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Broker Complaints: Cuna Brokerage Services (CRD# 13941)

The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding the Iowa-based brokerage and advisory firm Cuna Brokerage Services (CRD# 13941).

Cuna Brokerage Services is an independent broker-dealer and investment adviser registered in fifty-two US states and territories. Founded in 1983, Cuna is based in Waverly, Iowa; Timothy Sullivan Halevan serves as its President and Chief Compliance Officer. Kevin S. Thompson serves as Vice President, Secretary, and Associate General Counsel.

According to its BrokerCheck report, Cuna Brokerage Services is the subject of two regulatory sanctions and seven customer complaints.

In 2006 a customer alleged Cuna Brokerage Services engaged in negligence, breach of contract, failure to supervise, and the recommendation of unsuitable investments. The complaint resulted in a FINRA arbitration award of more than $31,000 to the customer.

In 2005 a customer alleged Cuna Brokerage Services misrepresented material facts related to investments,, breached its contract with the customer, breached its fiduciary duty to the customer, and omitted material facts related to an investment in mutual funds. The complaint resulted in an $11,000 award to the customer.

In 2004 a customer alleged Cuna Brokerage Services engaged in negligence, breach of fiduciary duty, and breach of contract. The complaint resulted in an award to the customer of more than $98,500.

In 2003 a customer alleged Cuna Brokerage Services misrepresented material facts and recommended unsuitable investments, breached its fiduciary duty, and failed to supervise its representatives. The complaint resulted in an award to the customer of more than $28,000.

In 2003 a customer alleged Cuna Brokerage Services misrepresented material facts related to an investment and recommended unsuitable investments, engaged in breach of contract and fiduciary duty, and acted with negligence. The complaint resulted in a $23,000 award to the customer.

In 2001 the National Association of Securities Dealers (NASD) filed a complaint alleging Cuna Brokerage Services failed to establish and enforce adequate written supervisory protocols related to the sale of variable annuities and variable universal life insurance. The complaint additionally alleged Cuna failed to obtain client data necessary to determine suitability in its investment recommendations. As a result of the sanction, Cuna Brokerage Services was censured and issued a penalty of $100,000.

In 2000 a customer alleged Cuna Brokerage Services misrepresented and recommended unsuitable investments, and engaged in breach of fiduciary duty. The complaint resulted in a $20,000 award against Cuna.

In 1998 the Florida Department of Banking and Finance filed a complaint alleging Cuna Brokerage Services conduction securities business in Florida without lawful registration. Cuna was sanctioned and issued a penalty of $5,000.

If you have lost money investing with Cuna Brokerage Services, you may be qualified to recoup your losses. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on contingency, which means we only get paid if and when you recover money. Time to file your claim may be limited, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.