Patrick Dever Allegedly Recommended an Unsuitable UIT
Patrick Dever (CRD #: 2202204), a broker registered with Stifel, Nicolaus & Company, Incorporated, is the subject of an investor dispute. This disclosure appears on his BrokerCheck record, accessed on October 7, 2024. Keep reading if you have questions regarding his alleged conduct.
Investor Allegations
On September 6, 2024, an investor alleged that Patrick Dever recommended unsuitable Unit Investment Trusts that came with excessive fees and commissions.
The investor is seeking $1,000,000.
UITs
A unit investment trust (UIT) consists of a fixed portfolio of stocks and bonds, similar to a mutual fund. The lack of liquidity and high fees associated with cashing out early can make UITs unsuitable for investors. UITs can take years to mature.
Unsuitable Investments
FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. Investor profiles have information on the investor’s age, risk tolerance, tax status, investing experience, and financial goals. Investments that do not take these factors into account may be unsuitable.
Background Information
Patrick Dever 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
He is a registered broker in seven states and is a registered investment adviser in Pennsylvania.
During his 32 years of experience, Patrick Dever registered with six firms:
- Stifel, Nicolaus & Company (CRD #: 793)
- Morgan Stanley (CRD #: 149777)
- Morgan Stanley & Co. (CRD #: 8209)
- Morgan Stanley (CRD #: 7556)
- CitiGroup Global Markets (CRD #: 7059)
- Lehman Brothers (CRD #: 7506)
Kurta Law Can Help
If you worked with Patrick Dever and you have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email info@kurtalawfirm.com for a free consultation.
For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that 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. Do not let securities fraud go unchecked. Start your recovery process today.