Elisha Weiss Allegedly Recommended an Unsuitable REIT

Elisha Weiss (CRD #: 4785230), a broker registered with Equitable Advisors, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on February 28, 2024. Details concerning this dispute are provided below. 

Investor Allegations 

On November 21, 2023, an investor alleged that Elisha Weiss recommended an unsuitable Real Estate Investment Trust (REIT). 

What Are REITs?

Real estate investment trusts (REITs) allow investors to generate returns from a portfolio of real estate without being directly involved in property management. However, REITs tend to be illiquid, which makes them unsuitable for many investors. Non-traded REITs are especially risky because they are not traded on the public exchange, making them difficult or impossible to sell.

FINRA Rule 2111 – Unsuitable Investments 

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. Investor profiles have information on the investor’s age, risk tolerance, tax status, investing experience, and financial goals. Investments that do not take these factors into account may be unsuitable. 

High Standards of Commercial Honor 

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. Recommendations of unsuitable REITs may violate this rule. 

Background Information 

Elisha Weiss has passed the following exams:

• Series 66 Uniform Combined State Law Examination
• SIE – Securities Industry Essentials Examination 
• Series 7 General Securities Representative Examination 
• Series 24 General Securities Representative Examination 

He is a registered broker in 17 states. 

Elisha Weiss has registered with two firms: Equitable Advisors (CRD #: 6627) and AXA Advisors (CRD #: 6627). 

Kurta Law Can Help 

If you have worked with Elisha Weiss and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or 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.