Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on October 26, 2016 indicate that former Georgia-based Cambridge Investment Research broker Robert Lyons has been sanctioned by FINRA. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Lyons (CRD# 843645).
Robert Lyons has spent 36 years in the securities industry and was most recently registered with Cambridge Investment Research in Augusta, Georgia (2001-2014). Previous registrations include Allen C. Ewing & Company in Jacksonville, Florida; Capital Research Corporation in Jacksonville, Florida; Buckhead Financial Corporation; Walnut Street Securities in El Segundo, California; and the Robinson-Humphrey Company in Atlanta, Georgia. He is currently not registered with any state or firm.
According to his BrokerCheck report, Robert Lyons has received one FINRA sanction.
In September 2016 FINRA sanctioned Robert Lyons following allegations he “recommended and executed sets of unsuitable mutual fund switches in customer accounts, switching customer assets from shares in one fund family to shares in a different fund family.” According to FINRA’s findings: “[Mr.] Lyons did not have a reasonable basis to believe that his recommendations to liquidate Class A and Class T shares to purchase the same share classes in different fund families were suitable for the customers at issue because the Class A and Class T shares were held for less than one year and Lyons’ customers paid unnecessary fees as a result of the switches.” He was issued a 15-day suspension and a fine of $5,000.
A mutual fund is a variety of investment that combines a collection of stocks, bonds, or other securities. The collection is referred to as a portfolio. Each share of a portfolio represents the investor’s ownership of the fund’s holdings and the income generated by these holdings. Mutual funds typically generate money for investors either by way of dividends on stocks and interests on bonds, or a capital gain on the sale of securities. Mutual funds also allow you to receive a check for the distributions or simply reinvest the earning into more shares. They are often inexpensive and easy to purchase; they also generally allocate risk well, and bring the benefit of professional management. However, they may also come with hidden fees, and trigger a capital gains tax when a fund manager sells a security. Brokers and investment advisers who engage in misconduct related to mutual fund investments may be subject to disciplinary action from FINRA, the Securities and Exchange Commission, or state authorities.
If you or someone you know has complaints regarding Robert Lyons, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recover lost funds. All cases are taken on contingency: we only receive payment if and when you collect money. Time to file your claim may be limited, so we suggest you avoid delay. Call 877-238-4175 now to speak to an attorney for free.