Andrew Keefer Facing a $500,000 Investor Dispute

Andrew Keefer (CRD #: 5270359), a broker registered with IFP Securities, allegedly recommended unsuitable investments, according to his BrokerCheck record, accessed on September 2, 2022. Investors may have also worked with him through Independent Financial Partners. If you want to know more about his conduct as a broker, read on.

Investor Dispute

On June 21, 2022, several investors filed a dispute alleging that Andrew Keefer recommended investments that were unsuitable for their profiles given the speculative and non-conventional nature of the investments, which were offered by GWG Holdings. GWG Holdings has since filed for bankruptcy and failed to pay investor distributions. 

The clients further allege that these unsuitable investment recommendations constituted negligence. They seek $500,000 in this pending dispute.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to consider whether an investment fits their investor’s financial goals. Brokers must use the characteristics contained in the investor’s profile, which include the following:

• Age
• Financial goals
• Risk tolerance
• Time horizon (i.e., how long the investor plans to hold the investment)
• Investing experience
• Tax status

Investors who rely on brokers for investment recommendations can seek FINRA arbitration and potentially recover their losses.

What is broker negligence?

Brokers may act in many negligent ways, such as by omitting or misrepresenting material facts, recommending unsuitable investments, or even executing unauthorized trades. Investors who feel their losses were caused by broker negligence can seek out FINRA arbitration and potentially recover their funds.

Background Information

Andrew Keefer has passed the following exams:

• Series 66 – Uniform Combined State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination 

Andrew Keefer is a registered broker in Alabama, Florida, and Michigan. He is also a registered investment adviser in 11 states.

He has also worked for LPL Financial (CRD#:6413) and B. C. Ziegler and Company (CRD#:61).

Kurta Law Can Help

If you worked with Andrew Keefer and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.