In a recent development, a serious allegation has been brought against John Rhoads, a broker and investment advisor associated with United Planners’ Financial Services of America A Limited Partner (CRD 20804). The pending customer dispute, filed on August 22, 2023, accuses Rhoads of fraudulent misrepresentation, negligent misrepresentation, aiding and abetting the breach of fiduciary duty, aiding and abetting in fraud, fraud by concealment, fraud by non-disclosure, and negligence. This case has significant implications for investors who have entrusted their financial well-being to Rhoads and United Planners’ Financial Services.
The seriousness of these allegations cannot be overstated, as they strike at the core of the trust and fiduciary responsibility that investors place in their financial advisors. If proven true, these accusations suggest a grave breach of professional ethics and a failure to prioritize the best interests of clients. As the case unfolds, it is crucial for investors to stay informed about the developments and understand their rights in the event of financial misconduct.
Rhoads has been associated with United Planners’ Financial Services of America A Limited Partner since September 5, 2002, serving as both a broker and an investment advisor. His FINRA CRD number is 2176003, which investors can use to access his professional background and any previous disciplinary actions or customer complaints.
Understanding the Allegations and FINRA Rules
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The allegations against John Rhoads encompass a range of fraudulent and negligent practices. Fraudulent misrepresentation involves providing false or misleading information to investors, while negligent misrepresentation occurs when an advisor fails to exercise reasonable care in communicating information. Aiding and abetting the breach of fiduciary duty and fraud suggests that Rhoads may have assisted others in violating their legal and ethical obligations to clients. Fraud by concealment and non-disclosure implies that he withheld or failed to disclose material information that investors needed to make informed decisions.
These allegations are governed by FINRA (Financial Industry Regulatory Authority) rules, which are designed to protect investors and maintain the integrity of the financial markets. FINRA Rule 2020 prohibits the use of manipulative, deceptive, or other fraudulent devices in connection with the purchase or sale of securities. Rule 2010 requires brokers and advisors to observe high standards of commercial honor and just and equitable principles of trade. Violations of these rules can result in disciplinary action, including fines, suspensions, or permanent barring from the industry.
The Importance for Investors
The allegations against John Rhoads and United Planners’ Financial Services serve as a stark reminder of the importance of due diligence when selecting a financial advisor. Investors must be vigilant in monitoring their investments and the conduct of their advisors, as even seemingly reputable professionals can engage in misconduct.
If the allegations are substantiated, affected investors may be entitled to recover their losses through FINRA arbitration, a process designed to resolve disputes between investors and financial professionals. It is essential for investors to act promptly and seek the guidance of experienced legal professionals who can help them navigate the complexities of the arbitration process and protect their rights.
Red Flags and Seeking Legal Assistance
Investors should be aware of red flags that may indicate financial advisor malpractice, such as:
- Unauthorized or excessive trading
- Lack of transparency or reluctance to provide clear explanations
- Inconsistencies between verbal representations and written documents
- Pressure to make quick investment decisions
- Promises of guaranteed returns or unrealistic performance claims
If investors suspect misconduct or have suffered losses due to the actions of John Rhoads or United Planners’ Financial Services, they should consider seeking the assistance of a qualified investment fraud law firm. Haselkorn & Thibaut, a national law firm with offices in Florida, New York, North Carolina, Arizona, and Texas, is currently investigating this case and offering free consultations to affected clients.
With over 50 years of combined experience and a remarkable 98% success rate, Haselkorn & Thibaut has a proven track record of helping investors recover their losses through FINRA arbitration. Their skilled attorneys work on a contingency basis, meaning clients pay no fees unless a recovery is secured. Investors can contact the firm toll-free at 1-888-885-7162 to discuss their case and explore their legal options.
As the investigation into the allegations against John Rhoads and United Planners’ Financial Services progresses, it is crucial for investors to remain proactive in protecting their financial well-being. By staying informed, recognizing potential red flags, and seeking the guidance of experienced legal professionals, investors can take steps to safeguard their investments and hold accountable those who breach their trust.
