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Read MoreTim Hakes: Misappropriation Complaint Against Prime Capital Advisor
Overland Park, Kansas financial advisor Tim Hakes (CRD# 2399374) recently received an investor complaint alleging that he misappropriated funds. Financial Industry Regulatory Authority records show that he is currently registered as a broker with Private Client Services and an investment advisor with Prime Capital Investment Advisors.
Mr. Hakes’ BrokerCheck report discloses multiple investor complaints. The most recent, filed in January 2024, alleges that as a representative of Cambridge Investment Research, he misappropriated funds in connection with a variable annuity product. The pending complaint alleges unspecified damages.
An earlier investor complaint, filed in 2009, alleged that as a representative of The ON Equity Sales Company, he failed to follow instructions to place and maintain stop orders. The complaint reached a settlement of $11,000.
In a statement included with the settled complaint’s disclosure, Mr. Hakes defended himself against the allegations. “Client had a non-discretionary account that experienced market downturn and recovery,” he wrote. “Client sought losses at market low without realizing losses. Without ONESCO or rep admitting liability, the case settled for substantially less than what it would have cost to arbitrate it. Rep was not asked to contribute to the settlement.”
Prime Capital’s website includes a profile of Mr. Hakes that describes him as the firm’s president. “The firm does not fit a cookie-cutter mold, often pushing the boundaries with its team approach to financial planning,” it states. “Tim developed the wealth advisory service at the firm and will continue to introduce new programs that will enhance opportunities for customers and allow the firm room to grow.”
According to the Financial Industry Regulatory Authority, Tim Hakes holds 29 years of securities industry experience. Based in Overland Park, Kansas, he has been a broker with Private Client Services since 2018 and an investment advisor with Prime Capital since 2017. His past registrations include Fiduciary Investment Trusts (Overland Park, Kansas; 2018-2023), Cambridge Investment Research (Overland Park, Kansas; 2010-2018), Lawing Financial (Overland Park, Kansas; 2003-2017), The ON Equity Sales Company (Overland Park, Kansas; 1997-2010), Mason James Asset Management (Overland Park, Kansas; 2003-2006), and Edward D. Jones & Company (St. Louis, Missouri; 1994-1997). His credentials include the passage of five securities industry qualifying exams: the General Securities Principal Examination, or Series 24; 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 Combined State Law Examination, or Series 66. He holds 47 state licenses. (Information current as of February 25, 2024.)
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