Larry James Kiefer (CRD #1230117) Has a Regulatory Action and Customer Dispute Disclosure on FINRA BrokerCheck

Larry James Kiefer (CRD #1230117) was previously registered as a broker and has a regulatory action and customer dispute on FINRA BrokerCheck. We reviewed his BrokerCheck report on April 23, 2026. It reflects one regulatory action and one customer dispute. If you invested with Larry James Kiefer and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Regulatory Action(s)

Larry James Kiefer’s FINRA BrokerCheck Report reflects one regulatory action disclosure. A summary of the matter is below:

On January 30, 2004, the Texas State Securities Board entered a final order against Larry James Kiefer. Larry James Kiefer’s FINRA BrokerCheck Report states that he sold fractional interests in viatical settlement contracts to Texas residents, received commissions, and did not disclose the outside business activity on his Form U4. BrokerCheck also states that the contracts were not registered for sale in Texas and that he did not obtain firm approval for the activity.

According to Larry James Kiefer’s FINRA BrokerCheck Report, the matter ended with a reprimand, an undertaking to reimburse commissions, and a 30-day suspension from accepting or opening new client accounts in Texas. BrokerCheck also lists restitution of $26,715.96 and includes his statement that checks were issued to nine Texas clients on March 2, 2004.

Investor Disputes / Customer Complaints

Larry James Kiefer’s FINRA BrokerCheck Report reflects one customer dispute disclosure. A summary of the dispute is below:

On February 25, 2026, a customer alleged that Larry James Kiefer recommended Inspired Health Care Income Fund V without adequate suitability analysis or due diligence. Larry James Kiefer’s FINRA BrokerCheck Report lists the product as a real estate security and shows alleged damages of $50,000.

BrokerCheck also shows the matter is pending in FINRA arbitration under docket number 25-02359, with a filing date of October 29, 2025. The report says compensatory damages are stated as between $50,000 and $100,000.

Rule Summary #1: FINRA Rule 2111 (Suitability)

FINRA Rule 2111 requires a reasonable basis for a recommendation. It also requires a broker to consider the investor’s profile, including risk tolerance, time horizon, and liquidity needs. Disputes over private real estate securities often raise questions about whether the recommendation fit those factors.

Rule Summary #2: FINRA Rule 3110 (Supervision)

FINRA Rule 3110 requires firms to maintain a supervisory system and written procedures. In private-placement matters, supervision often includes product review, due diligence, and follow-up on red flags.

Why This Matters to Investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation. It strengthens the standard of conduct that broker-dealers owe to retail investors. It applies when they recommend securities transactions or investment strategies. The U.S. Securities and Exchange Commission adopted Reg BI. It became effective on June 30, 2020. Reg BI aims to protect investors while preserving access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in a retail customer’s best interest at the time of a recommendation. They must not place their own financial or other interests ahead of the customer’s. This standard is higher than the older “suitability” rule. Suitability meant a recommendation only had to be appropriate. It did not have to be the best option or free of conflicts.

Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and the recommendation. This includes fees, the scope of services, and conflicts of interest.

Care Obligation – Broker-dealers must use reasonable diligence, care, and skill. They must consider costs, risks, and alternatives when making a recommendation.

Conflict of Interest Obligation – Firms must identify conflicts of interest. They must disclose them and mitigate or eliminate them. This includes conflicts that create incentives to favor one product over another.

Compliance Obligation – Firms must maintain policies and procedures. Those policies should be designed to ensure compliance with Reg BI as a whole.

Reg BI applies to each recommendation. It is not a continuous duty like the fiduciary standard for registered investment advisers. Even so, it narrows the gap. It puts more focus on costs, conflicts, and investor-focused decision-making.

Overall, Regulation Best Interest promotes transparency. It also aims to improve the quality of investment recommendations. It is designed to reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background Information (from BrokerCheck)

Based on his FINRA BrokerCheck report, Larry James Kiefer:

Is not currently registered.

Has passed the Securities Industry Essentials (SIE) exam. Larry James Kiefer has passed Series 7. He has also passed Series 65 and Series 63.

Was previously registered with firms that include Great Point Capital LLC and Great Nation Investment Corporation.

Kurta Law Can Help

If you have worked with Larry James Kiefer and you have concerns about his activity, Kurta Law may be able to help you evaluate your legal options. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful resources: Securities Attorney | Private Placements

For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable. Our firm represents clients nationwide in securities arbitration and related disputes. If you believe a broker or firm mishandled your account, an attorney can review the facts and explain possible next steps.