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Investors Allege Robert Herje Made Unsuitable Investment Recommendations

Jun 7, 2022 Unsuitable Investments

Robert Herje (CRD #: 1496687), a broker registered with Northland Securities, allegedly gave clients unsuitable investment recommendations, according to his BrokerCheck record, accessed on May 30, 2022. Keep reading if you have questions about Robert Herje’s conduct as a broker.

Investor Disputes

On February 15, 2022, investors filed a dispute alleging Robert Herje recommended unsuitable investments and over-concentrated their portfolio in limited liquidity products starting in 2012. The clients seek $300,000 in damages in this pending dispute.

In a dispute filed on September 9, 2019, investors alleged that Robert Herje gave them unsuitable investment recommendations. The clients sought $2,000,000 in damages and received a settlement of $122,500.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals. Brokers must examine the investor’s profile, which contains the following investor characteristics:

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

Suitability requirements also apply to investment strategies. Over-concentration in a certain sector or product, for example, is unsuitable for most investors because it comes with high risk.

Background Information

Robert Herje 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

Robert Herje is a registered broker in 22 states and a registered investment adviser in nine states.

He has also worked for the following firms:

  • Miller Johnson Steichen Kinnard (CRD#:694)
  • Miller, Johnson & Kuehn (CRD#:8678
  • Discount Brokerage Corporation of America (CRD#:7313)

Kurta Law Can Help

If you worked with Robert Herje and you have concerns about your investments, please contact us today at 877-600-0098 or 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.