Craig Weinstein Allegedly Regulation Best Interest

Craig Weinstein (CRD #: 4167923), a broker registered with Purhse Kaplan Sterling Investments, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on July 16, 2024. Keep reading if you have questions regarding his alleged conduct. 

Investor Allegations 

On June 18, 2024, an investor alleged that Craig Weinstein violated the Financial Advisors Act and Regulation Best Interest by purchasing certain securities and a long-term care insurance policy which allegedly generated undisclosed fees and commissions. 

The investor further alleged that these products were purchased without authorization to the extent they were purchased outside of the financial advisor’s advisory relationship and that Craig Weinstein failed to disclose that he acted as both an advisor and broker. 

The customer also alleges that the insurance policy was unsuitable and that the investments recommended for the former customer’s child’s 529 account were also unsuitable. 

The investor additionally alleged that her accounts were invested in a manner that exceeded their risk tolerance. 

The investor is seeking $161,705.80 in this pending dispute. 

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, investing experience, and financial goals. Investments that do not take these factors into account may be unsuitable. 

Regulation Best Interest

Regulation Best Interest (Reg-BI) is an SEC regulation that requires brokerage firms to put their clients’ best interests first. For example, firms must conduct reasonable due diligence when researching investments to ensure their recommendations are suitable for the investor.

Background Information 

Craig Weinstein has passed the following exams: 

• Series 65 Uniform Investment Adviser Law Examination 
• Series 63 Uniform Securities Agent State Law Examination 
• Series 6TO Investment Company Products/Variable Contracts Representative Examination 
• Series 99TO Operations Professional Examination 
• SIE – Securities Industry Essentials Examination 
• Series 7 General Securities Representative Examination 
• Series 6 Investment Company Products / Variable Contracts Representative Examination 

He is a registered broker in 18 states and is a registered investment adviser in California and Texas. 

Craig Weinstein has registered with ten firms in his 23 years of experience. These are the five most recent: 

• Purshe Kaplan Sterling Investments (CRD #: 35747) 
• Concurrent Investment Advisors (CRD #: 323135) 
• Raymond James Financial Services Advisors (CRD #: 149018) 
• Raymond James Financial Services (CRD #: 6694)
• LPL Financial (CRD #: 6413) 

Kurta Law Can Help 

If you have worked with Craig Weinstein and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors 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. Do not let securities fraud go unchecked. Start your recovery process today.