Alexander Fischman (CRD #5902109) Has Customer Dispute and Employment Separation Disclosures on FINRA BrokerCheck

Alexander Fischman (CRD #5902109) is a broker. His CRD number is 5902109. His FINRA BrokerCheck report shows 10 customer dispute disclosures and 1 termination disclosure. This page was last reviewed on January 29, 2026.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Investor Disputes / Customer Complaints

Alexander Fischman’s FINRA BrokerCheck report lists 10 customer dispute disclosures. Below are summaries of two disputes. Eight additional customer dispute disclosures are listed on his report.

On December 15, 2025, a customer alleged misrepresentation about commissions. The client also cited the opening of a managed account. Alexander Fischman’s FINRA BrokerCheck report lists the product type as other: managed/wrap accounts. The dispute settled for $86,240.88. The individual contribution amount is listed as $0.

On October 31, 2025, a customer alleged misrepresentation about commissions. The customer also cited the opening of a managed account. Alexander Fischman’s FINRA BrokerCheck report lists the product type as other: managed/wrap accounts. The report lists alleged damages of $24,309. The dispute settled for $25,234.91. The individual contribution amount is listed as $0.

Employment Separation

Alexander Fischman’s FINRA BrokerCheck report includes one employment separation disclosure. A summary is below.

Morgan Stanley reported that Alexander Fischman voluntarily resigned on July 22, 2025. The report states the allegations involved moving client positions between different account types. Alexander Fischman’s FINRA BrokerCheck report lists the product type as other: equities and advisory accounts.

Rule Summary #1: FINRA Rule 2121 (Fair Prices and Commissions)

FINRA Rule 2121 addresses fair prices and commissions. It helps investors evaluate whether trading costs were reasonable for the transaction and the services provided.

Rule Summary #2: FINRA Rule 2020 (Use of Manipulative, Deceptive or Other Fraudulent Devices)

FINRA Rule 2020 prohibits deceptive or fraudulent methods in connection with securities transactions. Misrepresentation claims often turn on what was said and what was disclosed.

Why This Matters to Investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation. It strengthens the standard of conduct that broker-dealers owe to retail investors. It applies when they recommend securities transactions or investment strategies. The U.S. Securities and Exchange Commission adopted Reg BI. It became effective on June 30, 2020. Reg BI aims to protect investors while preserving access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in a retail customer’s best interest at the time of a recommendation. They must not place their own financial or other interests ahead of the customer’s. This standard is higher than the older “suitability” rule. Suitability meant a recommendation only had to be appropriate. It did not have to be the best option or free of conflicts.

Reg BI has four key obligations:

Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and the recommendation. This includes fees, the scope of services, and conflicts of interest.

Care Obligation – Broker-dealers must use reasonable diligence, care, and skill. They must consider costs, risks, and alternatives when making a recommendation.

Conflict of Interest Obligation – Firms must identify conflicts of interest. They must disclose them and mitigate or eliminate them. This includes conflicts that create incentives to favor one product over another.

Compliance Obligation – Firms must maintain policies and procedures. Those policies should be designed to ensure compliance with Reg BI as a whole.

Reg BI applies to each recommendation. It is not a continuous duty like the fiduciary standard for registered investment advisers. Even so, it narrows the gap. It puts more focus on costs, conflicts, and investor-focused decision-making.

Overall, Regulation Best Interest promotes transparency. It also aims to improve the quality of investment recommendations. It is designed to reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background Information

Based on His FINRA BrokerCheck report, Alexander Fischman:

Is currently registered with Wells Fargo Advisors Financial Network, LLC.

Is currently registered in 48 U.S. states and territories.

Has passed the Securities Industry Essentials (SIE), Series 7, Series 65, and Series 63 exams.

Was previously registered with Morgan Stanley and Merrill Lynch, Pierce, Fenner & Smith Incorporated.

Kurta Law Can Help

If you have worked with Alexander Fischman and you have concerns about his activity, Kurta Law may be able to help you evaluate your legal options. For a consultation, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful Resources: Commission Abuse | Securities Attorney

For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable. Our firm represents clients nationwide in securities arbitration and related disputes. If you believe a broker or firm mishandled your account, an attorney can review the facts and explain possible next steps.