Advisor Alert: Our Attorneys Are Investigating Robert Daniel Witt For Investment Fraud
Did You Lose Money Because of Robert Witt?
Filed: October 25, 2023
Robert Witt currently has one (1) pending judgment/lien event. Overall, he has been the subject of two (2) regulatory events, one (1) termination event, one (1) judgment/lien event, and eleven (11) customer complaints. As an investor, you may be entitled to compensation for losses accrued due to mismanagement of your investments.
Let’s begin our Patil Law Advisor Alert with a summary report on Robert Daniel Witt.
Who Is Robert Daniel Witt?
- Advisor Name: Robert Daniel Witt
- Aliases: Robert Witt
- CRD: 2926506
- Location: Libertyville, Illinois
- Current Employer: No Longer Allowed to Practice in the Securities Industry
- Previous Firms: Voya Financial Advisors, Inc., ING Financial Partners, Inc., and OneAmerica Securities, Inc.
- Number of Known Customer Complaints: 11
- Number of Known Regulatory Events: 2
- Number of Known Termination Events: 1
- Number of Known Judgment/Lien Events: 1
- Can Robert Witt Be Sued: Yes, in Private Arbitration
- Can Robert Witt’s Employers Be Sued For Failing to Supervise His Actions: Yes, in Private Arbitration
- Highest Damages Allegation: $246,230
- Highest Settlement: 115,000
If you have suffered investment losses by Robert Witt, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining an investment fraud lawyer. Reach out to the legal team at Patil Law, P.C. via the secure online form or call the firm directly toll-free at 1-800-950-6553.
Customer Complaints Filed Against Robert Witt For Broker Misconduct
As of this publication date, Robert Witt has been the subject of 1 regulatory event, 2 termination events, 1 judgment/lien event, and 11 customer disputes. Let’s review them below.
In August 2020, Robert Witt was the subject of a civil judgment or lien in the amount of $78,324.80. In general, judgment liens are court rulings that give a creditor the right to take possession of a debtor’s property when the debtor has failed to fulfill his or her contractual obligations. Sometimes, these types of disclosures reflect IRS judgments, tax liens, and/or civil judgments against a financial advisor.
In October 2018, the FINRA initiated a regulatory action against or in reference to Mr. Witt for failing to respond to FINRA requests for information.
In July 2018, a complaint was filed against or in reference to Robert Witt by a customer of Voya Financial Advisors, Inc. alleging that Mr. Witt recommended an unsuitable investment. The client added that Mr. Witt also failed to diversify beginning in June 2015. Per the customer, he/she lost over $126,000 due to Mr. Witt’s actions. On August 20, 2018, Mr. Witt settled the claim for $50,000, and some or all of this amount may have been paid by Mr. Witt’s employer and/or insurance carrier.
In January 2018, a complaint was filed against or in reference to Robert Witt by a customer of Voya Financial Advisors, Inc. alleging that losses in account in 2015 and 2016 were due to a large portion of account held in one stock and that as the account declined, Mr. Witt tried to make up for the losses by frequent buys and sells without the client’s consent. Per the customer, he lost over $246,230 due to Mr. Witt’s actions. On March 27, 2018, Mr. Witt settled the claim for $100,000, and some or all of this amount may have been paid by Mr. Witt’s employer and/or insurance carrier.
In December 2017, a FINRA arbitration was filed against or in reference to Robert Witt by a customer of Voya Financial Advisors, Inc. alleging Mr. Witt recommended unsuitable investments. The client added further allegations of unsuitable extension of margin credit, unauthorized trading, financial elder abuse, common law fraud, and failure to supervise. Per the customer, he/she lost over $190,000 due to Mr. Witt’s actions. On September 4, 2018, Mr. Witt settled the claim for $115,000, and some or all of this amount may have been paid by Mr. Witt’s employer and/or insurance carrier.
