Kevin Schaefer Allegedly Recommended Unsuitable Investments

Kevin Schaefer (CRD #: 1286030), a broker registered with Wells Fargo Clearing Services, is the subject of an investor dispute. This disclosure appears on his BrokerCheck record, accessed on September 7, 2025. Keep reading if you have questions concerning his alleged conduct. 

Investor Disputes 

On June 25, 2025, an investor alleged that Kevin Schaefer recommended unsuitable investments, beginning in May 2019. 

There are two other investor disputes on his record since 2020. In both disputes, investors alleged unsuitable investment recommendations and misrepresentations. These were collectively resolved for $225,000. 

What is an Unsuitable Investment? 

FINRA Rule 2111, a.k.a. The Suitability Rule, requires brokers to tailor their investment recommendations to suit investors’ needs. 

Rule 2111 also requires brokers to consider the following investor characteristics: 

• Age
• Risk tolerance
• Time horizon (i.e., how long the investor plans to hold the investment)
• Investing experience
• Tax status
• Financial goals

Investments that do not fit the criteria established by the investor profile may be unsuitable. Investors who rely on brokers for recommendations may recover their losses by pursuing FINRA arbitration.

Background Information 

Kevin Schaefer 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 

He has registered with the following firms: 

• Wells Fargo Clearing Services (CRD #: 19616) 
• Merrill Lynch, Pierce, Fenner & Smith (CRD #: 7691) 
• Morgan Stanley Smith Barney (CRD #: 149777) 
• Morgan Stanley & Co. Incorporated (CRD #: 8209) 
• Morgan Stanley (CRD #: 7556) 
• Morgan Stanley DW (CRD #: 7556) 
• UBS Financial Services (CRD #: 8174) 
• Smith Barney Shearson (CRD #: 7059) 
• Lehman Brothers (CRD #: 7506) 
• E.F. Hutton & Company (CRD #: 7506) 
• Derand Investment Corporation (CRD #: 4679) 

Kurta Law Can Help

If you worked with Kevin Schaefer 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 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.