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Investor Alleges Brian Visconti Recommended Unsuitable Investment Strategy

May 27, 2022 Unsuitable Investments

Brian Visconti (CRD #: 5851551), a broker registered with Jeffrey Matthews Financial Group, allegedly made unsuitable investment recommendations, according to his BrokerCheck record, accessed on May 22, 2022. Read on if you have questions about Brian Visconti’s conduct as a broker.

Alleged Over-Concentration

In a dispute filed on April 29, 2022, an investor alleges Brian Visconti recommended they concentrate their account in a handful of technology sector equities. The client seeks $200,000 in this pending dispute.

FINRA Rule 2111

FINRA Rule 2111 defines suitable investments as securities that fit an investor's profile. Brokers must take into account the information in an investor's profile, such as the client’s risk tolerance, financial goals, and age when making their recommendations.

Some types of unsuitable investments include the following:

  • Investments that are high-risk and therefore more likely to lose money.
  • Illiquid investments, intended to be held for an extended time, can come with high fees for investors who try to cash out early.
  • Securities can also be quantitatively unsuitable, which means that brokers executed an excessive number of trades.

Investment strategies can also be considered unsuitable and subject to this rule. A strategy that over-concentrates securities in a particular stock or sector, for example, is typically unsuitable for most investors.

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

Discharge from Raymond James & Associates

On February 25, 2022, Brian Visconti was fired from Raymond James & Associates after allegedly failing to follow firm policies and procedures and making inconsistent statements to firm management regarding an outside securities account.

Background Information

Brian Visconti has passed the following exams:

  • Series 66 - Uniform Combined State Law Examination
  • Series 63 - Uniform Securities Agent State Law Examination
  • SIE - Securities Industry Essentials Examination
  • Series 7 - General Securities Representative Examination

Brian Visconti is a registered broker in 11 states and a registered investment adviser in 5 states.

In the past, he has worked for the following firms:

  • Raymond James & Associates (CRD#:705)
  • Wells Fargo Advisors (CRD#:19616)
  • J.P. Morgan Securities (CRD#:79)
  • Chase Investment Services (CRD#:25574)
  • AXA Advisors (CRD#:6627)

Kurta Law Can Help

If you worked with Brian Visconti 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.