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Investors Allege Justin Mackie Made Unsuitable Investment Recommendations

Justin Mackie (CRD #: 4736154), a broker registered with Arete Wealth Management, allegedly gave unsuitable investment recommendations, according to his BrokerCheck record, accessed on May 3, 2023. Investors who have concerns about his conduct as a broker should keep reading. 

Investor Dispute

On February 22, 2023, multiple investors filed a dispute alleging that Justin Mackie recommended unsuitable investments during May 2017, September 2019, and January 2021. They seek $257,500 in damages in this pending dispute.

FINRA Rule 2111

FINRA Rule 2111 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.

  • High-risk and illiquid investments are frequently unsuitable due to their risk and/or the difficulty to sell in the near future.
  • Trading activity can also be quantitatively unsuitable, meaning that the broker executed an excessive number of trades, racking up trading fees and commissions that cut into the client’s returns.
  • Investment strategies must also serve investors’ goals. Overconcentration in a particular sector or stock is often an unsuitable investment strategy, due to the high degree of risk.

Background Information

Justin Mackie has passed the following exams:

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

Justin Mackie is a registered broker in 23 states and a registered investment adviser in ten states.

Kurta Law Can Help

If you worked with Justin Mackie 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. 

 

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