Investors Seek Millions in Disputes with James Raper

James Raper (CRD #: 5721253), a broker registered with WealthForge Securities, is the subject of three pending investor disputes, according to his BrokerCheck record, accessed on February 21, 2023. If you want to know more about his alleged conduct as a broker, keep reading.

Investor Disputes

Two disputes, filed on January 9 and February 8, 2023, collectively allege that James Raper engaged in the following forms of misconduct with regard to investments made in 2019:

• Failure to perform due diligence
• Failure to make material disclosures
• Other misrepresentations and omissions
• Failure to supervise
• Violation of the suitability rule
• Breach of contract
• Negligence

These disputes collectively seek over $5 million in damages. Both disputes are currently pending.

FINRA Rule 2111 and Regulation Best Interest

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile, which describes their age, tax status, and other characteristics. 

Regulation Best Interest (Reg-BI) is an SEC regulation that requires brokerage firms to put their clients’ best interests first. For example, firms must conduct reasonable due diligence when researching investments to ensure their recommendations are suitable for the investor.

FINRA Rule 2020

FINRA Rule 2020 bans the use of fraudulent tactics, like deception or manipulation, as they relate to the purchase and sale of securities.

FINRA Rule 3110

FINRA Rule 3110 requires that firms establish systems of supervision over their employees in order to detect and prevent violations of securities regulations. This includes appointing supervisors and providing them with Written Supervisory Procedures (WSPs).

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

What is broker negligence?

Brokers may act in many negligent ways, including by recommending unsuitable investments, misrepresenting material facts, or failing to supervise other brokers.

Investors who feel their losses are the result of broker negligence may be able to recover their funds by pursuing FINRA arbitration.

Background Information

James Raper has passed the following exams:

• Series 63 – Uniform Securities Agent State Law Examination
• Series 79TO – Investment Banking Registered Representative Examination
• Series 99TO – Operations Professional Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination
• Series 14 – Compliance Officer Examination
• Series 27 – Financial and Operations Principal Examination
• Series 24 – General Securities Principal Examination

James Raper is a registered broker in all 50 states as well as the District of Columbia, Puerto Rico, and the Virgin Islands.

He previously worked for Transact Capital Securities (CRD#:133822).

Kurta Law Can Help

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

For over 20 years, Kurta Law has advocated on behalf of investors who want 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.