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Len Demchak Permitted to Resign from J.K. Financial Services

May 11, 2022 Employment

Len Demchak (CRD #: 1481640), a former broker, was permitted to resign from his previous firm, according to his BrokerCheck record, accessed on May 6, 2022. If you want to know more about Len Demchak’s conduct as a broker, keep reading.

Resignation from J.K. Financial Services

On March 18, 2022, Len Demchak was permitted to resign from J.K. Financial Services after allegedly failing to disclose his public website to the firm and by calling himself an “advisor” on his LinkedIn profile, thus failing to accurately disclose his capacity and the scope of his services as a broker.

Brokers vs. Registered Investment Advisors

Regulation best interest (Reg Bi) forbids brokers from referring to themselves as advisors unless they are also registered investment advisors (RIAs).

Though many brokers are also RIAs, the two roles offer different services—brokers can recommend and execute trades and RIAs can give investment advice. The two are also held to different legal standards when it comes to securities recommendations. 

Background Information

Len Demchak 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 22 - Direct Participation Programs Representative Examination
  • Series 6 - Investment Company Products/Variable Contracts Representative Examination

He has also worked for the following firms:

  • J.K. Financial Services (CRD#:103728)
  • Cetera Advisor Networks (CRD#:13572)
  • Proequities (CRD#:15708)
  • CFD Investments (CRD#:25427)
  • Veritrust Financial (CRD#:106594)
  • Mony Securities (CRD#:4386)
  • Veritrust Financial (CRD#:106594)
  • Aragon Financial Services (CRD#:16023)
  • NWNL Management Corporation (CRD#:2882)
  • Waddell & Reed (CRD#:866)

Kurta Law Can Help

If you worked with Len Demchak 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.