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Investor Alleges Michael Gray Gave Unsuitable Investment Recommendations

Michael Gray (CRD #: 3223176), a broker registered with PFS Investments, allegedly gave unsuitable investment recommendations, according to his BrokerCheck record, accessed on May 3, 2023. If you have questions about his alleged conduct as a broker, read on.

Investor Dispute

On February 2, 2023, an investor alleged that Michael Gray recommended investments that were unsuitable for their investment objective. This dispute is currently pending. Unsuitable investments violate FINRA Rule 2111. 

FINRA Rule 2111

FINRA Rule 2111 requires brokers to take into account investors’ financial goals when recommending investments. Brokers must examine the investor’s profile, which contains the following information:

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

Investors who rely on brokers for investment recommendations can pursue FINRA arbitration and potentially recover their losses.

Background Information

Michael Gray has passed the following exams:

  • Series 63 – Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 6 – Investment Company Products/Variable Contracts Representative Examination
  • Series 26 – Investment Company Products/Variable Contracts Principal Examination

Michael Gray is a registered broker in eight states and the District of Columbia.

Kurta Law Can Help

If you worked with Michael Gray 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. 

 

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