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Investor Alleges Overconcentration in Dispute with Carol Lemoult

Carol Lemoult (CRD #: 331681), a broker formerly registered with Wells Fargo Clearing Services, is the subject of a pending dispute, according to her BrokerCheck record, accessed on February 16, 2023. If you want to know more about her alleged conduct as a broker, keep reading.

Investor Dispute

In a dispute filed on January 25, 2023, an investor alleged Carol Lemoult overconcentrated her in high-risk equity funds that were unsuitable given her age. The client seeks $625,592.85 in this pending dispute.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to tailor their investment recommendations to suit investors’ profiles. These profiles describe an investor’s age, financial goals, and other information.

Brokers must also ensure that their recommended investment strategies are suitable for their clients. Overconcentration in a single stock or sector is a potentially unsuitable investment strategy that can expose an investor to an unsuitable degree of risk.

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

Background Information

Carol Lemoult has passed the following exams:

  • Series 65 – Uniform Investment Adviser Law Examination
  • Series 63 – Uniform Securities Agent State Law Examination
  • Series 7TO – General Securities Representative Examination
  • SIE – Securities Industry Essentials Examination
  • Series 5 – Interest Rate Options Examination
  • PC – AMEX Put and Call Exam
  • Series 1 – Registered Representative Examination
  • Series 000 – General Securities Principal Examination

She previously worked for the following firms:

  • Wells Fargo Clearing Services (CRD#:19616)
  • Morgan Stanley Smith Barney (CRD#:149777)
  • Citigroup Global Markets (CRD#:7059)
  • Lehman Brothers (CRD#:7506)
  • Loeb Partners (CRD#:7534)
  • Hornblower, Weeks, Noyes & Trask (CRD#:7394)
  • Hornblower & Weeks – Hemphill, Noyes (CRD#:412)

Kurta Law Can Help

If you worked with Carol Lemoult and you 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 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.