INVESTORS: Coastal Equities broker Andrew James Pravlik is facing a pending customer dispute alleging the recommendation of unsuitable investments.
Andrew James Pravlik (CRD: 2360456) is registered as a broker with Coastal Equities, Inc., where he has been employed since 2017. Previously, Pravlik was registered as a broker with Prospera Financial Services from 2011 until 2017.
Pravlik has six disclosures on his BrokerCheck report. One customer dispute filed against Pravlik was denied.
June 2020 Customer Dispute
- Status: Settled
- Allegations: 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.
- Damage Amount Requested: $240,000.00
- Settlement Amount: $27,000.00
October 2017 Customer Dispute
- Status: Pending
- Allegations: Customers allege they were placed in unsuitable investments.
- Damage Amount Requested: $175,000.00
January 2017 Employment Separation After Allegations
- Firm Name: Prospera Financial Services
- Termination Type: Discharged
- Allegations: Violation of firm policy – failure to submit a written correspondence.
May 2010 Regulatory Judgment
- Status: Final
- Initiated By: FINRA
- Allegations: FINRA Rule 2010, NASD Rule 3110-In Connection with mutual fund redemptions he effected for customers, Pravlik falsely coded each redemption request as a required minimum distribution (RMD) in entering it into the Firm’s mutual fund order entry systems. By falsely coding the redemptions as RMDs, Pravlik improperly prevented the imposition of a contingent deferred sales charge that otherwise would have been imposed. In each instance, the conduct infringed on the contractual rights and financial interests of the mutual fund company whose shares were being redeemed and caused the Firm’s records to be inaccurate.
- Resolutation: Acceptance, Waiver & Consent (AWC)
- Sanctions: Civil and Administrative Penalty(ies)/Fine(s)
- Amount: $5,000.00
- Sanctions: Suspension
- Registration Capacities Affected: All Capacities
- Duration: 90 days
- Start Date: 5/17/2010
- End Date: 8/14/2010
- Regulator Statement: Without admitting or denying the findings, Pravlik consented to the described sanctions and to the entry of findings, therefore he is fined $5,000 and suspended from association with any FINRA member in any capacity for 90 days. The fine shall be due and payable either immediately upon reassociation with a member firm following the 90 day suspension noted above, or prior to any application or request for relief from any statutory disqualification resulting from this or any other event or proceeding, whichever is earlier. The suspension is in effect May 17, 2010 through August 14, 2010.
September 2009 Employment Separation After Allegations
- Firm Name: Hefren-Tillotson, Inc.
- Termination Type: Discharged
- Allegations: Investigating whether order entry was completed in compliance with industry standards.
Contact Us Today
The Sonn Law Group is currently investigating allegations surrounding Andrew James Pravlik. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.