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Investment Loss Options for Clients of Former Prospera Financial Services, Inc. Broker Andrew Pravlik

Posted on Monday, October 5th, 2020 at 5:49 pm    

Prospera Financial Services

There are options for clients of former Prospera Financial Services, Inc. broker Andrew Pravlik (CRD# 2360456) who suffered investment losses. Pravlik has been registered with Coastal Equities, Inc. in Pittsburgh, Pennsylvania since 2017. Previously, Pravlik was registered with Prospera Financial Services, Inc. in Pittsburgh, Pennsylvania from 2011 to 2017, when he was terminated regarding, “Violation of firm policy – failure to submit a written correspondence.”

Pravlik has been the subject of three customer complaints between 2013 and 2020, according to his CRD report. The most recent complaints are regarding: 

June 2020. “The customer alleges breach of fiduciary duty, misrepresentation, unsuitable recommendations, and failure to supervise in the Rep’s recommending the purchase of 5 different alternative investments throughout 2016.” The customer is seeking $240,000 in damages and the case is currently pending. The complaint was regarding direct investments and took place while Pravlik was registered with Prospera Financial Services, Inc.

October 2017. “Customers allege they were placed in unsuitable investments.” The customer is seeking $175,000 in damages and the case is currently pending. The complaint is regarding insurance, real estate securities, and unit investment trusts. 

Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Prospera Financial Services, Inc. may be liable for investment or other losses suffered by Pravlik’s customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.