Two Investor Disputes Claim Jeffrey Basford Recommended Unsuitable Investments
Jeffrey Basford (CRD #:5077566), a registered broker with David Lerner Associates, is involved in his second unsuitability dispute, according to his BrokerCheck record, accessed on November 8, 2021.
Investor Allegations
Jeffrey Basford is facing two pending investor disputes:
- On September 22, 2021, an investor alleged that Jeffrey Basford, recommended unsuitable investments and engaged in misrepresentation/omission. The damage amount requested is $200,000.
- A similar dispute was filed against Jeffrey Basford on June 28, 2021. The investor is seeking $100,000; the dispute is pending.
Jeffrey Basford’s Alleged Conduct is a Violation of FINRA Rules 2111, 2020 And 2010
FINRA Rule 2111 (Suitability)
FINRA Rule 2111 has specific rules for determining suitable investment. In general, suitability can be determined from an investor’s individual profile which includes information regarding the investor’s risk tolerance and goals. Registered brokers may be liable if they provide an unsuitable investment recommendation or strategy that leads to losses.
FINRA Rule 2020 (Misrepresentation)
A misrepresentation is an affirmative act of making a false or misleading statement, while an omission is the failure to disclose essential facts. Negligently or intentionally making misrepresentations or failing to disclose any material information can result in losses and damages to an investor’s portfolio.
FINRA Rule 2020 prohibits brokerage firms and stockbrokers from making material misrepresentations of fact to induce an investor in connection with the sale or purchase of an investment. Misrepresentation also violates The Securities Act of 1933, which prohibits deceit, misrepresentation, and other fraud in the sale of securities.
Jeffrey Basford’s alleged conduct is also unethical and violates FINRA Rule 2010, which states the brokers must uphold the highest standards of commercial honor.
Jeffrey Basford Background Information
Jeffrey Basford has passed the following exams:
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
Jeffrey Basford is a registered broker in 19 states.
Other than David Lerner Associates, Jeffrey Basford has not worked with any other firm.
Kurta Law Can Help
If you have worked with Jeffrey Basford and have concerns about your investments, don’t hesitate to contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.
For nearly 20 years, Kurta Law has advocated for investors 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.