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Investor Seeks $1 Million in Damages in Dispute with Jeffrey Shaver

May 23, 2022 Unsuitable Investments

Jeffrey Shaver (CRD #: 2675592), a former broker, is involved in a pending dispute, according to his BrokerCheck record, accessed on May 16, 2022. He is currently registered as an investment adviser with ACG Wealth. If you want to know more about Jeffrey Shaver’s conduct as a broker, read on. 

Investor Dispute

In a dispute filed on March 2, 2022, an investor alleges that Jeffrey Shaver recommended unsuitable alternative investments, over-concentrated their accounts, and committed negligence. They seek $1,000,000 in this pending dispute.

FINRA Rule 2111

FINRA Rule 2111 defines suitable investments as securities that sufficiently match an investor's profile. Brokers must take into consideration the investor characteristics described in these profiles, such as the following: 

  • Age
  • Financial goals
  • Risk tolerance
  • Time horizon (i.e., how long the investment will be held)
  • Investing experience
  • Tax status

Suitability also applies to investment strategies—over-concentration of accounts, for example, is generally unsuitable for most investors.

Alternative investments are unsuitable for most investors because they require a high risk tolerance and significant investing experience. 

Investors can recover losses caused by unsuitable investments by pursuing FINRA arbitration.

What qualifies as broker negligence?

Broker negligence can come in many forms. Violations of FINRA Rule 2111 are common forms of negligent behavior, as are the misrepresentation and omission of information concerning investments.

Background Information

Jeffrey Shaver 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

He has also worked for the following firms:

  • Arkadios Capital (CRD#:282710)
  • Triad Advisors (CRD#:25803)
  • LPL Financial (CRD#:6413)
  • Wachovia Securities Financial Network (CRD#:11025)
  • Morgan Keegan & Company (CRD#:4161)
  • A. G. Edwards & Sons (CRD#:4)
  • J.P. Turner & Company (CRD#:43177)
  • Argent Securities (CRD#:15297)

Kurta Law Can Help

If you worked with Jeffrey Shaver 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.