Tom Bates: $500K Complaint Against Bates Financial Advisor

Columbus, Ohio financial advisor Tom Bates (CRD# 1037294) allegedly gave misleading investment advice, according to a recent investor complaint. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Cambridge Investment Research. His website shows that he is a representative of Bates Financial, which offers securities and advisory services through Cambridge.

Mr. Bates’ BrokerCheck report discloses one investor complaint. Filed in October 2023, it alleges that as a representative of Cambridge Investment Research, he misrepresented and recommended unsuitable real estate investments. The pending complaint alleges damages of $500,000.

In a statement included with the complaint’s disclosure, Mr. Bates defends himself against the allegations. “RR delivered a presentation to the client which covered the non-liquid nature of the investment, the investment risk, the associated fees and the non-guaranteed dividend,” he writes, adding: “Additionally, RR provided other alternative investment options to the client. The client had the ability to choose from the options presented.”

Bates Financial’s website contains a ” of Mr. Bates that describes him as a “rare breed” among financial advisors. “Tom will work 1:1 with you to completely understand your financial needs, goals and risk tolerance,” it states. “Then he’ll carefully research and analyze the best growth and investment opportunities for you. Based on his findings, Tom will create a personalized portfolio of recommendations, presenting the “who, what, when and why” behind them to help you make a fully informed decision about your money.”

According to the Financial Industry Regulatory Authority, Tom Bates holds 41 years of securities industry experience. Based in Columbus, Ohio, he has been a broker and an investment advisor with Cambridge Investment Research since 2011. His registration history includes Woodbury Financial Services (Columbus, Ohio; 2006-2011), AXA Advisors (Columbus, Ohio; 2005-2006), MONY Securities Corporation (Columbus, Ohio and New York, New York; 1991-2005), Pruco Securities Corporation (Newark, New Jersey; 1982-1991), and The Prudential Life Insurance Company of America (Newark, New Jersey; 1982-1991). His credentials include the passage of five securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He holds 17 state licenses. (Information current as of December 4, 2023.)

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