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

Alexander Fischman (CRD #5902109) is a broker with disclosure events on FINRA BrokerCheck. We reviewed his BrokerCheck report on February 9, 2026. It reflects customer disputes and an employment separation. If you invested with Alexander Fischman and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Employment Separation

Alexander Fischman’s FINRA BrokerCheck report reflects one employment separation after allegations. A summary is below:

On July 22, 2025, Morgan Stanley reported that Fischman voluntarily resigned after allegations regarding the movement of client positions between different account types. FINRA BrokerCheck lists the product type as equities and advisory accounts.

Investor Disputes / Customer Complaints

Alexander Fischman’s FINRA BrokerCheck report reflects 10 customer dispute disclosures. Two examples are below. BrokerCheck lists 8 additional customer dispute disclosures.

On August 22, 2025, a customer alleged, among other things, misrepresentation about commissions charged on trades and the rate charged on an advisory account during 2024–2025. FINRA BrokerCheck lists the matter as pending.

On December 15, 2025, a customer alleged misrepresentation with respect to commissions charged on individual trades and the opening of a managed account. The matter settled for $86,240.88.

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

FINRA Rule 2121 sets standards for fair prices and reasonable commissions. Fee and commission complaints can raise questions about whether charges were reasonable and clearly disclosed.

Rule Summary #2: FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade)

FINRA Rule 2010 requires firms and associated persons to observe high standards of commercial honor. Claims involving misrepresentation often focus on whether communications were fair and not misleading.

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 (from BrokerCheck)

Based on His FINRA BrokerCheck report, Alexander Fischman:

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

Has passed two general industry/product exams and two state securities law exams, including Series 7 and Series 63.

Was previously registered with firms that include 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. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful resources: Securities Attorney | What Is Securities Fraud?

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.