James Leroy Raper Jr. (CRD #5721253) Has Customer Dispute Disclosures on FINRA BrokerCheck

James Leroy Raper Jr. (CRD #5721253) is a broker with customer dispute disclosures on FINRA BrokerCheck. We reviewed his BrokerCheck report on May 13, 2026. It reflects nine customer disputes. If you invested with James Leroy Raper Jr. and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Investor Disputes / Customer Complaints

James Raper’s FINRA BrokerCheck Report reflects nine customer dispute disclosures. Two are pending. Seven additional customer disputes are reported as final. Summaries of the two pending disputes are below:

On March 2, 2026, claimants alleged negligence and lack of suitability. They also alleged fraud, lack of due diligence, and misrepresentation. The claim also cited omitted material facts, breach of contract, breach of fiduciary duty, and failure to supervise. James Raper’s FINRA BrokerCheck Report lists the product as a private placement. It lists alleged damages of $300,000. The matter is pending before FINRA arbitration under docket number 26-00388. Raper’s statement says the investors purchased interests in a Delaware Statutory Trust. It also says he was named only as the firm’s Chief Compliance Officer.

On March 16, 2026, claimants alleged negligence and lack of suitability. They also alleged fraud, lack of due diligence, and misrepresentation. The claim also cited omitted material facts, breach of contract, breach of fiduciary duty, and failure to supervise. James Raper’s FINRA BrokerCheck Report lists the product as a private placement. It lists alleged damages of $150,000. The matter is pending before FINRA arbitration under docket number 26-00476. Raper’s statement says he was not involved in the solicitation tied to the transactions. It also says he was not involved in direct due diligence or direct supervision.

James Raper FINRA BrokerCheck Report also lists seven additional customer dispute disclosures. Those matters are final and reported as settled.

Rule Summary #1: FINRA Rule 2111 (Suitability)

FINRA Rule 2111 requires a reasonable basis for each recommendation. A broker should match the recommendation to the customer profile. Complaints about private placements may question whether the investment fit the customer.

Rule Summary #2: FINRA Rule 3110 (Supervision)

FINRA Rule 3110 requires firms to maintain a reasonable supervisory system. It can apply when a dispute alleges failure to supervise. The rule focuses on procedures, oversight, and compliance with securities laws.

Why This Matters to Investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation. It strengthens the standard of conduct that broker-dealers owe to retail investors. It applies when they recommend securities transactions or investment strategies. The U.S. Securities and Exchange Commission adopted Reg BI. It became effective on June 30, 2020. Reg BI aims to protect investors while preserving access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in a retail customer’s best interest at the time of a recommendation. They must not place their own financial or other interests ahead of the customer’s. This standard is higher than the older “suitability” rule. Suitability meant a recommendation only had to be appropriate. It did not have to be the best option or free of conflicts.

Reg BI has four key obligations:

Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and the recommendation. This includes fees, the scope of services, and conflicts of interest.

Care Obligation – Broker-dealers must use reasonable diligence, care, and skill. They must consider costs, risks, and alternatives when making a recommendation.

Conflict of Interest Obligation – Firms must identify conflicts of interest. They must disclose them and mitigate or eliminate them. This includes conflicts that create incentives to favor one product over another.

Compliance Obligation – Firms must maintain policies and procedures. Those policies should be designed to ensure compliance with Reg BI as a whole.

Reg BI applies to each recommendation. It is not a continuous duty like the fiduciary standard for registered investment advisers. Even so, it narrows the gap. It puts more focus on costs, conflicts, and investor-focused decision-making.

Overall, Regulation Best Interest promotes transparency. It also aims to improve the quality of investment recommendations. It is designed to reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background Information (from BrokerCheck)

Based on his FINRA BrokerCheck report, James Raper:

Is currently registered with WealthForge Distributors, LLC and WealthForge Securities, LLC.

Has passed the Securities Industry Essentials (SIE) exam. James Raper has passed Series 14, Series 27, Series 24, Series 79TO, Series 99TO, Series 7, and Series 63.

Was previously registered with Transact Capital Securities, LLC.

Kurta Law Can Help

If you have worked with James Raper and have concerns about his activity, Kurta Law may be able to help. A securities attorney can review possible causes of action. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful resources: Securities Attorney | What is Securities Fraud

For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable. Our firm represents clients nationwide in securities arbitration and related disputes. An attorney can review the facts if you believe a broker or firm mishandled your account. That review can help explain possible next steps.