Amit Jonathan Urban, of Ann Arbor, Michigan, a stockbroker associated with Concorde Investment Services is the subject of a customer initiated, investment related FINRA Securities Arbitration claim seeking $475,000 as the result of the failure to conduct due diligence in connection with the recommendation and sale of certain undisclosed direct investments.
Mr. Urban’s BrokerCheck report discloses one investor complaint. Filed in October 2025, it alleges that as a representative of Concorde Investment Services, he failed to conduct adequate due diligence, misrepresented and omitted material facts, and recommended an unsuitable investment in January 2023. The pending complaint alleges damages of $475,000.
FINRA Conduct Rule 2111 requires a member or an associated person must have a reasonable basis to believe that a recommended investment strategy involving a security or securities is suitable for the customer, the first part of this determination is “reasonable-basis suitability.” According to FINRA:
Reasonable-basis suitability requires a broker to have a reasonable basis to believe, based on reasonable diligence, that the recommendation is suitable for at least some investors.
In general, what constitutes reasonable diligence will vary depending on, among other things, the complexity of and risks associated with the security or investment strategy and the firm’s or associated person’s familiarity with the security or investment strategy.
A firm’s or associated person’s reasonable diligence must provide the firm or associated person with an understanding of the potential risks and rewards associated with the recommended security or strategy.
See Securities Exchange Act Release No. 63325 (November 17, 2010).
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