A registered representative with Silver Oak Securities, Incorporated (CRD#: 46947) who does business as Magnate Wealth Management in Louisville, Kentucky, Neil Watkins (CRD#: 4456445) became involved in a customer dispute on August 13, 2019. A client alleges that he “recommended unsuitable investments,” according to his BrokerCheck report accessed on September 17, 2019. The investment products at issue included Real Estate Investment Truts (REITs), which are not suitable for every investor because of they are illiquid and cannot be easily sold. The client is seeking $115,000 in damages.
On November 30, 2018, LPL Financial discharged Neil Watkins after allegations that he “facilitated the distribution of advisory fee monies to an unregistered person. In his broker comment, Neil Watkins writes, “I did not facilitate the distribution of advisory fee monies to an unregistered person. Any advisory fee monies payable to or received by me ended up in the firm’s bank account and were used for firm expenses, including payroll and other overhead.”
In addition to Silver Oak Securities, over his 17-year career as a broker, Neil Watkins has worked for four other broker-dealers:
- LPL Financial, LLC (CRD#: 6413) of Louisville, Kentucky
- PNC Capital Markets LLC (CRD#: 15647) of Louisville, Kentucky
- NatCity Investments, Inc. (CRD#: 17490) of Louisville, Kentucky
- Edward Jones (CRD#: 250) of St. Louis, Missouri
If you’ve worked with Neil Watkins and have questions about suitability, don’t hesitate to contact the law firm of Fitapelli Kurta. Call (877) 238-4175 or email email@example.com for your free consultation with an experienced securities attorney.