Rick Salus is the Subject of a Suitability Dispute

Rick Salus (CRD #: 1626385), a broker registered with Wells Fargo Clearing Services, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on October 7, 2024. Details concerning this dispute are provided below. 

Investor Allegations 

On September 6, 2024, an attorney for investors alleged that Rick Salus offered advice and investment management that were not in line with the customer’s investment objectives. This allegedly resulted in missing significant gains. The investor further alleged that fees were not discussed and that they did not provide a better investment outcome. 

The investor is seeking $595,000. 

What is an Unsuitable Investment? 

FINRA Rule 2111, a.k.a. The Suitability Rule, requires brokers to tailor their investment recommendations to suit investors’ needs. 

Rule 2111 also requires brokers to consider the following investor characteristics: 

• Age
• Risk tolerance
• Time horizon (i.e., how long the investor plans to hold the investment)
• Investing experience
• Tax status
• Financial goals

Investments that do not fit the criteria established by the investor profile may be unsuitable. Investors who rely on brokers for recommendations may recover their losses by pursuing FINRA arbitration.

Background Information 

Rick Salus 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 37 states and D.C. He is a registered investment adviser in Florida, Missouri, and Texas. 

During his 37 years of experience, Rick Salus has registered with the following firms: 

• Wells Fargo Clearing Services (CRD #: 19616) 
• Prudential Securities Incorporated (CRD #: 7471) 
• Oppenheimer & Co. (CRD #: 630) 
• Stifel, Nicolaus & Company (CRD #: 793) 
• Rowland, Simon & Co. (CRD #: 21666) 
• I.M. Simon & Co. (CRD #: 418) 

Kurta Law Can Help 

If you worked with Rick Salus 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.