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Investors Allege Raymond Kramer Violated Regulation Best Interest

Raymond Kramer (CRD #: 3247207), a broker registered with Purshe Kaplan Sterling Investments, allegedly violated Regulation Best Interest, according to his BrokerCheck record, accessed on April 14, 2023. Investors may have also worked with him through Monon Wealth Management. If you have questions about his alleged conduct as a broker, keep reading.

Investor Dispute

On March 21, 2023, multiple investors filed a dispute alleging that Raymond Kramer engaged in negligence and violated Regulation Best Interest in connection with their purchases of GWG Holdings’ L Bonds. These clients seek $90,000 in this pending dispute.

FINRA Rule 2111 and Regulation Best Interest

FINRA Rule 2111 requires brokers to tailor their investment recommendations to suit investors’ profiles. These profiles contain information about investors’ risk tolerance, age, and investment goals.

Regulation Best Interest (Reg-BI) is an SEC regulation that requires brokerage firms to put their clients’ best interests first. For example, firms must conduct reasonable due diligence when researching investments to ensure their recommendations are suitable for the investor.

What is broker negligence?

Brokers may act in many negligent ways, including by recommending unsuitable investments, misrepresenting material facts, and executing unauthorized trades.

Investors who have lost money through broker negligence may be able to recover their funds by pursuing FINRA arbitration.

Background Information

Raymond Kramer 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 24 – General Securities Principal Examination
  • Series 9 – General Securities Sales Supervisor – Options Module Examination

Raymond Kramer is a registered broker in six states and a registered investment adviser in Indiana and Texas.

He has also worked for the following firms:

  • Wells Fargo Advisors Financial Network (CRD#:11025)
  • Fifth Third Securities (CRD#:628)
  • The Huntington Investment Company (CRD#:16986)
  • Chase Investment Services (CRD#:25574)
  • IFMG Securities (CRD#:14416)
  • Banc One Securities Corporation (CRD#:16999)
  • Charles Schwab & Company (CRD#:5393)

Kurta Law Can Help

If you worked with Raymond Kramer 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.