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David Schneider Allegedly Chose Unsuitable Investments for Client

David Schneider (CRD #: 5788527), a broker registered with Morgan Stanley, allegedly selected unsuitable investments for a client, according to his BrokerCheck record, accessed on May 18, 2023. Keep reading to learn more about his alleged conduct as a broker.

Investor Dispute

On April 3, 2023, an investor alleged that David Schneider made unsuitable investments in their accounts from 2021-2022. This dispute is currently pending.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to take into account investors’ financial goals when recommending investments. Brokers must consult the investor’s profile, which contains information about their tax status, age, and risk tolerance.

Investors who rely on brokers for investment recommendations can potentially recoup their losses by pursuing FINRA arbitration.

Background Information

David Schneider has passed the following exams:

  • Series 65 – Uniform Investment Adviser Law Examination
  • Series 63 – Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 – General Securities Representative Examination

David Schneider is a registered broker in 35 states and the District of Columbia. He is also a registered investment adviser in Connecticut, New York, and Texas.

He has also worked for the following firms:

  • J.P. Morgan Securities (CRD#:79)
  • Morgan Stanley (CRD#:149777)
  • ITG (CRD#:29299)
  • Gleacher & Company Securities (CRD#:298)
  • Broadpoint AMTech (CRD#:121456)

Kurta Law Can Help

If you worked with David Schneider 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. 

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