A recent Financial Industry Regulatory Authority (FINRA) Brokercheck report available through public records shows that broker Joel Kassewitz (CRD# 1292709) has several customer complaints filed against him alleging that he provided unsuitable investment advice, breached his fiduciary duty, and engaged in fraud.
At the current time, Kassewitz is not registered with any brokerage firm, and has not been registered since May 2016. He was registered with Wells Fargo based in Coral Gables, Florida from January 2016 until May 2016.
Prior to his association with Wells Fargo, the Kassewitz was registered with Credit Suisse Securities in West Palm Beach, Florida, and it is with this company that his most recent pending complaint occurred. He was with Credit Suisse from September 2008 to February 2016.
Before Kassewitz was with Credit Suisse, he was registered with Merrill Lynch in Miami, Florida from July 1999 to September 2008. He was with Prudential Securities Incorporated (New York, NY) from May 1994 to July 1999, and Painewebber Incorporated (Weehawken, NJ) from April 1988 to April 1994.
Allegations Against Broker Joel Kassewitz
A total of 8 customer disputes appear on Joel Kassewitz’s FINRA report. A current pending complaint was filed in September 2016 and alleges damages of $400,000.
The complaint alleges that Kassewitz made unsuitable investment recommendations in oil and gas in violation of both FINRA and Florida rules. The complaint also includes allegations of fraud, breach of fiduciary duty and other related claims.
According to the FINRA report, four of the eight disputes have been settled. The allegations in the settled disputes include unsuitable recommendations, overconcentration, misrepresentation and omission of material facts, and excessive trading.
What is Unsuitable Investment Advice?
FINRA has established a suitability rule to ensure that brokers work in a manner that is fair to their customers. Brokers must obtain a detailed history of a customer’s investment profile and consider things such as age, other investments held by the client, investment experience, financial situation and needs, investment time horizon, risk tolerance and more.
Stockbrokers must learn everything they reasonably can about their clients’ investment profile before making any investment recommendations. In addition, the investment must be a match between the customer and the recommended investment.
The Meyer Wilson stockbroker misconduct attorneys represent investors who lose money as a result of stockbroker misconduct such as unsuitable investment advice and are currently investigating Joel Kassewitz’s unsuitable investment advice allegations. If you lost money investing with Joel Kassewitz and have questions about the transactions, contact our investment fraud attorneys today for a free case evaluation.