Jonathan David Sopher (CRD #2135228) Has a Customer Dispute Disclosure on FINRA BrokerCheck

Jonathan David Sopher (CRD #2135228) is a broker with a customer dispute disclosure on FINRA BrokerCheck. We reviewed his BrokerCheck report on March 17, 2026. It reflects one customer dispute. If you invested with Jonathan David Sopher and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Investor Disputes / Customer Complaints

Jonathan Sopher’s FINRA BrokerCheck Report reflects one customer dispute disclosure. A summary of the dispute is below:

On January 14, 2026, a customer alleged Jonathan Sopher made an unsuitable investment recommendation. The customer also alleged he failed to consider liquidity needs. Jonathan Sopher’s FINRA BrokerCheck report lists the product type as Direct Investment-DPP & LP Interests. BrokerCheck states no specific damages were alleged. It also says the firm made a good faith determination that damages could be $5,000 or more. The complaint was denied on February 4, 2026.

Rule Summary #1: FINRA Rule 2111 (Suitability)

FINRA Rule 2111 requires a recommendation to fit the customer’s investment profile. That profile includes liquidity needs, time horizon, and risk tolerance. A complaint like this can raise questions about whether the recommendation matched those factors.

Rule Summary #2: FINRA Rule 2090 (Know Your Customer)

FINRA Rule 2090 requires firms and associated persons to use reasonable diligence to know the essential facts about each customer. That duty matters when a recommendation depends on the customer’s financial needs and account circumstances.

Why This Matters to Investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation. It strengthens the standard of conduct that broker-dealers owe to retail investors. It applies when they recommend securities transactions or investment strategies. The U.S. Securities and Exchange Commission adopted Reg BI. It became effective on June 30, 2020. Reg BI aims to protect investors while preserving access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in a retail customer’s best interest at the time of a recommendation. They must not place their own financial or other interests ahead of the customer’s. This standard is higher than the older “suitability” rule. Suitability meant a recommendation only had to be appropriate. It did not have to be the best option or free of conflicts.

Reg BI has four key obligations:

1.    Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and the recommendation. This includes fees, the scope of services, and conflicts of interest.

2.    Care Obligation – Broker-dealers must use reasonable diligence, care, and skill. They must consider costs, risks, and alternatives when making a recommendation.

3.    Conflict of Interest Obligation – Firms must identify conflicts of interest. They must disclose them and mitigate or eliminate them. This includes conflicts that create incentives to favor one product over another.

4.    Compliance Obligation – Firms must maintain policies and procedures. Those policies should be designed to ensure compliance with Reg BI as a whole.

Reg BI applies to each recommendation. It is not a continuous duty like the fiduciary standard for registered investment advisers. Even so, it narrows the gap. It puts more focus on costs, conflicts, and investor-focused decision-making.

Overall, Regulation Best Interest promotes transparency. It also aims to improve the quality of investment recommendations. It is designed to reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background Information (from BrokerCheck)

Based on his FINRA BrokerCheck report, Jonathan Sopher:

Is currently registered with Stifel, Nicolaus & Company, Incorporated.

Has passed the Securities Industry Essentials (SIE) exam. Jonathan Sopher has also passed Series 7 and Series 63.

Was previously registered with firms that include Barclays Capital Inc. and Jefferies & Company, Inc.

Kurta Law Can Help

If you have worked with Jonathan Sopher and you have concerns about his activity, Kurta Law may be able to help you evaluate your legal options. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful resources: Unsuitable Investments | Securities Attorney

For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable. Our firm represents clients nationwide in securities arbitration and related disputes. If you believe a broker or firm mishandled your account, an attorney can review the facts and explain possible next steps.