Investors Claim Rich Scheffer Omitted Information Concerning Offshore Investment
Rich Scheffer (CRD #: 1660018), a broker registered with Kovack Securities, is involved in a pending dispute, according to his BrokerCheck record, accessed on July 8, 2022. Investors may also have engaged Rich Scheffer’s service at Kovack Advisors. Read on if you have questions about Rich Scheffer’s conduct as a broker.
On March 28, 2022, multiple investors filed a dispute naming Rich Scheffer in allegations of unsuitability, overconcentration, and omissions of information related to an offshore investment purchased in 2009. This dispute is currently pending.
FINRA Rules 2111
FINRA Rule 2111 requires brokers to take into account investors’ financial goals when recommending investments. Brokers must evaluate investors’ profiles, which contain the following descriptive information:
- Financial goals
- Risk tolerance
- Time horizon (i.e., how long the investment will be held)
- Investing experience
- Tax status
FINRA Rule 2020
The omission of facts related to investments violates FINRA Rule 2020, which bans the use of deceptive, manipulative, and otherwise fraudulent tactics to influence investors’ decisions.
Rich Scheffer has passed the following exams:
- Series 66 – Uniform Combined State Law Examination
- 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
- Series 26 – Investment Company Products/Variable Contracts Principal Examination
Rich Scheffer is a registered broker in 10 states and a registered investment adviser in Florida.
He has also worked for the following firms:
- SunTrust Investment Services (CRD#:17499)
- Laughlin Group Advisors (CRD#:18272)
- Marketing One Securities (CRD#:16611)
- New England Securities (CRD#:615)
- PNMR Securities (CRD#:19061)
Kurta Law Can Help
If you worked with Rich Scheffer and you have concerns about your investments, please contact us today at 877-600-0098 or firstname.lastname@example.org 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.