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Jason Doviak Allegedly Failed to Act in Client’s Best Interest

Jason Doviak (CRD #: 4266648), a broker registered with Park Avenue Securities, allegedly failed to act in the best interest of a client, according to his BrokerCheck record, accessed on April 25, 2023. Keep reading to learn more about his alleged conduct as a broker.

Investor Dispute

On March 3, 2023, an investor filed a dispute alleging that Jason Doviak facilitated the purchase of a 2020 Allianz variable annuity that was not in the client’s best interest. The client sought $1 million in damages but the dispute was denied by the firm.

Investors should be aware, however, that firms don’t need to permit an outside review before denying a dispute. Investors can still seek out FINRA arbitration and potentially recoup their losses following a denial.

FINRA Rule 2111 and Regulation Best Interest

FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals. Brokers must consult the investor’s profile, which describes their tax status, age, risk tolerance, and other information.

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.

What are variable annuities?

Variable annuities are complex investments. These policies can decline in value depending on the performance of the underlying security. Surrender charges, tax penalties, and other fees can make these policies unsuitable.

Background Information

Jason Doviak has passed the following exams:

  • Series 66 – Uniform Combined State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 – General Securities Representative Examination

Jason Doviak is a registered broker in nine states and a registered investment adviser in seven states.

He has also worked for Morgan Stanley DW (CRD#:7556).

Kurta Law Can Help

If you worked with Jason Doviak and you have concerns about your investments, please contact us today at 877-600-0098 or 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.