Our firm is investigating LPL Financial LLC broker and investment adviser Brian Robert Bates (CRD# 2318413) of Phoenix, Arizona for potential investment-related misconduct.
Financial Advisor’s Career History
Based on the BrokerCheck employment and registration history, Brian Robert Bates has worked in the securities industry with registrations that include, among others:
- Waddell & Reed, Inc. (05/1993 – 09/1996)
- SunAmerica Securities, Inc. (09/1996 – 11/1998)
- Securities America, Inc. (11/1998 – 08/2004)
- CUE Financial Group, Inc. (09/2004 – 08/2009)
- Foothill Securities, Inc. (08/2009 – 06/2011)
- Chase Investment Services Corp. (08/2011 – 10/2012)
- J.P. Morgan Securities LLC (10/2012 – 10/2013)
- BBVA Securities Inc. (10/2013 – 08/2021)
- PNC Managed Account Solutions, Inc. / PNC Investments (08/2021 – 11/2021)
- LPL Financial LLC (10/2021 – Present)
Brian Robert Bates Fraud Allegations and Investor Complaints Explained
BrokerCheck reflects multiple disclosure events, including customer disputes (some closed, at least one involving a FINRA arbitration), an employment separation after allegations, and a reported judgment/lien.
Disclosures at a glance (action + disposition):
- Customer dispute (Structured notes) — FINRA arbitration pending (Docket/Case # 23-02542)
- Customer dispute (Structured CD) — Closed/No Action
- Customer dispute (Variable annuity) — Closed/No Action
- Customer dispute (Managed account) — Settled (Settlement: $2,960.09)
- Employment separation after allegations — Voluntary resignation while under internal review
- Judgment/Lien — Outstanding (Reported as unsatisfied)
Customer Dispute: Alleged Unsuitable Structured Notes (FINRA Arbitration #23-02542)
- Employing firm when alleged activity occurred: LPL Financial LLC
- Allegations: Claimants allege their representative recommended unsuitable structured notes
- Activity period: November 2021 to September 2023
- Date complaint received: 02/13/2023
- FINRA arbitration filed: Yes (Notice/Process Served 09/29/2023)
- Docket/Case #: 23-02542
- Alleged damages: $500,000.00
- Status: Reflected as a customer dispute that evolved into FINRA arbitration (named party); the narrative includes a broker denial of wrongdoing and asserts suitability.
Customer Dispute: Structured CD—Alleged Misrepresentation of FDIC Coverage (Closed/No Action)
- Employing firm when alleged activity occurred: BBVA Securities Inc.
- Allegations: Customer purchased a structured CD (January 2020) and alleged the representative misrepresented FDIC coverage based on the offering document
- Date complaint received: 02/07/2020
- Alleged damages: Firm estimated $5,000.00 or more (customer did not specify)
- Status date / disposition: Closed/No Action as of 04/06/2020
Customer Dispute: Variable Annuity—Alleged Misrepresentation and Unsuitability (Closed/No Action)
- Employing firm when alleged activity occurred: BBVA Compass Investment Solution, Inc.
- Allegations: Customer purchased a variable annuity (October 2015) and alleged it was misrepresented and not suitable
- Date complaint received: 05/02/2017
- Alleged damages: $11,000.00 (reported as estimated surrender charges if surrendered)
- Status date / disposition: Closed/No Action as of 12/06/2017
Customer Dispute: Managed Account—Alleged Misrepresentation (Settled)
- Employing firm when alleged activity occurred: Chase Investment Services Corp. (currently known as J.P. Morgan Securities LLC)
- Allegations: Customer alleged misrepresentation regarding a managed account investment
- Activity dates: 11/02/2011 – 12/08/2011
- Date complaint received: 12/08/2011
- Alleged damages: $5,000.00 (firm reported a good-faith determination damages were $5,000 or greater)
- Status date / disposition: Settled as of 01/29/2014
- Settlement amount: $2,960.09 (individual contribution reported as $0.00)
Employment Separation After Allegations: Disclosure-Related Internal Review
- Firm: JPMorgan Securities LLC
- Termination type: Voluntary resignation
- Termination date: 10/03/2013
- Allegations: Resigned while under internal review for failing to disclose appointments as a customer successor trustee
Judgment/Lien: Reported Outstanding Civil Judgment
- Judgment/Lien amount: $93,033.57
- Type: Civil
- Date filed: 11/26/2013
- Outstanding: Yes
- Court / location: Superior Court of AZ, Maricopa County (as reported)
- Broker statement (summary): Involves an estate/trustee context with an asserted settlement offer (as described in the report)
To obtain a copy of Brian Robert Bates’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
Focused representation for investor harm tied to sales-practice violations
When disputes involve allegations such as unsuitable recommendations, misrepresentation/omissions, or failures in disclosure, investors may have potential remedies through FINRA arbitration or related recovery avenues depending on the facts.
FINRA arbitration and recovery-oriented case development
Investor claims often turn on what was recommended, what risks were disclosed, how suitability was evaluated, and whether the firm’s supervisory systems functioned as required—issues that frequently become central in structured product and annuity disputes.
Contingency-fee representation for eligible claims
For qualifying matters, the firm evaluates loss causation, concentration, time horizon, investor profile, and documentation to determine whether a recovery claim is viable.
Section 5. Ruling part 1 (FINRA Rule 2111 (Suitability)):
FINRA Rule 2111 (Suitability) is frequently implicated when claimants allege that a recommendation—such as structured notes or a variable annuity—did not match an investor’s objectives, risk tolerance, liquidity needs, time horizon, or overall financial profile. In the dispute alleging unsuitable structured notes (activity period November 2021 to September 2023) and the complaint alleging a variable annuity was misrepresented and not suitable, suitability analysis typically examines whether the advisor had a reasonable basis to recommend the product, whether it was suitable for the specific customer, and whether the customer could reasonably understand and bear the product’s risks.
Section 6. Ruling part 2 (FINRA Rule 2010 – Standards of Commercial Honor):
FINRA Rule 2010 requires brokers and associated persons to observe high standards of commercial honor and just and equitable principles of trade. Allegations of misrepresentation—including the managed-account dispute that settled and the structured CD complaint involving alleged confusion about FDIC coverage—often raise Rule 2010 issues because the core question becomes whether communications were fair, accurate, and not misleading, and whether critical risk features and limitations were properly conveyed at the time of sale.
Section 7. Ruling part 3 (FINRA Rule 4511 – Books and Records):
FINRA Rule 4511 (Books and Records) requires firms to make and preserve required records. In disputes involving alleged unsuitable recommendations or misrepresentations—such as the structured notes arbitration and the managed account/annuity complaints—books-and-records issues can become central to evaluating what was documented about the client’s investment profile, what disclosures were provided, what approvals occurred (if any), and what communications support (or contradict) the narrative of suitability and informed consent.
Snippet three.
The Law Offices of Robert Wayne Pearce, P.A. is a nationally recognized securities law firm representing investors in FINRA arbitration and securities fraud cases on a contingency fee basis. Robert Wayne Pearce, the founding attorney, has more than 45 years of experience recovering millions for victims of broker misconduct and investment fraud. He previously defended major brokerage firms and now uses that insight to protect investors nationwide. To discuss your case directly with Mr. Pearce, call (800) 732-2889 or email pearce@rwpearce.com for a free consultation.
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