In December 2017, a complaint was filed against or in reference to Robert Witt by a customer of Voya Financial Advisors, Inc. that Mr. Witt failed to fulfill the client’s request. The client stated that high commission, market loss, and investments were not conservative as requested. Per the customer, he/she lost over $34,043.18 due to Mr. Witt’s actions. On April 5, 2018, Mr. Witt settled the claim for $27,500, and some or all of this amount may have been paid by Mr. Witt’s employer and/or insurance carrier.
In September 2017, a complaint was filed against or in reference to Robert Witt by a customer of Voya Financial Advisors, Inc. with allegations of high commission, risky investment strategy and continued loss in account value. Per the customer, he/she lost over $50,643.66 due to Mr. Witt’s actions. On November 2, 2017, Mr. Witt settled the claim for $19,000, and some or all of this amount may have been paid by Mr. Witt’s employer and/or insurance carrier.
In September 2017, a complaint was filed against or in reference to Robert Witt by a customer of Voya Financial Advisors, Inc. with allegations of unsuitable investments, misrepresenting investments as conservative, and purchase and sales in account without client’s consent and full understanding. Per the customer, he/she lost over $19,451 due to Mr. Witt’s actions. On October 30, 2017, Mr. Witt settled the claim for $15,000, and some or all of this amount may have been paid by Mr. Witt’s employer and/or insurance carrier.
In October 2016, a complaint was filed against or in reference to Robert Witt by a customer of ING Financial Partners, Inc. alleging that the client is not aware of the management fees on their managed account. The client alleged that Mr. Witt told him that a portion of his investment funds were invested in tax free bonds with a return of 6.02% and had no risk. Further, the funds are actually invested in mutual funds and the account has declined in value. The client also claims that his instructions of placing liquidations on these positions on April 14, 2008 were not followed. Per the customer, he lost over $116,792.50 due to Mr. Witt’s actions.
In October 2016, the Voya Financial Advisors terminated Mr. Witt for conducting transactions in an account without speaking to and obtaining the consent of a party authorized to transact in the account.
In October 2016, a complaint was filed against or in reference to Robert Witt by a customer of Voya Financial Advisors, Inc. alleging that Mr. Witt made poor investment recommendations, high risk margin trading, and lacked good diversification. Per the customer, he/she lost over $26,560.88 due to Mr. Witt’s actions. On February 27, 2017, Mr. Witt settled the claim for $3,674.65.
In August 2016, a complaint was filed against or in reference to Robert Witt by multiple customers of Voya Financial Advisors, Inc. alleging that Mr. Witt made high risk investment decisions resulting in loss. Further, he did not follow instructions to invest in a conservative manner, carried out poor diversification, used margin inappropriately, and recommended unsuitable annuity. Per the customers, they lost over $55,685 due to Mr. Witt’s actions. On November 29, 2016, Mr. Witt settled the claim for $14,530.15.
In June 2016, a complaint was filed against or in reference to Robert Witt by multiple customers of Voya Financial Advisors, Inc. alleging that Mr. Witt gave the clients poor advice and explanations regarding their investments. On October 12, 2016, Mr. Witt settled the claim for $2,163.49.
In April 2013, the INDIANA initiated a regulatory action against or in reference to Mr. Witt for conducting investment advisory services in Indiana prior to registration with the State of Indiana.
In June 2011, a complaint was filed against or in reference to Robert Witt by multiple customers of ING Financial Partners, Inc. concerning a significant loss of value in their account, the amount of fees charged, and the investment strategy employed by Mr. Witt to manage the account. On October 27, 2011, Mr. Witt settled the claim for $20,000, and some or all of this amount may have been paid by Mr. Witt’s employer and/or insurance carrier.
How To File A Claim Against Robert Witt (previously with Voya Financial Advisors, Inc., ING Financial Partners, Inc., and OneAmerica Securities, Inc.) To Get Your Money Back.
If you have questions about Robert Witt, Voya Financial Advisors, Inc., ING Financial Partners, Inc., OneAmerica Securities, Inc., or the management or performance of your accounts, please contact Attorney Patil for a free initial consultation via email or toll free at 1-800-950-6553. Our team has recovered approximately $25 million dollars on behalf of investors who lost money due to bad advice by their broker or brokerage firm. We’d love to help you out too.