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Michael Gustafson Allegedly Gave Client Unsuitable Recommendations

Michael Gustafson (CRD #: 2202450), a broker registered with Royal Alliance Associates, is the subject of a pending dispute, according to his BrokerCheck record, accessed on May 26, 2023. Investors may have also worked for Focus Financial. Keep reading if you want to know more about his alleged conduct as a broker.

Investor Dispute

On March 21, 2023, an investor alleged that Michael Gustafson made unsuitable recommendations with regard to sales of alternative investments. The client seeks $120,000 in damages in this pending dispute.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to recommend securities that sufficiently suit an investor’s financial goals. Brokers must use the information contained in an investor’s profile, such as their age, risk tolerance, and tax status.

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

Background Information

Michael Gustafson 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

Michael Gustafson is a registered broker in 18 states and a registered investment adviser in Minnesota and Texas.

He has also worked for American Express Financial Advisors (CRD#:6363) and IDS Life Insurance Company (CRD#:6321).

Kurta Law Can Help

If you worked with Michael Gustafson 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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