PHILIP JOSEPH AMOS Investment Fraud Investigation

March, 2025 | Based in Avon, OH

Wondering if you have a case for investment loss recovery? Call 800-950-6553 today or complete our online form to schedule your free, no-obligation case evaluation.

Key Facts About Philip Joseph Amos

• Full Name: Philip Joseph Amos
• CRD Number: 3262155
• Current Location: Avon, OH
• Current Employer: Kestra Investment Services, LLC (since January 2006) and Kestra Advisory Services, LLC (since April 2016)
• Office Address: 36711 American Way, Suite 2F, Avon, OH 44011
• Registration Status: Currently registered as a broker with FINRA and as an investment adviser representative in Ohio and Texas
• State Licenses: Licensed as a securities agent in 22 U.S. states and territories
• Experience: In the financial industry since 1999
• FINRA BrokerCheck: One customer dispute (withdrawn)
• Previous Employers: NFP Advisor Services, LLC (2006-2016), Lincoln Financial Advisors Corporation (2002-2006), Northwestern Mutual Investment Services, LLC (2001-2002), Robert W. Baird & Co. Incorporated (1999-2002)
• Professional Designation: Chartered Financial Consultant (ChFC)
• Ability to Recover Losses: Investors may be eligible for FINRA arbitration depending on specific circumstances

In-Depth Investigation of Philip Joseph Amos’s Investment Practices

Philip Joseph Amos, a financial advisor currently affiliated with Kestra Investment Services, LLC and Kestra Advisory Services, LLC in Avon, Ohio, has come under scrutiny following allegations of recommending unsuitable investments to clients. With over 25 years in the financial services industry, Mr. Amos has built a career across several major brokerage firms, functioning both as a registered representative and an investment adviser representative.

Our investigation centers on a recent customer complaint filed in February 2024, alleging that Mr. Amos recommended unsuitable direct participation programs (DPPs) and limited partnership interests to clients. While this specific complaint was ultimately withdrawn in June 2024, its existence warrants a closer examination of Mr. Amos’s investment recommendations, particularly regarding complex investment products that may carry significant risks for retail investors.

The withdrawn complaint is noteworthy because unsuitable investment recommendations represent a serious violation of FINRA rules and potentially breach the fiduciary duty owed to clients under investment advisory relationships. Even though the formal complaint did not proceed to a final determination, investors who have worked with Mr. Amos should understand their rights and options if they have concerns about the suitability of their investments.

Professional Background and Qualifications

Philip Joseph Amos entered the securities industry in October 1999 when he registered with Robert W. Baird & Co. Incorporated. Over his career spanning more than two decades, he has worked with several prominent financial firms:

• Robert W. Baird & Co. Incorporated (1999-2002)
• Northwestern Mutual Investment Services, LLC (2001-2002)
• Lincoln Financial Advisors Corporation (2002-2006)
• NFP Advisor Services, LLC (2006-2016)
• Kestra Investment Services, LLC (2006-present)
• Kestra Advisory Services, LLC (2016-present)

Mr. Amos holds multiple securities licenses, demonstrating his qualifications to provide a range of financial services:

• General Securities Representative (Series 7)
• General Securities Principal (Series 24)
• General Securities Sales Supervisor – General Module (Series 10)
• Uniform Combined State Law (Series 66)
• Securities Industry Essentials (SIE)

His Series 24 and Series 10 principal licenses indicate that he is qualified not only to transact securities but also to supervise others in the industry. This level of licensing suggests extensive knowledge of industry rules and regulations, which makes the allegation of unsuitable investment recommendations particularly concerning.

Additionally, Mr. Amos holds the Chartered Financial Consultant (ChFC) designation, a professional credential that requires advanced education in financial planning. The ChFC designation requires completion of eight college-level courses covering topics such as financial planning, insurance planning, income taxation, retirement planning, and estate planning. Holders of this designation are also required to adhere to a code of ethics and meet continuing education requirements.

Business Activities and Potential Conflicts of Interest

According to his BrokerCheck report, Mr. Amos is involved in multiple business activities beyond his primary role as a financial advisor. These additional professional engagements raise potential concerns about conflicts of interest that investors should be aware of:

1. Magis Advisory Group, LLC: Mr. Amos is listed as Co-Founder and President of this company, which is investment-related and involves registered representative activities through Kestra Investment Services, LLC, consulting, insurance, and investment advisory services through Kestra Advisory Services, LLC. He reports spending 41-50% of his time (65-80 hours per month) on this business.
2. Paul Amos & Associates: Mr. Amos has been affiliated with this business since 2005, functioning as a registered representative. This appears to be a family business, potentially related to his father, as suggested by another business entry.
3. PJA Legacy LLC: This entity was established with his father for purchasing stock in their firm, with a 10-year payment plan beginning in 2008. While reported as non-investment related, this business relationship could potentially influence investment recommendations if there is financial pressure to meet payment obligations.
4. Community Involvement: Mr. Amos holds positions in several community organizations, including:

