Herbert Weith Suspended by FINRA

Herbert Weith (CRD #: 5453866), a broker formerly registered with Equitable Advisors, was recently suspended for allegedly failing to respond to FINRA requests for information, according to his BrokerCheck Record accessed on December 6, 2021. His alleged conduct is a violation of FINRA Rule 8210. 

FINRA Rule 8210 requires members to provide information under oath, if requested, regarding any matter that pertains to an investigation, complaint, examination, or proceeding. A violation of FINRA Rule 8210 is also a violation of FINRA Rule 2010, which requires member firms and their associated persons to “observe high standards of commercial honor and just and equitable principles of trade.” 

Sanctions 

Pursuant to FINRA Rule 9552 and in accordance with FINRA’s Notice of Suspension letter dated October 5, 2021, Herbert Weith was suspended on October 29, 2021, from associating with any FINRA member firm in all capacities. 

FINRA Rule 9552 applies in situations where a brokerage firm or representative has failed to provide information or keep information current. FINRA Rule 9552 is a Notice of Suspension if corrective action is not taken. This means if Herbert Weith fails to request termination of the suspension within three months of the date of the Notice of Suspension, he will automatically be barred on January 10, 2021, from association with any FINRA member in all capacities pursuant to FINRA Rule 9552(h). 

Investor Disputes 

On October 27, 2020, an investor filed a dispute against Herbert Weith. According to the investor, Herbert Weith allegedly made an unsuitable financial plan recommendation for an annuity and a mutual fund. The damage amount requested is $260,000.00 — the case is still pending. 

A financial advisor who recommends a security or investment is subject to ethical standards. One such standard is known as the suitability rule, described in FINRA Rule 2111.  

FINRA Rule 2111 requires registered financial advisors to have a “reasonable basis” to believe that a recommended transaction or investment strategy suits their client’s needs. 

Investors who rely on their brokers for recommendations may be able to recover their losses through FINRA arbitration if their broker recommended or misinterpreted an unsuitable investment. 

Background Information 

Herbert Weith has passed the following exams: 

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

Herbert Weith has also worked with the following firms 

• Wells Fargo Clearing Services (CRD#:19616) 
• Suntrust Investment Services (CRD#:17499) 
• AXA Advisors (CRD#:6627) 
• Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691) 

Kurta Law Can Help  

If you have been victimized by Herbert Weith as a broker, don’t hesitate to get in touch with 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.