Donald Arthur Chomas (CRD #2157562) Has a Customer Dispute Disclosure on FINRA BrokerCheck

Donald Arthur Chomas (CRD #2157562) is a broker with a customer dispute on FINRA BrokerCheck. We reviewed his BrokerCheck report on June 10, 2026. It reflects one customer dispute. If you invested with Donald Chomas and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Investor Disputes / Customer Complaints

Donald Chomas’s FINRA BrokerCheck Report reflects one customer dispute disclosure. A summary of the dispute is below:

On April 22, 2026, a customer alleged Donald Chomas did not manage his account under FINRA suitability standards. The customer also alleged the account was not managed in his best interest. Donald Chomas FINRA BrokerCheck lists the time frame as December 26, 2019, through April 14, 2026. It lists the product as managed/wrap accounts with an in-house money manager. The customer sought $85,000 in damages. The complaint is pending.

Rule Summary #1: FINRA Rule 2111 (Suitability)

FINRA Rule 2111 requires a reasonable basis for each recommendation. A broker should match the recommendation to the customer’s profile. That profile can include risk tolerance, time horizon, and liquidity needs.

Rule Summary #2: FINRA Rule 2090 (Know Your Customer)

FINRA Rule 2090 requires firms to use reasonable diligence when opening and maintaining each account. The rule focuses on facts needed to service the account and follow account instructions.

Why This Matters to Investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation. It strengthens the standard of conduct that broker-dealers owe to retail investors. It applies when they recommend securities transactions or investment strategies. The U.S. Securities and Exchange Commission adopted Reg BI. It became effective on June 30, 2020. Reg BI aims to protect investors while preserving access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in a retail customer’s best interest at the time of a recommendation. They must not place their own financial or other interests ahead of the customer’s. This standard is higher than the older “suitability” rule. Suitability meant a recommendation only had to be appropriate. It did not have to be the best option or free of conflicts.

Reg BI has four key obligations:

Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and the recommendation. This includes fees, the scope of services, and conflicts of interest.

Care Obligation – Broker-dealers must use reasonable diligence, care, and skill. They must consider costs, risks, and alternatives when making a recommendation.

Conflict of Interest Obligation – Firms must identify conflicts of interest. They must disclose them and mitigate or eliminate them. This includes conflicts that create incentives to favor one product over another.

Compliance Obligation – Firms must maintain policies and procedures. Those policies should be designed to ensure compliance with Reg BI as a whole.

Reg BI applies to each recommendation. It is not a continuous duty like the fiduciary standard for registered investment advisers. Even so, it narrows the gap. It puts more focus on costs, conflicts, and investor-focused decision-making.

Overall, Regulation Best Interest promotes transparency. It also aims to improve the quality of investment recommendations. It is designed to reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background Information (from BrokerCheck)

Based on his FINRA BrokerCheck report, Donald Chomas:

Is currently registered with UBS Financial Services Inc.

Has passed the Securities Industry Essentials (SIE) exam. Donald Chomas has passed Series 7 and Series 31. He has also passed Series 65 and Series 63.

Was previously registered with firms that include Morgan Stanley, Citigroup Global Markets Inc., and Legg Mason Wood Walker Inc.

Kurta Law Can Help

If you have worked with Donald Chomas and have concerns, Kurta Law may be able to help. The firm can evaluate your legal options. For a free consultation, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful resources: Unsuitable Investments | Securities Attorney

For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable. Our firm represents clients nationwide in securities arbitration and related disputes. If you believe a broker or firm mishandled your account, an attorney can review the facts. Counsel can explain possible next steps.