Kevin Dooley Subject of a New REIT Dispute

Kevin Dooley (CRD #: 2513153), a broker registered with Equitable Advisors, is the subject of an investor dispute. This disclosure appears on his BrokerCheck record, accessed on February 28, 2024. Investors who have concerns about his alleged conduct should keep reading. 

Investor Dispute

On November 21, 2023, an investor alleged that Kevin Dooley purchased an unsuitable REIT. This is not the first investor dispute on his record involving REITs. 

Settled Investor Disputes

On September 29, 2021, an investor alleged that Kevin Dooley recommended unsuitable alternative investments between 2012 and 2014. The dispute was settled for $98,400. 

According to allegations filed on October 11, 2019, Kevin Dooley recommended three unsuitable REITs, an equity-managed account, and a variable annuity. He allegedly did not adequately disclose the risks associated with those disputes. The dispute was settled for $690,000. 

What is a Variable Annuity? 

Variable annuities are complex investments. They are insurance products that come with an investment component. The associated fees, surrender charges, and potential tax liability can negate any supposed benefits they offer. Furthermore, the risk associated with this type of illiquid investment makes it unsuitable for many investors. 

What is a REIT?

Real estate investment trusts (REITs) allow investors to generate returns from a portfolio of real estate without being directly involved in property management. However, REITs tend to be illiquid, which makes them unsuitable for many investors. Non-traded REITs are especially risky because they are not traded on the public exchange, making them difficult or impossible to sell. 

FINRA Rule 2111 – Unsuitable Investments 

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. Investor profiles have information on the investor’s age, risk tolerance, tax status, investing experience, and financial goals. Investments that do not take these factors into account may be unsuitable. 

Background Information 

Kevin Dooley 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
• Series 53 Municipal Securities Principal Examination 
• Series 24 General Securities Representative Examination 

He is a registered broker in 26 states. 

During his 28 years of experience, he has registered with two firms: 

• Equitable Advisors (CRD #: 6627) 
• The Equitable Life Assurance Society of the United States (CRD #: 4039) 

Kurta Law Can Help 

If you have worked with Kevin Dooley and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or info@kurtalawfirm.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 that 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. Do not let securities fraud go unchecked. Start your recovery process today.