• Treasurer of Lorain County Community College Foundation Board (since January 2025)
• Chair of One Lorain County (since January 2024)
• Member of Lorain County Chamber of Commerce (since January 2013)
• Soccer referee for OHSAA and USSF (since January 2004)

These multiple roles and responsibilities could potentially divide his attention and create conflicts between his various business interests and his duties to investment clients. Particularly concerning is the overlapping nature of his investment-related businesses, which may create confusion for clients about which entity they are working with and which standard of care applies to their relationship.

The Customer Complaint: Understanding the Allegations

In February 2024, clients filed a FINRA arbitration case (Docket #24-00388) against Mr. Amos, alleging that he recommended unsuitable investments, specifically direct participation programs (DPPs) and limited partnership interests. While this complaint was withdrawn in June 2024, the nature of the allegations deserves careful examination.

Direct participation programs and limited partnerships are complex investment vehicles that typically involve:

1. Limited Liquidity: These investments often cannot be easily sold on the secondary market, potentially locking investors’ capital for extended periods.
2. High Fees and Commissions: DPPs and limited partnerships frequently involve substantial upfront and ongoing fees that can significantly impact investor returns.
3. Complex Tax Implications: These investments often have complicated tax structures that may not be suitable for all investors’ tax situations.
4. Concentrated Risks: Many DPPs and limited partnerships focus on specific sectors (such as real estate, energy, or equipment leasing), creating concentrated exposure to particular market segments.
5. Lack of Transparency: The valuation and performance of these investments can be difficult for individual investors to assess independently.

The allegation of unsuitability suggests that these investments may not have been appropriate for the specific financial situation, investment objectives, risk tolerance, or liquidity needs of the clients who filed the complaint. Under FINRA Rule 2111, financial advisors must have a reasonable basis for believing that an investment or investment strategy is suitable for a customer based on the customer’s investment profile.

While the withdrawal of the complaint might suggest a resolution between the parties or a reassessment by the clients, it does not necessarily indicate that the recommendations were appropriate. Complaints can be withdrawn for various reasons, including settlements with confidentiality provisions, changes in the clients’ circumstances, or procedural issues unrelated to the merits of the claim.

Regulatory Framework and Standards of Care

Understanding the regulatory framework and standards of care that apply to Mr. Amos’s various roles is crucial for investors evaluating his conduct and their potential legal remedies.

Dual Registration and Different Standards

Philip Joseph Amos operates under dual registration as both:

1. Registered Representative (Broker): Through Kestra Investment Services, LLC, Mr. Amos is subject to FINRA’s suitability standard under Rule 2111 and, since June 2020, the SEC’s Regulation Best Interest (Reg BI). These rules require that he recommend only securities that are suitable for customers and act in their best interest at the time a recommendation is made.
2. Investment Adviser Representative: Through Kestra Advisory Services, LLC, Mr. Amos is subject to a fiduciary duty under the Investment Advisers Act of 1940. This higher standard requires that he act in clients’ best interests at all times, not just when making recommendations, and includes ongoing obligations of loyalty and care.

This dual registration can create confusion for clients who may not understand which role Mr. Amos is fulfilling in different interactions and which standard of care applies.

Relevant FINRA Rules

Several FINRA rules apply to recommendations of complex investments like DPPs and limited partnerships:

1. Rule 2111 (Suitability): Requires that a broker have a reasonable basis to believe that a recommended transaction or investment strategy is suitable for the customer based on information obtained through reasonable diligence.
2. Rule 2010 (Standards of Commercial Honor and Principles of Trade): Requires brokers to observe high standards of commercial honor and just and equitable principles of trade.
3. Rule 2210 (Communications with the Public): Governs communications about investments and prohibits false or misleading statements.
4. Rule 3110 (Supervision): Requires firms to establish and maintain a system to supervise the activities of associated persons, including monitoring recommendations of complex products.

Given Mr. Amos’s principal licenses (Series 24 and Series 10), he should be particularly familiar with these regulatory requirements and the importance of ensuring that investment recommendations align with clients’ profiles.

