Unsuitable Investment Recommendations with Lifemark Securities Corp. Broker Patrick Durst

Lifemark Securities Corp.

Can I recover losses from investments with Lifemark Securities Corp. broker Patrick Durst (CRD# 6328382) who is accused of unsuitable investment recommendations? He has been registered with Lifemark Securities Corp. in Centennial, Colorado since 2018. Previously, he was registered with Jackson National Life Distributors LLC in Denver, Colorado from 2014 to 2018. 

Patrick Durst Customer Complaints

He has been the subject of two customer complaints in 2022, according to his CRD report:

June 2022. “Allegation of unsuitable investment in alternative product, which was part of a larger, diversified portfolio. Client purchased the alternative product on or around September 2020. Durst (along with his partner) recommended this product for this client because of her interest in an investment that was not correlated to the market, among other things. When meeting with this client, she expressed investment objectives of capital appreciation, income, and preservation of capital. She expressed a risk tolerance of moderately aggressive and was 77 years old at the time. Durst offered other alternatives to the client, but the client ultimately chose the alternative product. The client invested $100,000 in the product. Unfortunately has since filed Chapter 11 bankruptcy. Understanding that this was a risky investment, the broker/dealer intentionally limited this portion of the client’s overall investment portfolio to only 15% of her investable assets. Client believes this investment was unsuitable because of its risk level and illiquidity. Unfortunately, the company that sold the investment has since filed Chapter 11 bankruptcy.” The customer is seeking $300,000 in damages and the case is currently pending. The complaint was regarding corporate debt. 

April 2022. “Allegation of unsuitable investment in alternative product, which was part of a larger, diversified portfolio. Client purchased an alternative product on or around April 2020. Durst (along with his partner) recommended this product for this client because of his interest in an investment not correlated to the market among other things. When meeting with this client, he expressed investment objectives of income and preservation of capital. He expressed also that his risk tolerance was conservative and was 56 years old at the time. Durst offered other alternatives to the client, but the client ultimately chose the alternative product. The client invested $60,000 in the product. Understanding that this was a risky investment, the broker/dealer intentionally limited this portion of the client’s overall investment portfolio to only 10% of his total investable assets. Client believes this investment was unsuitable because of its risk level and illiquidity. Unfortunately, the company that sold the investment has since filed Chapter 11 bankruptcy.” The case is currently pending. The complaint was regarding corporate debt. 

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, Lifemark Securities Corp. may be liable for investment or other losses suffered by Patrick Durst’s customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you 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.