Richard Stephen Pluta (CRD #1232948) Has Customer Dispute Disclosures on FINRA BrokerCheck

Richard Stephen Pluta (CRD #1232948) has been the subject of disclosure events, which have recently been reported on his FINRA BrokerCheck report. When we accessed Richard Pluta’s BrokerCheck report on January 18, 2026, it listed six customer dispute disclosures. If you have invested with Richard Stephen Pluta and you have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Investor Disputes / Customer Complaints

Richard Pluta’s FINRA BrokerCheck report reflects six customer dispute disclosures. A summary of two disputes is below:

On November 24, 2025, a customer alleges that Richard Pluta failed to follow instructions. The dispute lists alleged damages of $428,000.00 and is currently pending.

On April 2, 2009, a customer alleges that Richard Pluta misrepresented investments and made unsuitable recommendations. The dispute involves listed equities and sought $84,621.00 in alleged damages. The firm denied the claims and stated that it found them to be without merit.

Richard Pluta’s FINRA BrokerCheck report includes four additional customer dispute disclosures.

Rule summary #1: FINRA Rule 2111 (Suitability)

FINRA Rule 2111 (Suitability) requires brokers and firms to have a reasonable basis to believe a recommended transaction or investment strategy is suitable for the customer based on the customer’s investment profile and the facts of the recommendation.

Rule summary #2: FINRA Rule 2010

FINRA Rule 2010 is a broad, principles-based rule requiring members and associated persons to observe high standards of commercial honor and just and equitable principles of trade. FINRA frequently cites Rule 2010 in matters involving unethical conduct.

Why this Matters to Investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation designed to strengthen the standard of conduct that broker-dealers owe to retail investors when making recommendations about securities transactions or investment strategies. Adopted by the U.S. Securities and Exchange Commission and effective as of June 30, 2020, Reg BI aims to enhance investor protection while preserving investor access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in the best interest of the retail customer at the time a recommendation is made, and not to place their own financial or other interests ahead of the customer’s. This represents a higher standard than the historical “suitability” requirement, which only required that recommendations be suitable, not necessarily optimal or conflict-free.

Reg BI is built around four key obligations:

1. Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and recommendations, including fees, scope of services, and conflicts of interest.
2. Care Obligation – Recommendations must be made with reasonable diligence, care, and skill, considering costs, risks, and alternatives.
3. Conflict of Interest Obligation – Firms must identify, disclose, and mitigate or eliminate conflicts, particularly those that create incentives to favor one product over another.
4. Compliance Obligation – Firms must establish policies and procedures designed to ensure compliance with Reg BI as a whole.

Importantly, Reg BI applies at the recommendation level, not as a continuous duty like the fiduciary standard applicable to registered investment advisers. Still, it significantly narrows the gap by emphasizing cost considerations, conflict management, and investor-focused decision-making.

Overall, Regulation Best Interest seeks to promote transparency, improve the quality of investment recommendations, and reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background Information (from BrokerCheck)

Based on his BrokerCheck Report, Richard Pluta:

Is currently registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated.

Has passed the Securities Industry Essentials (SIE), Series 31, Series 7, and Series 63 exams.

Kurta Law Can Help

If you have worked with Richard Pluta and you have concerns about his activity, Kurta Law may be able to help you evaluate potential recovery options.

Helpful resources: Unsuitable Investments | Stockbroker Fraud

For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable—because investors deserve transparency, fair dealing, and investment advice that aligns with their goals. If you have questions about your relationship with a financial advisor or broker, our team offers free consultations and can help you understand your options. Call us at 877-600-0098 or email info@kurtalawfirm.com.