James Szeszulski Racks Up Two Suitability Disputes in 2021
James Szeszulski (CRD #:4851221), a registered broker with Money Concepts Capital, is involved in an investor dispute, according to his BrokerCheck record, accessed on November 8, 2021. He is also a registered investment advisor with Money Concepts Advisory Service.
On August 9, 2021, an investor filed a dispute against James Szeszulski, alleging he made unsuitable recommendations. Other allegations were made against him including material misrepresentations, omissions, and violation of fiduciary duty. The damage amount requested is $52,000. The case is still pending
FINRA Rules 2020, 2111, and 2010
FINRA Rule 2020 - Misrepresentation
FINRA Rule 2020 makes it illegal for brokerage firms and stockbrokers to make any material misrepresentations of facts when selling investments. The Securities Act of 1933 also specifically prohibits deceitful, fraudulent practices in connection with sales.
FINRA Rule 2111 - Suitability
FINRA Rule 2111 requires that brokers recommend suitable investments. In general, suitability can be determined from an investor's individual profile, which includes information on the investor’s risk tolerance and financial goals.
James Szeszulski's alleged conduct is also unethical and violates FINRA Rule 2010, which states the brokers must uphold the highest standards of commercial honor.
Older Investment Dispute
On January 29, 2021, James Szeszulski was also involved in another investor dispute. According to the investor, he allegedly recommended an unsuitable non-traded REIT. The investor sought $35,000; the dispute settled for $10,000. Non-traded REITS are especially risky investments and are not suitable for most investors.
James Szeszulski Background Information
James Szeszulski has passed the following exams:
- Series 66 - Uniform Combined State Law Examination
- SIE - Securities Industry Essentials Examination
- Series 7 - General Securities Representative Examination
He is a registered broker in nine states and is a registered investment advisor in Kentucky.
Other than Money Concepts Capital and Money Concepts Advisory Service, James Szeszulski has not worked with any other firm.non
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