Bobby Schafer Allegedly Recommended Unsuitable Investments

Bobby Schafer (CRD #: 6486284), a previously registered broker registered with Merrill Lynch, is the subject of an investor dispute. This dispute appears on his BrokerCheck record, accessed on September 15, 2023. Keep reading if you have questions about his alleged conduct. 

On July 30, 2023, an investor alleged Bobby Schafer recommended unsuitable investments from September 2019 through July 2023. The dispute was denied, but investors should know that firms can deny disputes without any external review. Following a denial, investors may still be able to recover their funds via FINRA arbitration.

What is an Unsuitable Investment?

FINRA Rule 2111 requires brokers to evaluate whether an investment strategy fits their investor’s financial goals. Brokers must examine the investor’s profile, which contains the following investor characteristics:

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

Investments that do not fit the criteria established by the investor profile may be unsuitable. Investors who rely on brokers for recommendations may be able to recover their losses by pursuing FINRA arbitration.

Background Information 

Bobby Schafer has passed the following exams: 

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

He has registered with the following firms: 

• Merrill Lynch, Pierce, Fenner & Smith (CRD #: 7691) 
• Stifel Nicolaus & Company (CRD #: 793) 

Kurta Law Can Help

If you worked with Bobby Schafer 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 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.