Jay Schechter Allegedly Made Unsuitable Investment Recommendations
Jay Schechter (CRD #: 4019220), a broker registered with MSEC, allegedly recommended an unsuitable investment, according to his BrokerCheck record, accessed on October 9, 2022. Investors may have also engaged his services through Mariner Wealth Advisors. Keep reading to learn more about his conduct as a broker.
Investor Dispute
On July 21, 2022, an investor alleged that Jay Schechter made unsuitable investment recommendations and investment decisions, and that Mariner Wealth Advisors failed to supervise him or conduct due diligence into the recommended investment product. The client seeks $98,722 in this pending dispute.
FINRA Rule 2111
FINRA Rule 2111 defines suitable investments as those that sufficiently fit an investor’s profile. These profiles describe an investor’s tax status, risk tolerance, and other characteristics.
FINRA Rule 2010
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. Violations of FINRA Rule 2111 are automatic violations of FINRA Rule 2010.
Background Information
Jay Schechter has passed the following exams:
- Series 65 – Uniform Investment Adviser Law Examination
- SIE – Securities Industry Essentials Examination
- Series 6 – Investment Company Products/Variable Contracts Representative Examination
Jay Schechter is a registered broker and a registered investment adviser in Florida.
He previously worked for Singer Xenos Securities, Corporation (CRD#:115856) and Singer Xenos Schechter Sosler Wealth Management (CRD#:106445).
Kurta Law Can Help
If you worked with Jay Schechter 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.