Jaime Rullan Allegedly Recommended Unsuitable Investments

Jaime Rullan (CRD #: 2923020), a broker registered with Merrill Lynch, Pierce, Fenner & Smith, is the subject of an investor dispute. This disclosure appears on his BrokerCheck record, accessed on August 26, 2024. Keep reading if you have questions regarding his alleged conduct. 

Investor Allegations 

On May 15, 2024, an investor alleged that Jaime Rullan recommended an unsuitable investment strategy and made misrepresentations. 

There are three settled disputes from 2018 alone, and all of these disputes alleged he recommended unsuitable investments. These disputes were collectively settled for $72,000. 

Misrepresentation 

FINRA Rule 2020 prohibits the use of deceptive, manipulative, and otherwise fraudulent methods to influence the purchase and sale of securities. The misrepresentation or omission of material facts violates this rule.

What is an Unsuitable Investment? 

FINRA Rule 2111, a.k.a. The Suitability Rule, requires brokers to tailor their investment recommendations to suit investors’ needs. 

Rule 2111 also requires brokers to consider the following investor characteristics: 

• Age
• Risk tolerance
• Time horizon (i.e., how long the investor plans to hold the investment)
• Investing experience
• Tax status
• Financial goals

Investments that do not fit the criteria established by the investor profile may be unsuitable. Investors who rely on brokers for recommendations may recover their losses by pursuing FINRA arbitration.

Background Information 

Jaime Rullan has passed the following exams: 

• 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 

He is a registered broker in 16 states and Puerto Rico. He is a registered investment adviser in Texas. 

During his 27 years of experience, Jaime Rullan has registered with four firms: 

• Merrill Lynch, Pierce, Fenner & Smith (CRD #: 7691) 
• UBS Financial Services (CRD #: 8174) 
• UBS Financial Services Incorporated of Puerto Rico (CRD #: 13042) 
• Morgan Stanley DW (CRD #: 7556) 

Kurta Law Can Help 

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