Kevin Klipfel Subject of a Mutual Fund Dispute

Kevin Klipfel (CRD #: 5220694), a broker registered with Grove Point Investments, is the subject of a dispute, according to his BrokerCheck record, accessed on September 26, 2023. Keep reading if you have any questions about his alleged conduct. 

On July 12, 2023, a successor trustee filed a dispute alleging representatives violated Regulation Best Interest when they liquidated a conservative, low-risk portfolio to purchase highly speculative, risky mutual funds with high front-end sales charges. 

What is a Mutual Fund? 

A mutual fund is a portfolio of investments that allows investors to pool their wealth. They can be passively or actively managed. Brokers may earn a large commission from these funds, making them frequent objects of fraudulent trading practices. 

Regulation Best Interest

Regulation Best Interest (Reg-BI) is an SEC regulation that requires brokerage firms to put their clients’ best interests first. For example, firms must conduct reasonable due diligence when researching mutual funds to ensure their recommendations are suitable for the investor.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. Violations of Reg BI may also violate this rule. 

Background Information 

Kevin Klipfel has passed the following exams:

• Series 66 Uniform Combined State Law Examination
• SIE – Securities Industry Essentials Examination 
• Series 7 General Securities Representative Examination
• Series 24 General Securities Principal Examination 

He is a registered broker in 22 states and is a registered investment adviser in California. 

During his 15 years of experience, Kevin Klipfel has registered with six firms: 

• Grove Point Investments (CRD #: 1763) 
• Grove Point Advisors (CRD #: 313171) 
• Independent Financial Group (CRD #: 7717) 
• LPL Financial (CRD #: 6413) 
• Wells Fargo Advisors Financial Network (CRD #: 11025) 
• Edward Jones (CRD #: 250) 

Kurta Law Can Help

If you worked with Kevin Klipfel and 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 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.