Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker/advisor, Robert Allen Koestler (CRD # 7023515) was recently barred from the securities industry by FINRA’s Department of Enforcement after failing to cooperate in an investigation into unauthorized trading in customer accounts.
The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Koestler.
Mr. Koestler first became registered in the securities industry in 2019. FINRA BrokerCheck shows that he was most recently registered with Prairie Du Chien, WI based LPL Financial LLC (CRD # 6413) from September 2020 to February 2021. His prior registration(s) and/or employment(s) include Ameriprise Financial Services, LLC (CRD # 6363) from May 2019 to September 2020.
FINRA’s Allegations Against Robert Koestler
According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated November 29, 2022 (No. 2021070890101), Mr. Koestler consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “On February 11, 2021, LPL Financial filed a Uniform Termination Notice for Securities Industry Registration (Form U5) terminating [Mr. Koestler’s] registration”;
- “Pursuant to FINRA Rule 8210(a)(1), FINRA may require a person subject to its jurisdiction “to testify at a location specified by FINRA staff, under oath . . . with respect to any matter involved in [a FINRA] investigation, complaint, examination, or proceeding[.]””;
- “On October 18, 2022, FINRA sent a request to [Mr.] Koestler for on-the-record testimony pursuant to FINRA Rule 8210 in connection with FINRA’s investigation”;
- “As stated during his video call with FINRA on November 4, 2022, and by this agreement, [Mr.] Koestler acknowledges that he received FINRA’s request and will not appear for on-the-record testimony at any time”; and
- By virtue of his actions, Mr. Koestler violated FINRA Rule 8210 regarding cooperating in FINRA investigations and FINRA Rule 2010 regarding standards of commercial honor and principles of trade.
FINRA Bars Robert Koestler from Securities Industry
As a result of such violations and in addition to the above-described findings and conclusions, FINRA’s November 29, 2022 AWC also indicates that Mr. Koestler consented to the following sanction(s):
- A bar from association with any FINRA member in all capacities.
Robert Koestler Has No Prior History of Securities Industry Customer Complaints
In addition to Robert Koestler being barred by FINRA from the securities industry after failing to cooperate in an investigation regarding unauthorized trading in customer accounts, FINRA BrokerCheck for Mr. Koestler reveals that he has no prior history of customer complaints and/or customer-initiated arbitrations.
If you or someone you know has or had a brokerage account with Robert Allen Koestler and have concerns regarding losses in your investments or possible sales practice violations including fraud, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.