Public records provided by the Financial Industry Regulatory Authority (FINRA) on September 27, 2016 indicate that Michigan-based Concorde Investment Services broker/adviser Mark Kosanke has received customer complaints. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Kosanke (CRD# 2317906).
Mark Kosanke has spent 22 years in the securities industry and has been registered with Concorde Investment Services in Troy, Michigan since 2010. Previous registrations include Professional Asset Management in Troy, Michigan; Questar Capital in Troy, Michigan; Firm Securities in Independence, Ohio; and Mariner Financial Services in Largo, Florida. He is a registered broker and investment adviser with 31 US states and territories.
According to his BrokerCheck report, Mark Kosanke has received two customer complaints.
In 2013 a customer alleged Mark Kosanke, while employed at Professional Asset Management, acted negligently, misrepresented material facts, and omitted material facts in connection to tenant-in-common investments. The complaint settled in July 2015 for $115,000.
In 2010 a customer alleged Mark Kosanke, while employed at Questar Capital, unsuitably sold four tenant-in-common investments, resulting in the account’s over-concentration in “illiquid, highly leveraged real estate.” The complaint settled in 2011 for $400,000.
Concentration (or “over-concentration”) refers to a broker’s failure to diversify a customer’s portfolio among a variety of assets. Sometimes a broker believes one asset will outperform others, and focuses the investment in that asset or class. In other cases, a broker might invest primarily in a series of related investments; for instance, municipal bonds in the same region. Since similar classes often perform similarly, if one performs poorly, the others might as well. Brokers who fail to diversify their customers’ investments may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you or someone you know has a complaint regarding Mark Kosanke, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be able to recover lost funds. Fitapelli Kurta accepts all cases on contingency: we only get paid if and when you collect money. You may have a limited window to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.