Justin Deiter Allegedly Involved in Suitability Dispute
Justin Deiter (CRD #: 5225102), a registered broker and investment advisor with Spartan Capital Securities, is involved in a suitability dispute, according to his BrokerCheck record, accessed on November 25, 2021.
On October 25, 2021, an investor filed a dispute against Justin Deiter, alleging unsuitability, contract breach, and fiduciary duty. The damage amount requested is $97,707.00. The case is still pending.
Justin Deiter has other suitability disputes in his broker check record, including the following:
On May 29, 2018, an investor alleged that Justin Deiter made unsuitable investment recommendations. The dispute settled for $ 365,000.
What is a Suitable Investment?
FINRA defines suitable investments as securities that fit an investor's profile. An investor's profile includes information about their risk tolerance, financial goals, and age.
FINRA Rule 2111 identifies the three prongs of a suitability determination as: 1) reasonable-basis suitability, 2) customer-specific suitability, and 3) quantitative suitability.
- Reasonable-basis Suitability: Brokers are required to use reasonable diligence before making a recommendation. This means they have an obligation to understand an investment strategy and its potential risks or rewards.
- Customer-specific Suitability: Before making a recommendation of the particular security or investment strategy involving a specific client, brokers are required to have reasonable grounds for believing it will be suitable based on that client's personal profile. The profile includes information on the investor's financial goals, investing experience, and risk tolerance.
- Quantitative Suitability: Brokers with control over a customer's account must have a reasonable basis to believe that the series of transactions they recommend are not excessive before executing them. Excessive transactions run the risk of incurring too many fees and negating any returns.
Investors who rely on their brokers for recommendations may be able to recover their losses through FINRA arbitration.
Justin Deiter 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 7 - General Securities Representative Examination
Justin Deiter is a registered broker in 11 states.
Other than Spartan Capital Securities, Justin Deiter has also worked with the following firms:
- Allied Millennial Partners (CRD #:16569)
- Aegis Capital (CRD #:15007)
- Global Arena Capital (CRD #:16871)
- Prestige Financial Center (CRD #:30407)
Kurta Law Can Help
If you have worked with Justin Deiter and have concerns about your investments, don't hesitate to contact us today at 877-600-0098 or email@example.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.