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Jeffrey Hackett Facing a Five Million Dollar Dispute Alleging Unsuitability

Mar 8, 2022 Unsuitable Investments

Jeffrey Hackett (CRD #: 2575374), a broker and investment advisor registered with UBS Financial Services, is facing an unsuitability dispute, according to his BrokerCheck record, accessed on February 20, 2022. 

On December 3, 2021, Jeffrey Hackett was named in an investor dispute alleging unsuitability regarding his client's accounts which he was managing between April 2007 and November 2008. The investor is seeking $5,000,000一the case is still pending. 

What is Suitability?

"Suitability" is the term used to describe an ethical, enforceable standard for investments that financial professionals are bound to when dealing with clients. An investment is only considered "suitable" if it meets the suitability criteria outlined in FINRA Rule 2111

A broker must have exercised due diligence and have an adequate reason for believing that an investment will also be suitable or beneficial for the investor. Investors who rely on their brokers for recommendations may be able to recover their losses through FINRA arbitration if their broker recommended an unsuitable investment. 

Background Information

Jeffrey Hackett has passed the following exams:

  • Series 65 - Uniform Investment Adviser Law Examination
  • Series 63 - Uniform Securities Agent State Law Examination
  • SIE - Securities Industry Essentials Examination
  • Series 31 - Futures Managed Funds Examination
  • Series 7 - General Securities Representative Examination

Jeffrey Hackett is a registered broker in 13 states. He is also a registered investment advisor in Texas and California.

Besides UBS Financial Services, Jeffrey Hackett has also worked with the following firms:

  • Morgan Stanley & Co. Incorporated (CRD#:8209)
  • Morgan Stanley (CRD#:7556)
  • Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691)
  • Dean Witter Reynolds (CRD#:7556)

Kurta Law Can Help

If you have worked with Jeffrey Hackett 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.