Investor Alleges Jeffrey Somerstein Sold Unsuitable Structured Notes

Jeffrey Somerstein (CRD #: 4690840), a broker registered with Equitable Advisors, is the subject of a recent dispute, according to his BrokerCheck record, accessed on July 24, 2022. Read on to learn more about his conduct as a broker.

Investor Dispute

On June 10, 2022, an investor alleged that Jeffrey Somerstein sold unsuitable structured notes in 2021. This dispute is pending.

FINRA Rule 2111

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. Brokers must use the information contained in an investor’s profile, such as their risk tolerance, age, and financial goals when making recommendations.

Investors who rely on their broker for recommendations may be able to recover their losses through FINRA arbitration.

What are structured products?

Structured products (also called structured notes) consist of a bond and derivative component. Examples of derivative components include swaps, futures, and options. Unlike a traditional bond, investors receive their principal and additional returns depending on the performance of the underlying asset(s).

The complexity of structured products often makes them difficult for an investor to evaluate. If you believe your losses were caused by an unsuitable structured product, you may be able to recover your funds through FINRA arbitration.

Background Information

Jeffrey Somerstein has passed the following exams:

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

Jeffrey Somerstein is a registered broker in New Jersey, New York, and Pennsylvania. He is also a registered investment adviser in New Jersey and New York.

Kurta Law Can Help

If you worked with Jeffrey Somerstein 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.