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Harvey Cohen Involved in All Investor Dispute

Nov 23, 2021 Excessive Trading

Harvey Cohen (CRD #2605523), a broker formally registered with Purshe Kaplan Sterling Investments is involved in his first  investor dispute, according to his BrokerCheck record, accessed on November 8, 2021.  

Investor Allegations 

On August 2nd, 2021, a dispute was filed against Harvey Cohen, alleging unsuitable investment recommendations and churning. According to the investor, the alleged misconduct took place from January 2015 through November 2019. The damage amount requested is $76,500.  The case is still pending. 

Brokers who recommend investments are required to adhere to FINRA Rule 2111. 

FINRA Rule 2111: Suitability 

FINRA Rule 2111 addresses the suitability of investments. It requires that brokers consider their customers’ financial profiles before recommending trades. The rule states, "A member or associated person must have a reasonable basis for believing the recommended transaction involving a security will be suitable based on information obtained through diligent inquiry as it pertains specifically towards your customer's profile." The profile includes information about the investor’s risk tolerance and financial goals.  

Rule 2111 also prohibits excessive trading, stating that trades must be quantitatively suitable — i.e., the number of trades must be suitable to the investor. Excessive trading, also known as “churning,” is a common type of broker misconduct. It occurs when brokers execute large numbers of trades simply for the sake of their commission, without any benefit for their investor’s portfolio.  

It is prohibited under FINRA 2111, which addresses “quantitative suitability.” This rule is intended to limit the practice of churning or conducting excessive buy and sell trades in order to generate more commissions for brokers. 

Under FINRA Rule 2111, registered brokers are legally liable if they provide an unsuitable investment recommendation or strategy that leads to losses. 

Harvey Cohen Background Information 

Harvey Cohen has passed the following exams: 

  • Series 66 - Uniform Combined State Law Examination
  • 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 24 - General Securities Principal Examination 

He has worked with the following firms: 

  • Purshe Kaplan Sterling Investments (CRD#:35747) 
  • BCG Securities (CRD#:70) 
  • Metlife Securities (CRD#:14251) 
  • AXA Advisors (CRD#:6627) 
  • Princeton Equity Securities (CRD#:15374)

Kurta Law Can Help 

If you have worked with Harvey Cohen and have concerns about your investments, don't hesitate to contact us today 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 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.