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Investor Alleges Mark Schaffer’s Recommendation Led to Tax Consequences

Feb 14, 2023 Unsuitable Investments

Mark Schaffer (CRD #: 2447250), a broker formerly registered with Securities America, is involved in a pending dispute, according to his BrokerCheck record, accessed on February 7, 2023. If you have questions about his alleged conduct as a broker, read on.

Investor Dispute

In a dispute filed on October 20, 2022, an investor alleged Mark Schaffer gave a recommendation that resulted in negative tax consequences for the client. This dispute is currently pending.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals. Brokers must take into account the information contained in an investor’s profile, such as their age, tax status, and risk tolerance.

Investors who rely on brokers for recommendations may be able to recover their losses by pursuing FINRA arbitration.

Background Information

Mark Schaffer 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 6 – Investment Company Products/Variable Contracts Representative Examination
  • Series 24 – General Securities Principal Examination
  • Series 26 – Investment Company Products/Variable Contracts Principal Examination

In the past, he worked for the following firms:

  • Securities America (CRD#:10205)
  • Scottrade (CRD#:8206)
  • Infinex Investments (CRD#:35371)
  • Securities Service Network (CRD#:13318)
  • Sanders Morris Harris (CRD#:20580)
  • RDM Investment Services (CRD#:104266)
  • Royal Alliance Associates (CRD#:23131)
  • ING Financial Partners (CRD#:2882)
  • Essex National Securities (CRD#:25454)
  • FIS Securities (CRD#:30533)
  • MDS Securities (CRD#:29367)
  • Pruco Securities (CRD#:5685)

Kurta Law Can Help

If you worked with Mark Schaffer and you have concerns about your investments, please contact us today at 877-600-0098 or for a free consultatio

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.