David Jack Allegedly Recommended Unsuitable Structured Products
David Jack (CRD #: 2415526), a broker registered with Morgan Stanley, allegedly recommended unsuitable investments, according to his BrokerCheck record, accessed on December 27, 2022. If you want to learn more about his alleged conduct as a broker, read on.
Investor Dispute
On October 31, 2022, an investor alleged that David Jack made an unsuitable recommendation to invest in structured products in 2022. This dispute is currently pending.
FINRA Rule 2111
FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals. Brokers must examine the information contained in an investor’s profile, such as their risk tolerance, tax status, and age.
Investors who feel their losses are the result of unsuitable investment recommendations may be able to recoup their funds by pursuing FINRA arbitration.
What are structured products?
Structured products are a type of financial product that combine the features of a bond with a derivative component, e.g. swaps, futures, or options. The returns investors receive depend on the performance of this derivative component.
The complexity of structured products makes it vital for investors to understand their features and risks before buying in.
Background Information
David Jack has passed the following exams:
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 31 – Futures Managed Funds Examination
- Series 7 – General Securities Representative Examination
David Jack is a registered broker in 16 states and a registered investment adviser in New Jersey.
He has also worked for the following firms:
- UBS Financial Services (CRD#:8174)
- Citigroup Global Markets (CRD#:7059)
- Morgan Stanley (CRD#:7556)
- Prudential Securities (CRD#:7471)
- PaineWebber (CRD#:8174)
- J. B. Hanauer & Company (CRD#:6958)
Kurta Law Can Help
If you worked with David Jack 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.