Red Flags for Investors

When evaluating DPP and limited partnership investments recommended by financial advisors like Mr. Amos, investors should be alert to several red flags:

1. High-Pressure Sales Tactics: Urgency to invest before a “limited time opportunity” expires may indicate that an advisor is prioritizing commission over suitability.
2. Promises of Guaranteed Returns: Complex investments like DPPs rarely offer guaranteed returns, and such promises should raise immediate concerns.
3. Lack of Clear Explanation: If an advisor cannot or will not clearly explain how an investment works, its fee structure, or its risks, this is a significant warning sign.
4. Incomplete or Confusing Disclosure Documents: Difficulty obtaining or understanding offering documents for DPPs or limited partnerships may indicate that important information is being obscured.
5. Concentration Recommendations: Suggestions to place a large percentage of investable assets into DPPs or limited partnerships could indicate unsuitable concentration risk.
6. Inconsistency with Stated Investment Objectives: Recommendations that do not align with previously documented investment goals, time horizons, or risk tolerance are particularly concerning.
7. Difficulty Tracking Performance: If you cannot easily determine how your investment is performing or what its current value is, this lack of transparency is problematic.

Guidance for Potentially Affected Investors

If you’ve invested with Philip Joseph Amos and are concerned about DPPs, limited partnerships, or other complex investments in your portfolio, consider taking the following steps:

1. Review Your Investment Documents

Carefully examine all investment documentation, including:

• Account opening forms that document your investment objectives and risk tolerance
• Offering memoranda or prospectuses for any DPPs or limited partnerships
• Account statements showing performance and current values
• Any written communications with Mr. Amos regarding investment recommendations

2. Assess Investment Performance and Suitability

Evaluate whether your investments have performed as represented and whether they align with your:

• Investment objectives
• Risk tolerance
• Time horizon
• Liquidity needs
• Overall financial situation

3. Document Your Communications

Maintain records of all communications with Mr. Amos regarding your investments, including:

• Emails and written correspondence
• Notes from meetings or phone calls
• Marketing materials provided for investments
• Questions asked and answers received about investment risks

4. Understand Time Limitations

Be aware that FINRA arbitration claims typically must be filed within six years of the event giving rise to the claim. If you believe you received unsuitable investment recommendations, consulting with an attorney promptly is important to preserve your rights.

5. Consider Independent Evaluation

Seek an independent review of your investment portfolio from a financial professional who has no connection to Mr. Amos or Kestra. This can provide an objective assessment of whether the recommendations were appropriate for your situation.

How Our Investment Fraud Attorneys Can Help

If you believe you’ve received unsuitable investment recommendations from Philip Joseph Amos or other financial advisors at Kestra Investment Services, our specialized investment fraud attorneys are uniquely positioned to help:

Comprehensive Case Evaluation

Our attorneys provide a thorough, no-cost initial evaluation of your investment situation to determine if you may have a viable claim for recovery. This includes:

• Analyzing the suitability of investment recommendations based on your documented investment profile
• Reviewing disclosures provided for complex investments
• Assessing potential violations of FINRA rules or fiduciary duties
• Calculating potential damages from unsuitable investment recommendations

Expert FINRA Arbitration Representation

The primary forum for resolving disputes with brokers is FINRA arbitration, which has specific procedures and rules that differ from traditional court proceedings. Our attorneys:

• Have extensive experience with the FINRA arbitration process
• Understand the nuances of claims involving DPPs and limited partnerships
• Work with financial experts to build compelling cases
• Have successfully recovered losses for investors in similar situations

No Recovery, No Fee Approach

We handle investment fraud claims on a contingency fee basis, meaning you pay legal fees only if we successfully recover compensation for your investment losses. This approach:

• Aligns our interests with yours
• Provides access to high-quality legal representation regardless of your current financial situation
• Demonstrates our confidence in our ability to successfully resolve your claim

Personalized Recovery Strategy

We develop a tailored approach for each client’s situation, which may include:

• Negotiating directly with the broker-dealer or investment advisory firm
• Filing a formal FINRA arbitration claim
• Pursuing claims against multiple responsible parties when appropriate
• Identifying all potential causes of action to maximize recovery

If you invested with Philip Joseph Amos and have concerns about unsuitable investment recommendations, particularly regarding DPPs or limited partnerships, don’t delay in seeking professional advice. The withdrawn customer complaint suggests that others have had concerns about Mr. Amos’s investment recommendations, and you may not be alone in experiencing issues.

Take the first step toward potential recovery by calling our experienced investment fraud attorneys at 800-950-6553 or by submitting our online form to schedule your confidential, no-cost consultation today.

Chetan Patil

Chetan Patil is the founder and Managing Partner of the Patil Law. He brings over 15 years of extensive experience in diverse complex disputes and transactions, across the country. Mr. Patil specializes in litigations, trials, arbitrations, and appeals of complex securities, FINRA, financial and business disputes, with an emphasis in securities, financial services, and financial regulatory law.