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David Macchia Allegedly Made Unsuitable Investment Recommendations

Apr 28, 2023 Unsuitable Investments

David Macchia (CRD #: 6136389), a broker registered with Equitable Advisors, allegedly gave unsuitable investment recommendations, according to his BrokerCheck record, accessed on April 21, 2023. Keep reading if you want to know more about his alleged conduct as a broker.

Investor Dispute

On March 8, 2023, an investor alleged that David Macchia recommended unsuitable investments, including a variable annuity. This dispute is currently pending.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to take investors’ profiles into account when recommending investments. These profiles describe an investor’s age, risk tolerance, and other characteristics.

Investors who feel their losses were caused by unsuitable investment recommendations may be able to recover their funds by pursuing FINRA arbitration.

What are Variable Annuities?

Variable annuities are complex investments. These policies can decline in value depending on the performance of the underlying security. Surrender charges, tax penalties, and other fees can make these policies unsuitable.

Background Information

David Macchia has passed the following exams:

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

David Macchia is a registered broker and a registered investment adviser in six states.

He has also worked for MetLife Securities (CRD#:14251).

Kurta Law Can Help

If you worked with David Macchia 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.