the Bluegrass LLC (dba Deka Lash), a retail beauty business specializing in eyelash extensions.
• Owner of Phenix Salon Suites and Best Coast Salon Suites, LLC, businesses renting space to beauty professionals.

Background Information

Robert Armstrong has passed the following exams:

• Series 66 – Uniform Combined State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 31 – Futures Managed Funds Examination
• Series 7 – General Securities Representative Examination

Robert Armstrong is a registered broker in 21 states and a registered investment adviser in Florida, Kentucky, and Texas.

He has also worked for Wells Fargo Clearing Services (CRD#:19616) and UBS Financial Services (CRD#:8174).

Kurta Law Can Help

If you worked with Robert Armstrong 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.