Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on October 26, 2017 indicate that West Virginia-based Geneos Wealth Management broker/adviser Gary Linkous has been involved in a customer dispute. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Linkous (CRD# 2570018).
Gary Linkous has spent 22 years in the securities industry and has been registered with Geneos Wealth Management in Bluefield, West Virginia since 2004. Previous registrations include United Securities Alliance in Greenwood Village, Colorado (2003-2004); Cambridge Investment Research in Fairfield, Iowa (2003); Multi-Financial Securities Corporation in Denver, Colorado (1997-2002); American Express Financial Advisors in Minneapolis, Minnesota (1995-1997); and IDS Life Insurance Company in Minneapolis, Minnesota (1995-1997). He has passed three securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination), which he obtained on February 27, 1995; Series 65 (Uniform Investment Adviser Law Examination), which he obtained on February 22, 1995; and Series 7 (General Securities Representative Examination), which he obtained on February 2, 1995. He is a registered broker and investment adviser with ten US states and territories: Alabama, Florida, Indiana, Maryland, North Carolina, Ohio, Tennessee, Texas, Virginia, and West Virginia.
According to his BrokerCheck report, Gary Linkous has received one customer complaint.
In 2012 a customer alleged Gary Linkous, while employed at Geneos Wealth Management, misrepresented and omitted material facts in connection to a 1031 exchange completed in May 2008. The complaint settled in 2013 for $185,000.
A 1031 exchange, also known as a like-kind exchange, is a transaction in which one asset or business is swapped for another. Though swaps are generally subject to sales taxes, 1031 exchanges—named after Section 1031 of the Internal Revenue Code—have no tax due at the time the exchange takes place. In other words, 1031 exchanges allow investors to change their investment without having to cash it out or pay capital gains taxes. They are generally used for properties held as investments—such as tenant-in-common properties—or for business. With respect to tenant-in-common (TIC) exchanges, according to FINRA Notice 05-18, “interests in real property are exchanged for instruments that generally are securities for purposes of the federal securities laws and NASD rules.” That same notice reminds brokers and investment adviser to exercise proper due diligence and supervision when recommending 1031 exchanges to ensure that they are suitable for the investors in question. FINRA members who fail in their duties surrounding the recommendation of 1031 exchanges may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you or someone you know has a complaint regarding Gary Linkous, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup lost funds. Fitapelli Kurta accepts every case on contingency: we only get paid if and when you collect money. Time to file your claim may be limited, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.