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Andrew Pesner Facing Suitability Dispute

Andrew Pesner (CRD #: 1971579), a broker registered with VCS Venture Securities, is the subject of an investor dispute. This dispute appears on his BrokerCheck record, accessed on October 16, 2023. Investors should know that this is the seventh investor dispute on his record. 

On September 5, 2023, an investor alleged that Andrew Pesner recommended an unsuitable investment. They further alleged negligence and a lost opportunity. The investor is seeking $295,531.50. 

There are seven other investor disputes on his record, dating from 1995 to 2003. They collectively settled for $265,955.55. 

FINRA Rule 2111: Unsuitable Investments 

FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals.

Some common violations of this rule include:

  • Excessive trading, which violates the need for quantitative suitability. This means that the number of trades must suit an investor’s goals. Excessive trading is also known as “churning.” 
  • Recommendations of unsuitable investment strategies. For instance, overconcentration of securities in a certain stock or sector is typically unsuitable due to the degree of risk.
  • Recommendations of high-risk or illiquid investments. These investments may lead to high fees for the investor.

Investors who rely on brokers for recommendations may be able to recover their losses by pursuing FINRA arbitration.

Background Information 

Andrew Pesner has passed the following exams: 

  • Series 63 Uniform Securities Agent State Law Examination 
  • Series 79TO Investment Banking Registered Representative Examination 
  • SIE – Securities Industry Essentials Examination 
  • Series 7 General Securities Representative Examination 
  • Series 24 General Securities Principal Examination 

He is a registered broker in 41 states and D.C. 

Andrew Pesner has registered with the following firms: 

  • VCS Venture Securits (CRD #: 127921) 
  • Joseph Stone Capital (CRD #: 159744) 
  • First Midwest Securities (CRD #: 21786) 
  • American Capital Partners (CRD #: 119249) 
  • Milestone Financial Services (CRD #: 43295) 
  • First Asset Management (CRD #: 17341) 
  • Chatfield Dean & Co. (CRD #: 14714) 
  • Lew Lieberbaum & Co. (CRD #: 17341) 

Kurta Law Can Help

If you worked with Andrew Pesner and have concerns about your investments, please contact us today at 877-600-0098 or 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 that 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.