Bert Takita Resigns from Equitable Advisors Amid Investigation
Bert Takita (CRD# 5852632) departed Equitable Advisors following allegations he failed to report an outside business activity, according to his Financial Industry Regulatory Authority (FINRA) BrokerCheck profile. MDF Law is investigating the former Honolulu broker for allegations of similar conduct. If you lost money working with him, you should contact our law office as soon as possible. More information about the allegations against him is in this post, based on an October 16, 2023 examination of his BrokerCheck record.
Firm Investigation Led to Resignation
On September 13, 2023, Equitable Advisors disclosed that it permitted Mr. Takita to resign from the firm. According to the “allegations” section of a disclosure on his BrokerCheck profile, the firm allowed him to resign while he was under investigation. The investigation concerned allegations that he failed to report an outside business activity, and that he had an “unsatisfied judgment.” As another disclosure on his record indicates, the $289,800 judgment was filed with the Circuit Court of the State of Oregon in Marion County on March 7, 2023.
Understanding FINRA’s Outside Business Activities Rule
FINRA records provide no additional details regarding the investigation into Mr. Takita’s conduct or the allegations leading to the investigation. Broadly speaking, brokers may not undertake undisclosed outside business activities. FINRA Rule 3270 states explicitly that they may only engage in such activities—that is, business activities outside the scope of their broker-firm relationship—if they have “provided prior written notice to the member, in such form as specified by the member.” Firms like Equitable Advisors take various measures to keep track of their representatives’ participation in outside business activities, such as regular questionnaires and reviews of their employees’ social media activities and email correspondences. They may also observe red flags of outside business activities, such as changes in representatives’ lifestyle or the quality of their work.
Firms Must Maintain Records of Outside Business Activities
Under Rule 3270, firms who receive notice of a representative intended OBA must determine whether it would conflict with their duties as a broker. They must also “keep a record of its compliance with these obligations with respect to each written notice received and must preserve this record.” This means that when brokers improperly participate in outside business activities, they may cause their firm to violate industry rules governing the maintenance of accurate books and records.
FINRA: Bert Takita Last Based in Honolulu
Bert Takita started his career as a broker in 2010. That was the year he joined Equitable Advisors’ office in Honolulu, Hawaii, where he remained until his resignation in September 2023. Since his departure, he has remained unregistered with any broker-dealer firm. With 12 years of experience as a broker under his belt, he has completed one state securities law exam, two general industry/products exams, and one principal/supervisory exam.
Broker Complaints? Call MDF Law
If you have concerns regarding investments recommended by Bert Takita, you may have recovery options. Call MDF Law at 800-767-8040 to receive a free consultation about your situation. Not only do we take all cases on contingency—clients only pay a fee if they win—but we also offer free consultations to investors nationwide. Your time to file a clim may be limited, so don’t delay: contact MDF Law today.