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Investors Seek $625,000 in Pending Disputes with Robert Wolfe

May 27, 2022 Unsuitable Investments

Robert Wolfe (CRD #: 2268259), a former broker, is involved in several pending disputes, according to his BrokerCheck record, accessed on May 19, 2022. 

Allegations of Unsuitable Investment Recommendations

On April 14, 2022, an investor alleged that Robert Wolfe recommended “terrible, money-losing investments.” This dispute was denied, but investors should know that firms can deny disputes without any external review. Investors can still recover their losses following a denial. 

A pending dispute filed on February 28, 2022, alleges that Robert Wolfe made unsuitable investment recommendations, breached his contract, failed to supervise, and engaged in misrepresentation. The client seeks $300,000 in damages.

In another dispute filed on February 28, 2022, investors allege that Robert Wolfe recommended unsuitable investments in high-commission, high-risk, and speculative products, as well as alleging negligence, failure to supervise, and material misrepresentations and omissions. The investors seek $225,000 in damages in this pending suit.

On September 15, 2021, an investor alleged that Robert Wolfe gave them unsuitable investment recommendations while working for Cetera Advisor Networks and failed to fully disclose the risks associated with these investments. The client seeks $100,000 in damages in this pending dispute.

Three disputes filed in 2020 allege that Robert Wolfe made unsuitable investment recommendations and failed to adequately inform investors of the risk associated with these investments. Two of these disputes were settled for a collective $310,000; the third dispute sought $51,526.03 in damages but was denied by the firm.

Denied Disputes

Three disputes, filed in 2020, 2021, and 2022, collectively allege that Robert Wolfe gave unsuitable investment recommendations, failed to disclose information related to these investments, and recommended illiquid products. These disputes were all denied by the relevant firms.

However, investors should know that firms can deny disputes without permitting a third-party review. Investors can still pursue FINRA arbitration following a denial and may be able to recover their losses.

FINRA Rule 2111

FINRA Rule 2111 requires that brokers tailor their investment recommendations to clients’ profiles. Investors’ profiles contain information such as their age, risk tolerance, and other investments.

Investors who feel their losses were caused by unsuitable investment recommendations may be able to recover their lost funds through FINRA arbitration.

FINRA Rule 2020

The misrepresentation and omission of information are prohibited by FINRA Rule 2020, which bans the use of manipulation, deception, and other fraudulent means of influencing the purchase or sale of securities.

FINRA Rule 3110

FINRA Rule 3110 requires firms to establish supervisory systems, including ensuring supervisors have adequate training or experience for their roles.

Discharge from Goldman Sachs Personal Finance Management

On September 30, 2021, Robert Wolfe was fired from Goldman Sachs Personal Finance Management following unspecified allegations related to client communications regarding portfolio performance and market valuations, as well as the handling of customer complaints without the knowledge and approval of the firm.

Background Information

Robert Wolfe has passed the following exams:

  • Series 63 - Uniform Securities Agent State Law Examination
  • Series 65 - Uniform Investment Adviser Law Examination
  • SIE - Securities Industry Essentials Examination
  • Series 7 - General Securities Representative Examination
  • Series 2 - Non-Member General Securities Examination
  • Series 24 - General Securities Principal Examination

He has also worked for the following firms:

  • Goldman Sachs & CO. LLC (CRD#:361)
  • Mercer Allied Company (CRD#:37404)
  • Cetera Advisor Networks( CRD#:13572)
  • Girard Securities (CRD#:18697)
  • Capital Planning Group (CRD#:47397)
  • MML Investors Services (CRD#:10409)
  • Edward D. Jones & Company (CRD#:250)
  • Advest (CRD#:10)

Kurta Law Can Help

If you worked with Robert Wolfe 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.