DID PHILLIP NOLAND ATTEBERY CAUSE YOU INVESTMENT LOSSES?
Phillip Attebery Of Creative Planning Has 2 Customer Complaints For Alleged Broker Misconduct
About Phillip Attebery of Creative Planning?
Phillip Attebery (CRD #4247195) a registered investment advisor since 2003, has worked for six firms during his career, including notable organizations such as Fisher Investments and Citicorp Investment Services. His current registration is with Creative Planning, where he has served since 2016 as an Investment Advisor Representative in Kansas. Throughout his career, he has gained experience across various roles and jurisdictions.
Investment Losses? Let’s talk.or, give us a ring at (800) 732-2889.
Phillip Attebery Customer Complaints and Reviews
Phillip Noland Attebery has two customer disputes disclosed in the report. Both cases are ongoing and pertain to significant allegations.
- Dispute 1:
- Filing Date: August 28, 2024.
- Allegations: Claimant accuses negligence and breach of fiduciary duty during options transactions between April 2017 and March 2020, while employed at Creative Planning.
- Claimed Damages: $9,500,000.
- Status: The case is pending arbitration at JAMS.
- Dispute 2:
- Filing Date: July 2, 2021.
- Allegations: Breach of fiduciary duty, negligence, fraud, and securities violations concerning the sale of conservation easements from 2015 to 2017, during his time at Gupta Wealth Management and Creative Planning.
- Claimed Damages: $5,185,000.
- Status: This dispute is also pending arbitration at AAA.
- Firm’s Statement: The firm claims the investment was non-discretionary and that all risks were communicated to the client, asserting that the claims are meritless.
Allegations Against Phillip Attebery
The disclosed customer disputes highlight serious allegations against Phillip Attebery:
- Dispute 1: Claimant alleges breaches of fiduciary duty and negligence during the management of options investments. The damages sought are $9.5 million, and arbitration is ongoing.
- Dispute 2: Claims include violations of state securities laws, negligence, and fraud. The total alleged damages are $5.185 million. Arbitration proceedings are pending, with the firm denying responsibility and maintaining that the investments were fully disclosed.
Phillip Attebery Employment History and Licenses
Examinations and Licenses: Phillip Attebery passed the Series 66 Uniform Combined State Law Examination on October 10, 2003. He holds registrations in two jurisdictions: Oregon (approved on December 16, 2020) and Texas (restricted approval on February 4, 2019).
Employment History:
- Creative Planning (since June 2016), Overland Park, Kansas.
- Previous notable firms include: Gupta Wealth Management (2014–2017), San Diego, CA.; Fisher Investments (2006–2014), Camas, WA; Citicorp Investment Services (2005–2006), West Hollywood, CA.
Investment Advisors Owe Clients The Highest Level Of Care
Investment advisors have a fiduciary duty to act in the best interest of their clients, placing the client’s interests above their own. This includes providing full disclosure about nature, mechanics, and risks of any recommended investment strategies or activities. Advisors must ensure that clients understand the potential outcomes, costs, and risks associated with investments, enabling them to make informed decisions. The duty of care requires advisors to exercise skill, diligence, and prudence in managing client portfolios, ensuring that recommendations are suitable for each client’s specific financial goals, risk tolerance, and circumstances. This fiduciary responsibility is essential in maintaining trust and ensuring the advisor’s decisions prioritize the client’s needs.
Option Trading Can Be Extremely Risky
Option trading can be highly risky, particularly when it involves complex strategies or high leverage. Options give investors the right, but not the obligation, to buy or sell an underlying asset at a predetermined price within a set period. While options can be used to hedge risks, they can also amplify losses, especially for inexperienced investors. Investment advisors who engage in options trading on behalf of clients must carefully consider the client’s risk tolerance and ensure they fully understand the potential outcomes.
More risky options strategies, such as naked calls or puts, involve selling options without holding the underlying asset. This exposes the investor to unlimited losses if the market moves unfavorably. For example, in a naked call strategy, an advisor sells a call option without owning the underlying stock. If the stock price rises significantly, the client could face substantial losses, as they would be obligated to buy the stock at a much higher price. Due to these risks, it’s crucial for advisors to fully explain the strategy and its potential consequences before engaging in such transactions.
Phillip Attebery Red Flags & Your Rights As An Investor
Of course, Phillip Attebery did not admit to any of the allegations. But regardless of whether an arbitration award was entered, a settlement occurred, or the customer complaint is still pending, the allegations made by customers are red flags which should put all current and former customers of Phillip Attebery at Creative Planningon alert to review carefully the activity and performance of their accounts and question whether Phillip Atteberyhas engaged in any stockbroker misconduct that may have caused them investment losses. The large number of customer complaints at Creative Planningalso raises questions about the brokerage firm’s supervisory practices. If these red flags raise questions, call us and we will inform you of your rights as an investor.
Did You Lose Money Because of Broker Misconduct?
If you have lost money due to negligence or fraud by a stockbroker or advisor, the easiest way to know if you have a case is to call our office at 800-732-2889. Our investment fraud attorneys will evaluate your claim for free and let you know if we can help you recover your losses.
Need Legal Help? Let’s talk.or, give us a ring at 561-338-0037.
File A Claim To Recover Your Investment Losses At Creative Planning Due To Phillip Attebery
If you have questions about Creative Planning and/or Phillip Attebery and the management or performance of your accounts, please contact Attorney Pearce for a free initial consultation via email or Toll Free at 1-800-732-2889.
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