Haselkorn & Thibaut (InvestmentFraudLawyers.com) has opened an investigation into former Valmark Securities broker Robert Edwin Eberhard, following concerning regulatory disclosures on his record. If you invested with Mr. Eberhard and experienced losses or have concerns about your investments, you may have legal options to recover your funds.
Understanding Robert Edwin Eberhard’s Background
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Robert Edwin Eberhard worked in the securities industry for over 16 years, primarily with Valmark Securities, Inc. from June 2007 through May 2023. Based in Gainesville, Florida, Eberhard is no longer registered with any FINRA-member firm. His CRD number is 5294508.
During his time at Valmark Securities, Eberhard also maintained outside business activities with Koss-Olinger Financial in Gainesville, where he received a salary from Nationwide Pension Income. This dual relationship raises questions about potential conflicts of interest that investors should be aware of.
Critical Red Flags in Eberhard’s Regulatory History
A review of Robert Eberhard’s BrokerCheck record reveals multiple customer complaints that resulted in significant monetary settlements. These disclosures paint a concerning picture for investors who may have worked with him.
Complete List of Customer Complaints Against Robert Eberhard
| Date Filed | Allegations | Settlement Amount | Status |
|---|---|---|---|
| April 2024 | Unsuitable investment recommendations in variable annuities | $75,000 | Settled |
| January 2024 | Breach of fiduciary duty, negligence | $37,500 | Settled |
| September 2023 | Misrepresentation, unsuitable recommendations | $150,000 | Settled |
| November 2019 | Unauthorized trading, breach of fiduciary duty | $27,500 | Settled |
Total settlements: $290,000 across four customer complaints
Why These Complaints Matter to Investors
The pattern of complaints against Robert Eberhard reveals several troubling themes that investors should understand:
1. Unsuitable Investment Recommendations
Multiple clients alleged that Eberhard recommended investments that were inappropriate for their financial situation, risk tolerance, or investment objectives. Variable annuities, which appear in these complaints, are complex products that often carry high fees and may not be suitable for all investors, particularly retirees or those seeking liquidity.
2. Breach of Fiduciary Duty
Several complaints accused Eberhard of failing to act in his clients’ best interests. As a financial professional, he had an obligation to prioritize client needs over his own compensation or firm profits. These allegations suggest this fundamental duty may have been violated.
3. Misrepresentation and Negligence
Clients reported that Eberhard misrepresented the nature, risks, or costs of investments. This lack of transparency can lead investors to make decisions based on incomplete or incorrect information, potentially resulting in significant financial losses.
4. Unauthorized Trading
One complaint included allegations of unauthorized trading in client accounts. This serious violation occurs when a broker makes trades without proper client authorization, potentially exposing investors to unwanted risks and losses.
Understanding Your Rights as an Investor
If you invested with Robert Eberhard and experienced any of the following, you may have grounds for recovering your losses:
- Investments that didn’t align with your stated goals or risk tolerance
- Lack of disclosure about fees, risks, or investment features
- Excessive trading in your account (churning)
- Concentrated positions in risky or illiquid investments
- Unauthorized transactions or changes to your investment strategy
The FINRA Arbitration Process
Most investment disputes are resolved through FINRA arbitration rather than traditional court proceedings. This process offers several advantages:
- Faster resolution compared to court litigation
- Lower costs for pursuing claims
- Experienced arbitrators who understand securities law
- Binding decisions that brokerage firms must honor
However, strict time limits apply to filing claims. Generally, you have six years from the date of the incident to file a FINRA arbitration claim, though this can vary based on specific circumstances.
Why the Recent Spike in Complaints Matters
The concentration of complaints in 2023-2024 is particularly concerning. Three of the four settled complaints occurred within a 12-month period, suggesting potential systemic issues with Eberhard’s sales practices during his final period at Valmark Securities.
This timing raises important questions:
- Were there changes in supervision at Valmark Securities?
- Did Eberhard’s investment strategies become more aggressive?
- Were certain products being pushed regardless of client suitability?
Take Action to Protect Your Financial Future
If you invested with Robert Eberhard, especially during the 2019-2023 timeframe, it’s crucial to review your account statements and investment performance carefully. Look for:
- Investments you don’t remember authorizing
- High concentrations in variable annuities or other complex products
- Excessive fees or commissions
- Performance that significantly lagged market benchmarks
Don’t wait to seek help. The statute of limitations for filing claims is running, and evidence can become harder to obtain as time passes.
Get a Free Consultation from Experienced Securities Attorneys
Haselkorn & Thibaut is a national investment fraud law firm with over 50 years of experience helping investors recover losses. Our team has achieved a 98% success rate and recovered millions of dollars for clients nationwide.
We work on a “No Recovery, No Fee” basis, meaning you pay nothing unless we successfully recover funds for you.
Call Haselkorn & Thibaut Today: 1-888-885-7162
Our experienced attorneys can review your case at no cost and help you understand your legal options. With time-sensitive deadlines for filing claims, it’s important to act quickly to protect your rights.
You worked hard for your investments. If they were mishandled by Robert Eberhard or Valmark Securities, you deserve answers and potentially compensation for your losses. Contact us today at 1-888-885-7162 for your free, confidential consultation.
