Last Updated: September 2023 (Liberyville, Illinois)
Robert D. Witt Investigation Summary
Here’s what you need to know about Libertyville, IL, stockbroker Robert D. Witt:
- Name: Mr. Robert Daniel Witt
- Current Employer: Barred from securities industry by FINRA
- Previous Firms: Voya Financial Advisors, ING Financial Partners, One America Securities, Twin Rocks Asset Management dba Witt Financial Management
- Function: Former Stock Broker/ Financial Advisor
- Aliases: None
- Primary Location: Libertyville, IL
- CRD 2926506
- Can Robert D. Witt be sued in FINRA arbitration: Yes
- Sanctioned by FINRA: Yes
- Discharged by a prior employer: Yes
- Discloses outstanding Tax Lien: Yes
- Highest Settlement : $115,000
Discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Robert D. Witt As Your Stockbroker?
In 1/2019 FINRA permanently barred Robert D. Witt from the industry for failing to cooperate with a FINRA investigation.
Witt discloses 11 prior customer complaints including:
- In 2018 a customer of Voya Financial was paid $100,000 to resolve allegations that Witt caused losses by overconcentrating an account in one stock and then after suffering losses tried to make up the losses by frequent buys and sells without consent of the account holder.
- Another customer of Voya was paid $115,000 in 2018 to resolve allegations that Robert Witt made unsuitable recommendations and traded the account without authority.
In 10/2016 Robert Witt was permitted to resign from Voya Financial Advisors who allege “Representative conducted transactions in an account without speaking to and obtaining the consent of a party authorized to transact the account’
Robert Witt discloses an outstanding lien in favor of the Internal Revenue Service in the amount of $78,324, filed 6/2014 in Lake County, IL.
Allegations of Broker Misconduct Against Robert D. Witt
Customers of Robert D. Witt have alleged the following wrongdoing in connection with the handling of customer accounts:
- Unsuitable Investment Recommendations
- Trading without the authority of the account holder (Unauthorized Trading)
- Overtrading account
- Did not follow instructions to invest conservatively
- Unsuitable annuity recommendation
- Poor diversification
- High risk margin trading
- High commissions
- Unsuitable use of margin borrowing
Alternative Investments: These are assets that are not stocks, bonds or cash. Alternative investments generally fall within five categories: hedge funds, private capital, natural resources (oil and gas, energy), real estate (REITs) and infrastructure. They are typically less liquid that conventional investments, less regulated with higher fees and generally higher risk. For more investigations involving Alternative Investments, see this.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
See this for our Investigation of Voya Financial Advisors Complaints.
Recover Your Investment Losses Now With Rex Securities Law
If you have suffered investment losses in an account handled by Robert D. Witt, contact us for a complimentary consultation with an experience securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
With offices in Boca Raton, FL and Austin, TX, stockbroker fraud attorney Bob Rex provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors and broker dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
