Devin Patel Facing a $1.5 Million Dispute

Devin Patel (CRD #: 6632487), a broker registered with Sanford C. Bernstein & Co., is the subject of an investor dispute. This disclosure appears on his BrokerCheck record, accessed on October 20, 2023. Keep reading if you have questions about his conduct as a broker. 

On September 1, 2023, investors alleged that Devin Patel recommended unsuitable and illegal recommendations in connection with unregistered debt and equity securities. Unregistered securities are high risk because they do not disclose as much information to regulators as registered securities.

The investor is seeking $1.5 million. 

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 Patel has passed the following exams: 

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

He is a registered broker in Georgia, North Carolina, and Florida. He is also registered as an investment adviser in Florida.

Devin Patel has registered with the following firms: 

• Sanford C. Bernstein & Co. (CRD #: 104474) 
• AllienceBernstein L.P. (CRD #: 108477) 
• Foundations Investment Advisors (CRD #: 175083) 
• Financial Gravity Wealth (CRD #: 144008) 
• Foundations Investment Advisors (CRD #: 175083) 

Kurta Law Can Help

If you worked with Devin Patel and 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 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.