Paul Nowak is the Subject of a Suitability Dispute

Paul Nowak (CRD #: 2168752), a broker registered with Ameriprise Financial Services, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on March 22, 2024. Keep reading if you have questions regarding this dispute. 

Investor Dispute 

On December 19, 2023, Paul Nowak was involved in an investor dispute following allegations filed by nine claimants. The investors alleged unsuitability, overconcentration, and negligence regarding a REIT called NorthStar Healthcare Income. 

Unsuitable Investments  

FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals.

Some common violations of this rule include:

• Excessive trading, which violates the need for quantitative suitability. This means that the number of trades must suit an investor’s goals. Excessive trading is also known as “churning.” 
• Recommendations of unsuitable investment strategies. For instance, overconcentration of securities in a certain stock or sector is typically unsuitable due to the degree of risk.
• Recommendations of high-risk or illiquid investments. These investments may lead to high fees for the investor.

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

Negligence

Many types of broker misconduct may qualify as negligence. Typical examples include unsuitable investment recommendations, misrepresentations or omissions of material fact, and failure to follow instructions.

Background Information 

Paul Nowak has passed the following exams: 

• 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 

He is a registered broker in 13 states and is a registered investment adviser in Texas and Wisconsin. 

During his 32 years of experience, Paul Nowak has registered with seven firms. These are the three most recent: 

• Ameriprise Financial Services (CRD #: 6363) 
• Annex Wealth Management (CRD #: 127987) 
• H. Beck, Inc. (CRD #: 1763) 

Kurta Law Can Help 

If you have worked with Paul Nowak and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or 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.