Victim of Financial Fraud? Call Now
Home » Broker Blog » Investors Seek Over $1 Million in Investors Disputes with James Schrack

Investors Seek Over $1 Million in Investors Disputes with James Schrack

James Schrack (CRD #: 2620270), a broker registered with Center Street Securities, allegedly gave unsuitable investment recommendations, according to his BrokerCheck record, accessed on July 10, 2023. Read on if you have questions about James Schrack’s alleged conduct as a broker.

Investor Dispute

On May 1, 2023, an investor filed a dispute alleging that James Schrack made an unsuitable investment recommendation. The client seeks $995,000 in this pending dispute.

In a similar dispute filed on June 8, 2022, an investor alleged that James Schrack recommended an unsuitable investment. The client seeks $75,000 in this pending dispute.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to take investors’ profiles into account when recommending investments. An investor’s profile contains information about their risk tolerance, age, and investment goals.

Investors who rely on their broker for recommendations may be able to recoup their losses through FINRA arbitration.

Background Information

James Schrack has passed the following exams:

  • Series 63 – Uniform Securities Agent State Law Examination
  • Series 7TO – General Securities Representative Examination
  • SIE – Securities Industry Essentials Examination
  • Series 6 – Investment Company Products/Variable Contracts Representative Examination

James Schrack is a registered broker in Alabama, California, Idaho, Oregon, and Washington.

He has also worked for the following firms:

  • Sunset Financial Services (CRD#:3538)
  • Beneficial Investment Services (CRD#:136433)
  • American General Securities (CRD#:13626)
  • Franklin Financial Services (CRD#:5435)
  • Fortis Investors (CRD#:421)
  • NYLIFE Securities (CRD#:5167)

Kurta Law Can Help

If you worked with James Schrack 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. 

 

Recent Results

$16.75M

Million

Recovery for ARC NYC REIT Investors
Learn More
Kurta Law recovered millions of dollars for investors who purchased the speculative and unsuitable ARC NYC REIT. The arbitration settled for substantially more than the investor losses.

Recent Results

$9.3M

Million

Investors Receive Award for More than their Losses
Learn More
Jonathan Kurta was able to recover over $9.3 million for a group of defrauded investors. The claims were based upon the brokerage firm’s failure to supervise a stockbroker who stole client funds and then prepared and disseminated fake account statements for decades.

Recent Results

$7.1M

Million

Elderly Victims Recover After a Decade of Fraud
Learn More
Jonathan Kurta represented a group of elderly women who were the victims of a financial crime perpetrated by a rogue broker. The broker utilized forged documents to steal funds from the clients’ accounts over a decade.

Recent Results

$4.2M

Million

Investor vs. Royal Alliance
Learn More
Jonathan Kurta represented an investor who alleged that Royal Alliance Associates had not fulfilled their supervisory duties. This allegedly allowed brokers to engage in conversion and RICO violations. Read a copy of the award here.

Recent Results

$1M

Million

Utah Firm Executed Unnecessary Transaction
Learn More
A FINRA panel sided with Kurta Law and found that a Utah brokerage firm executed unnecessary transactions in order to generate more commissions. Read a copy of the award here.

Recent Results

$2M

Million

Arizona Investors Options Trading Scam
Learn More
Kurta Law negotiated a $2 million settlement on behalf of Arizona investors who were defrauded in an options trading scam.

Categories