Boris Niko Subject of a Suitability Dispute

Boris Niko (CRD #: 4603500), a broker registered with Ameriprise Financial Services, is the subject of an investor dispute. This disclosure appears in his BrokerCheck record, accessed on August 21, 2023. Details are provided below. 

On June 15, 2023,  an investor alleged that Boris Niko recommended unsuitable investments that were high-risk and did not meet their needs. 

FINRA Rule 2111 – Unsuitable Investments 

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. Investor profiles have information on the investor’s age, risk tolerance, tax status, and financial goals. 

• Investments can be unsuitable because they are high-risk and likely to lose money.
• Securities may also be unsuitable because they are illiquid, meaning that they are intended to be held for an extended time, and investors may have to pay high fees to cash out.
• Securities can be quantitatively unsuitable, which means that brokers executed an excessive number of trades.
• These requirements apply to the overall investment strategy as well as the investments themselves. For instance, an investment strategy might be unsuitable if the securities are overconcentrated in a particular stock or sector.

Investors who rely on brokers for investment recommendations can pursue FINRA arbitration to recover their losses.

Background Information 

Boris Niko has passed the following exams: 

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

He is a registered broker in nine states and is a registered investment adviser in Florida, Pennsylvania, and Texas. 

Boris Niko has registered with the following firms: 

• Ameriprise Financial Services (CRD #: 6363) 
• Wells Fargo Clearing Services (CRD #: 19616) 
• Merrill Lynch, Pierce, Fenner & Smith (CRD #: 7691) 
• Legg Mason Wood Walker, Incorporated (CRD #: 6555) 

Kurta Law Can Help

If you worked with Boris Niko 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.