Pat Hobert Allegedly Recommended Unsuitable Investment

Pat Hobert (CRD# 805680[1]), a broker registered with Centaurus Financial, is embroiled in investor disputes alleging that he recommended unsuitable investments. MDF Law is investigating the Newport Beach, California-based financial professional for similar conduct. We urge investors with concerns to reach out for a free consultation.

To learn more about the allegations against Mr. Hobert, continue reading this post. The information below is sourced from his BrokerCheck profile, a Financial Industry Regulatory Authority (FINRA) resource accessed on February 14, 2024.

Pending Disputes Involve Bond, Real Estate Investments

In December 2023 and January 2024, two parties of investors lodged disputes involving Mr. Hobert. While one alleges that he made a “poor” recommendation to invest in a corporate bond, the other alleges that he recommended an unsuitable real estate security. The disputes, which remain pending, seek at least $100,000 in damages.

Pat Hobert Denies Wrongdoing

Mr. Hobert issued statements resisting the allegations made in the above-described investor disputes, according to FINRA records. “I vehemently deny any wrongdoing and assert that the allegations are completely without merit.,” he asserts in each statement. He claims further that the investments were suitable for the customers, who, he adds, confirmed that they understood the products and their risks. “At all times,” he notes, “I put the customer’s interest first and I will vigorously defend this matter to the fullest extent of the law.”

Past Disputes Settled by Firms

Between 1988 and 2023, ten parties of investors filed disputes against Mr. Hobert that his current and former member firms settled. These disputes included allegations of unsuitable recommendations, breach of fiduciary duty, unauthorized sales, misrepresentation of material information, and supervisory failures. His current or former firms settled the disputes for a total of more than $200,000. 

Hobert Wealth Management Based in Orange County

As his BrokerCheck profile reflects, Mr. Hobert does business as Hobert Wealth Management. The firm’s webpage[2] notes that its mission is to help clients grow and preserve their wealth and achieve financial peace of mind. Mr. Hobert’s biographical statement, meanwhile, describes him as a veteran financial advisor with investment management expertise. “Over the past 40 years Pat has hosted numerous educational seminars and courses on investing and financial planning in Orange County,” it notes. 

FINRA: Hobert Based in Newport Beach, California

Pat Hobert embarked on his career as a broker in 1975, when he registered with Chubb Securities. Over the subsequent decades, he has worked at firms including American General Capital Planning, Southmark Financial Services, FSC Securities Corporation, and Wedbush Morgan Securities. He joined his current member firm, Centaurus Financial, in 2007. He has worked there since, based at its office in Newport Beach, California. With 46 years of experience as a broker, he has completed five industry exams, including the Series 7 and the Series 63. 

Call MDF Law for a Free Consultation Today

Did you lose money working with Pat Hobert? MDF Law may be able to assist you in the recovery of damages. Call our experienced broker fraud attorneys at 800-767-8040 for a free consultation about your case. Because we take cases on a contingency basis, clients only pay a fee if they collect lost funds. You may have limited time to file a FINRA arbitration claim, so don’t delay: call MDF Law today.