Kyle Ray Critcher is accused of misrepresenting bonds as being FDIC-insured. First registered in 2021, Critcher is a former broker LPL Financial.
Regulators allege that in July 2024, Critcher negligently misrepresented that corporate bonds he recommended to two senior customers were FDIC-insured certificates of deposit. He recommended the senior customers purchase more than $500,000 in corporate bonds based upon this assurance. This is false. As such, the recommendation violated
If true, the alleged facts would violate federal securities laws. Section 17(a)(2) of the Securities and Exchange Act prohibits “in the offer or sale of any securities […] by means of any untrue statement of a material fact or any omission to state a material fact necessary in order to make the statements […] not misleading[.]”
The recommendations would also violate Critcher’s obligations under the Financial Industry Regulatory Authority (FINRA) rules. FINRA Rule 2010 requires securities brokers to “observe high standards of commercial honor and just and equitable principles of trade.”
Jeffrey Pederson represents investors misled by brokers. Call for a free initial consultation.
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