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Devin Garofalo Allegedly Recommended an Unsuitable Investment

Devin Garofalo (CRD #: 4853435), a broker registered with LPL Financial, is the subject of an investor dispute. This disclosure appears on her BrokerCheck record. Keep reading if you have questions regarding her alleged conduct. 

Investor Allegations 

On April 8, 2024, an investor alleged that Devin Garofalo recommended an unsuitable investment. The investor sought $216,806.15, but the dispute was denied by the firm. Investors should know, however, that firms can deny disputes without any external review. Investors can still recover losses following a denial.

What is an Unsuitable Investment?

FINRA Rule 2111 requires brokers to evaluate whether an investment strategy fits their investor’s financial goals. Brokers must examine the investor’s profile, which contains the following investor characteristics:

  • Age
  • Risk tolerance
  • Time horizon (i.e., how long the investor plans to hold the investment)
  • Investing experience
  • Tax status
  • Financial goals

Investors who rely on brokers for recommendations may be able to recover losses from unsuitable investment recommendations by pursuing FINRA arbitration.

Background Information 

Devin Garofalo 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
  • Series 6 Investment Company Products/ Variable Contracts Representative Examination 
  • Series 24 General Securities Representative Examination 

She is a registered broker in 45 states and D.C. She is a registered investment adviser in Texas and Virginia. 

During her 19 years of experience, Devin Garofolo has registered with seven firms: 

  • LPL Financial (CRD #: 6413) 
  • Colonial River Wealth Management (CRD #: 284839) 
  • Lincoln Financial Advisors Corporation (CRD #: 3978) 
  • Stratos Wealth Partners LTD (CRD #: 153184) 
  • Next Financial Group (CRD #: 46214) 
  • Royal Alliance Associates (CRD #: 23131) 
  • Capital Brokerage Corporation (CRD #: 10465) 

Kurta Law Can Help 

If you have worked with Devin Garofalo 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.