Donald A. Lueke (CRD#: 1962691) is an investment advisor who is currently registered with the Financial Industry Regulatory Authority (FINRA). According to FINRA records, Mr. Lueke holds securities licenses in 17 U.S. jurisdictions, including in California, Georgia, Massachusetts, Missouri, New York, Ohio, and Texas.
Currently, Mr. Lueke is employed at IBN Financial Services (CRD#: 42360). Securities industry records indicate that Donald Lueke has been working at this firm based in Kansas City, Missouri since 2016. Previously, this investment advisor was employed by NFP Advisor Services (2010-2016), Berthel, Fisher & Company Financial Services (2004-2010), and SII Investments, Inc (1999-2004).
Customer Complaint Against Donald A. Lueke
Unsuitable Investment Recommendations
According to FINRA records, a client filed a complaint against Donald Lueke. According to the customer, Mr. Lueke sold her unsuitable investments. Under FINRA’s rules, registered investment advisors have a legal duty to ensure that they are only recommending and selling financial products that are reasonably suitable for the individual needs and objectives of their customers.
If a broker sells unsuitable financial products to a customer, and that customer suffers significant investment losses as a result, the broker can potentially be held financially liable for the customer’s damages.
Failure to Supervise a Securities Representative
In addition to the unsuitable investment claim, this same customer is also alleging that the brokerage firm, IBN Financial Services, failed to properly supervise securities representative Donald Lueke. On these grounds, the investor contends that the firm is liable for the alleged misconduct of this investment advisor.
FINRA broker-dealers have a legal obligation to provide adequate oversight of all employees and securities representatives. In other words, brokerage firms have an obligation to put the proper procedures in place to ensure that their securities representatives do not cause financial damage to customers of the firm. It is the firm’s duty to protect its customers.
If a brokerage firm fails to live up to this legal responsibility, it can be held legally liable for resulting damages through a failure to supervise claim.
The Claim Against Donald Lueke and IBN Financial Services is Pending
As of March 1st, 2018, this investor’s complaint against Mr. Lueke and IBN Financial Services is still pending. There has been no settlement nor has there been any finding of misconduct in regards to this case. In addition, neither Donald Lueke or IBN Financial Services has provided FINRA with any public comments related to these allegations.
The investor is seeking total compensation of $329,231.00. When additional information is known about this case, or when settlement or a decision has been reached, then the official FINRA BrokerCheck reports of Donald Lueke and IBN Financial Services should be updated.
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