HD Vest Financial Services and Karl Foust

HD Vest Financial Services, HD Vest Advisory Services and Karl Foust:

Recently, a 73 year old, unsophisticated retiree filed a FINRA arbitration against Karl Foust and his former broker/dealer HD Vest Investment Services d/b/a HD Vest Financial Services, which alleged that Mr. Foust, while acting as an account executive for HD Vest Investment Services and as an advisor consultant for HD Vest Advisory Services, solicited the retiree to partially and then fully liquidate the investments that she had in her HD Vest Financial Services IRA account so that, according to Mr. Foust, she could invest in a more suitable and safe investment, Equity Trust Company, which would guarantee the safety of her principal while paying a fixed rate of return.

What Mr. Foust failed to tell the retiree was that Equity Trust Company, itself, was not an investment but was an IRA custodian that allows individuals to make their own investment decisions with their IRA funds. Then, Mr. Foust made himself the account executive on the retiree's Equity Trust Company account and then he directed Equity Trust to invest the client's IRA funds into a totally unsuitable investment called Wimbledon Health Partners, LLC.

The retiree's funds were placed, by Mr. Foust, in a series of unsecured promissory notes. Once the retiree found out what Mr. Foust had done with her funds, she asked for the return of her money. However, she is still owned approximately $35,000, which no current prospect that the note that is currently in default will be repaid.

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