Bert Takita Suspended over Alleged Outside Business Activities

Bert Takita (CRD# 5852632[1]), formerly a broker registered with Equitable Advisors, allegedly engaged in unapproved outside business activities, according to a recent sanction. MDF Law is investigating the former Honolulu, Hawaii-based financial professional for similar conduct. If you have concerns about investments in your accounts, contact us for a free consultation.

To learn more about the allegations against Mr. Takita, continue reading this post. The information below is based on an October 17, 2024 review of his BrokerCheck profile, a Financial Industry Regulatory Authority record.

FINRA Suspends, Fines Takita over Rule Violations

On September 18, 2024, FINRA released a Letter of Acceptance, Waiver, and Consent (No. 2023079877001[2]) describing its disciplinary action against Mr. Takita. As a representative of Equitable Advisors between 2014 and 2023, he participated in multiple outside business activities. These activities included insurance businesses; property purchase, development, sale, and management; and the sales and installation of solar panels. The insurance business provided him with compensation, according to the Letter, and he was “owner, manager, or member” of the companies engaged in real estate and solar panel business.

The Letter notes that FINRA Rule 3270 requires brokers to provide their member firms with prior written notice about any outside business activities for which they receive or have the reasonable expectation that they might receive compensation. Despite this requirement, Mr. Takita allegedly did not provide his firm with notice about these activities. 

As such, FINRA found that he violated Rule 3270. It also found that he violated FINRA Rule 2010, which requires brokers to uphold high standards of commercial honor and just and equitable principles of trade. The regulator suspended him from associating with any member firm in all capacities for two months. It also ordered him to pay a fine of $5,000.

Bert Takita’s AWC with FINRA

Why Did Bert Takita Resign from Equitable Advisors?

Mr. Takita’s alleged outside business activities also led to his resignation[4] from Equitable Advisors. According to his BrokerCheck profile, he was “permitted to resign” from the firm in September 2023. When he resigned, a disclosure states, he was “under investigation for failing to report outside business activities.” 

FINRA: Broker Last Based in Honolulu, Hawaii

Mr. Takita launched his career as a broker when he joined Equitable Advisors in 2010. He remained at the firm’s Honolulu office until his resignation in 2023. With 12 years of experience as a broker, he has completed four industry exams, including the Series 7 and the Series 24. 

Contact MDF Law About Your Investment Concerns

Have you lost money investing with Bert Takita? MDF Law may be able to help you recover losses. Our lawyers have proven experience securing millions in recoveries for the victims of investment fraud. We take cases on contingency—clients only pay a fee when they win—and offer free consultations nationwide. Call 800-767-8040 to chat with an attorney today.