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Jack Elvestrom Allegedly Recommended Unsuitable Investments

May 23, 2022 Unsuitable Investments

Jack Elvestrom (CRD #: 1426319), a broker registered with Morgan Stanley, faced allegations that he recommended unsuitable investments. This is according to his BrokerCheck record, accessed on May 16, 2022.

On February 28, 2022, an investor alleged that Jack Elvestrom allegedly did not follow his instructions to invest conservatively. The investor sought $400,000 but the dispute was denied. Investors should know that firms can deny disputes without any external review.

FINRA Rule 2111 defines suitable investments as securities that fit an investor's profile. An investor's profile includes information about their risk tolerance, financial goals, and age. Investors who rely on their brokers for recommendations may be able to recover their losses through FINRA arbitration.

  • Investments can be unsuitable because they are high risk and likely to lose money.
  • Securities may also be unsuitable because they are illiquid, meaning that they are intended to be held for an extended time, and investors may have to pay high fees to cash out.

Background Information

Jack Elvestrom has passed the following exams:

  • Series 66 Uniform Combined State Law Examination
  • Series 63 Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 31 Futures Managed Funds Examination
  • Series 7 General Securities Representative Examination
  • Series 6 Investment Company Products/ Variable Contracts Representative Examination

He is a registered broker in 41 states and D.C. He is also a registered investment adviser in Minnesota and Texas.

Kurta Law Can Help

If you worked with Jack Elvestrom and have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For nearly 20 years, Kurta Law has advocated on behalf of investors recovering their investment losses from stockbrokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors. We work on a contingency basis, which means that the firm only earns a fee if our securities attorneys recover money on your behalf. Reach out and we can tell you what steps to take to restore your lost funds.