Securities Arbitration Lawyers BlogRobert Witt Barred By FINRA
Robert Daniel Witt (CRD#: 2926506) is a previously registered broker and investment advisor whose last employer was Voya Financial Advisors, Inc. (CRD#:2882) of Libertyville, IL. His previous employers include ING Financial Partners, Inc. (CRD#:2882) of Bloomington, IN, Oneamerica Securities, Inc. (CRD#:4173) and American United Life Insurance Company (CRD#:1075), both of Indianapolis, IN. No current employment information is available. He has been in the industry since 1997.
Witt is the subject of fifteen disclosures dating back to 2009. The most recent is a letter from FINRA barring Robert Witt from associating with any FINRA member broker-dealer. After Witt failed to respond to a request for information, FINRA issued two letters of suspension dated 10/03/2018 and 10/29/2018. Witt did not request a termination of suspension, and was barred indefinitely, effective 1/7/2019.
Witt’s only previous disciplinary action was on 4/1/2013, from the Indiana Secretary Of State, Securities Division. The state alleged that Witt and other respondents operated a business in the state without proper registration. Witt and the other respondents agreed to cease and paid a fine of $3,500.
Nine of Witt’s fifteen disclosures are customer disputes dating back to 2016, and all have been settled. The requested damages total $750,777.21, and the settlement amounts total $346,868.29. The allegations include unsuitable recommendations, unauthorized trading, risky investment strategies, high commissions, high-risk margin trading, not following requested conservative investment strategies, and other wrongdoing. One dispute includes allegations of elder financial abuse and common law fraud.
On or about 10/14/2016, Witt was “permitted to resign” by Voya Financial Advisors, after allegations that he conducted transactions without the consent of the account holder. No additional information is available.
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