Last Updated: November 2024 (Smyrna, Georgia)
National securities fraud lawyers at Patil Law P.C. are investigating Primerica Advisors broker Brett Wooten (CRD #5928719) regarding a pending $365,000 customer complaint alleging advisor negligence in failing to prevent customer losses from a scam.
Critical Insights About Smyrna, GA Financial Advisor Brett Wooten
- Advisor Name: Brett Alexander Wooten
- CRD: 5928719
- Location: Smyrna, GA
- Current Employer: Primerica Advisors/PFS Investments Inc.
- Classification: Investment Advisor Representative
- Primary Location: Smyrna, GA
- Can Brett Wooten be sued in FINRA arbitration: Yes
- Recent Customer Dispute: Pending complaint seeking $365,000
If you have suffered investment losses in an account handled by Mr. Wooten or have questions about your account, please contact Attorney Patil online or (800) 950-6553 for a free initial consultation.
Current Customer Dispute Details
A significant complaint was filed in August 2024 alleging that Wooten failed to protect a client who was victimized by a scam. According to the complaint, the customer alleges that Wooten bears responsibility for:
- Losses resulting from the customer’s withdrawal of advisory account funds
- Tax consequences associated with the withdrawn funds
- Failure to prevent the customer from falling victim to a scammer
- Total alleged damages of $365,000
The complaint raises serious questions about an advisor’s duty to protect clients from financial exploitation.
Analysis of Regulatory Obligations
Duty to Protect Vulnerable Investors
The allegations against Wooten implicate key regulatory requirements designed to protect investors from exploitation. FINRA Rule 2165 (Financial Exploitation of Specified Adults) establishes specific obligations for brokers who reasonably believe that financial exploitation of a senior or vulnerable adult has occurred or been attempted.
Account Monitoring and Client Protection
While advisors cannot control clients’ personal financial decisions, they have important obligations when they observe suspicious activity:
- Duty to monitor for signs of potential fraud or exploitation
- Responsibility to escalate concerns to supervisory personnel
- Obligation to maintain records of suspicious activity
- Requirement to follow firm procedures for protecting vulnerable clients
Regulatory Framework and Investor Protection
SEC Regulation Best Interest
The SEC’s Regulation Best Interest requires broker-dealers and associated persons to act in retail customers’ best interests when making recommendations. This includes protecting clients from foreseeable harms and having reasonable basis to believe recommendations are in clients’ best interests. In cases involving vulnerable investors, this means taking appropriate steps to identify and respond to red flags indicating potential exploitation.
FINRA Rules and Their Significance
FINRA Rule 2165 gives firms the ability to place temporary holds on disbursements when financial exploitation is suspected. This rule works alongside FINRA Rule 4512 (Customer Account Information) requiring firms to make reasonable efforts to obtain the name of a trusted contact person who can be contacted about potential financial exploitation.
FINRA Rule 3110 (Supervision) requires firms to establish and maintain systems to supervise activities of their associated persons that are reasonably designed to prevent fraudulent and manipulative acts. This includes procedures for identifying and reporting potential financial exploitation of vulnerable customers.
Senior and Vulnerable Investor Protection
FINRA has made senior investor protection a priority through various rules and initiatives:
- Required training on senior investor protection
- Guidance on identifying financial exploitation
- Resources for protecting vulnerable adults
- Collaboration with adult protective services
Professional Background
Wooten’s career in financial services includes:
- Primerica Advisors/PFS Investments (2012-Present)
- Primerica Financial Services (2009-Present)
Professional Qualifications:
- Series 26 (Investment Company Products/Variable Contracts Principal)
- Series 6 (Investment Company Products/Variable Contracts Representative)
- Series 65 (Uniform Investment Adviser Law)
- Series 63 (Uniform Securities Agent)
Red Flags for Investors
- Significant pending complaint involving failure to protect client assets
- Questions about supervision and monitoring of client accounts
- Issues around duty of care and client protection
- Senior investor protection concerns
Protecting Your Investment Rights
If you were a customer of Brett Wooten and:
- Experienced losses due to unauthorized withdrawals
- Were victimized by a financial scam
- Had concerns about account supervision
- Experienced suspicious account activity
Patil Law P.C. Will Help You Recover Your Investment Losses
Contact Attorney Patil at (800) 950-6553 for a free consultation. Our firm handles investment fraud cases on a contingency basis – you pay nothing unless we recover money for you.
