National investment loss lawyers KlaymanToskes is investigating George Kuruvilla (CRD# 1000316) of Kuruvilla & Associates and Virtue Capital Management following the filing of a customer complaint alleging $1,050,000 in damages due to insufficient due diligence and unsuitable investment recommendations related to an Alternative Investment.
Investors that suffered losses with George Kuruvilla may be entitled to a financial recovery. Contact attorney Lawrence L. Klayman, Esq., for a free consultation to discuss recovery options at 888-997-9956 or lawrence@klaymantoskes.com. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
According to FINRA BrokerCheck, George Kuruvilla is currently registered as a broker with LifeMark Securities Corp. in Rochester, NY and is also registered as an investment advisor with Virtual Capital Management in Brentwood, TN.
Kuruvilla is reportedly doing business as Kuruvilla & Associates in Yonkers, NY. Kuruvilla was also previously registered as a broker and investment advisor with Center Street Securities from 2015 to 2020 in Nashville, TN and Yonkers, NY.
FINRA’s BrokerCheck Report discloses that Kuruvilla has been hit with a pending customer complaint which alleges $1,050,000 in investor damages related to the recommendation of an Alternative Investment. The customer further alleges insufficient due diligence, unsuitability, insufficient supervision, fraud, violation of the New York Consumer Protection Act, breach of contract, breach of fiduciary duty and negligence.
Kuruvilla was previously hit with three regulatory disclosures whereby he was sanctioned by the Insurance Department of The State of Delaware, and the Commonwealth of Massachusetts Division of Insurance, for failing to report an administrative action taken by another insurance jurisdiction (New York). The State of New York Insurance Department had sanctioned and fined him for the unauthorized “sale of Allianz EIA products” in New York.
Alternative investments include Non-traded REITs, Business Development Companies (BDCs), Private Placements, Direct Participation Partnerships (DPPs) & Limited Partnerships (LP Interests), 1031 Exchanges, Hedge Funds, and Oil & Gas investments.
These investments may be unsuitable for investors with a need for financial security and an ability to readily access funds when needed, such as elders and retirees, due to their illiquidity, high risk levels, lack of regulatory oversight, and complex nature.
In addition, Alternative Investments may be misrepresented by brokers/advisors who fail to fully disclose the risks and liquidity problems involved to their customers, as these investments are often high-risk, have limited liquidity, and carry high expenses and fees.
The Financial Industry Regulatory Authority (“FINRA”) is the self-regulatory organization responsible for registering and regulating every broker and brokerage firm engaging in business with retail customers.
Under FINRA suitability requirements (FINRA Rule 2111) brokers/financial advisors and their firms have a duty to recommend suitable financial products and trading strategies based on their client’s financial interests and needs. Facts about each investor, such as their financial situation, age, employment status, investment objectives and experience, risk tolerance, and what other investments they may be holding must be taken into consideration by brokers/financial advisors in order to meet the “reasonable diligence” requirement of FINRA’s suitability rule.
If your stockbroker or financial advisor recommended unsuitable alternative investments based on your investment profile or disregarded your risk-tolerance when making investment recommendations, you may be entitled to a financial recovery through FINRA arbitration.
Former and current customers of George Kuruvilla who suffered investment losses are encouraged to contact attorney Lawrence L. Klayman, Esq. at (888) 997-9956 or lawrence@klaymantoskes.com for a free and confidential consultation to discuss legal options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lawrence@klaymantoskes.com
www.klaymantoskes.com