Kirk Badii: $3 Million Complaint Against Badii Group Advisor

Southlake, Texas financial advisor Kirk Badii (CRD# 5829768) recently received an investor complaint alleging his advice led to millions of dollars in damages. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor registered with Independent Financial Group, doing business as Badii Group Private Wealth Management. 

Mr. Badii’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in December 2021, alleges that as a representative of UBS Financial Services, he mismanaged the accounts of “an elderly homemaker… by recommending alternative investments that were unsuitable.” The complaint goes on to allege that he did not fully explain the investments’ risks, that he established credit lines to qualify the customer for alternative investment purchases, that he established accounts containing “concentrated unsuitable investments,” and that he engaged in unapproved discretionary trading. The pending complaint alleges damages of $3 million. 

In a statement regarding the pending complaint, Mr. Badii defended himself against the allegations, describing the claimant as a “Sophisticated and accredited investor whose previous claim has already been denied individually and is now submitting a duplicate claim through one of her entities.” He asserted further that “The account and all transactions were invested precisely as discussed and signed by the Client and fit directly within the UBS guidelines for an appropriate asset allocation of an ultra-high net worth investor,” adding that he disclosed “all of the risks” and that the client “expressly acknowledged and accepted the illiquidity of these investments before they were allowed to make any investment.”

An earlier investor complaint, filed in 2019, alleged that Mr. Badii recommended unsuitable and illiquid investments while a UBS representative. In 2020 the complaint reached a settlement of $475,000.

Mr. Badii’s BrokerCheck report additionally discloses his 2018 firing from UBS Financial Services. According to the disclosure, he was terminated following a firm review that found he violated the firm’s social media and know-your-customer/anti-money laundering policies.

According to the Financial Industry Regulatory Authority, Kirk Badii holds 10 years of securities industry experience. Based in Southlake, Texas has been a broker and an investment advisor with Independent Financial Group since 2020, doing business as Badii Group Private Wealth Management. His past registrations include Cantella & Company (Los Angeles, California; 2018-2020), Raymond James Financial Services (Torrance, California; 2018), UBS Financial Services (Los Angeles, California; 2012-2018), and Credit Suisse Securities (Los Angeles, California; 2011-2012). His credentials include the passage of three securities industry qualifying examinations: the Uniform Combined State Law Examination, or Series 66; the General Securities Representative Examination, or Series 7; and the Securities Industry Essentials Examination, or SIE. He holds 21 state licenses. (Information current as of August 7, 2022.)

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