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Roger McDevitt Allegedly Violated Regulation Best Interest

Jan 17, 2023 Investor Disputes

Roger McDevitt (CRD #: 5465484), a broker registered with Royal Alliance Associates, was recently involved in an investor dispute, according to his BrokerCheck record, accessed on January 10, 2023. If you want to know more about his alleged conduct as a broker, read on.

Investor Dispute

On October 14, 2022, an investor alleged that Roger McDevitt selected investments that were not in the client’s best interest. The client also alleged dissatisfaction with the performance of these investments. They sought $60,000 in damages but the dispute was denied by the firm.

However, investors should know that firms don’t need to permit an outside review before denying a dispute. Investors can still seek out FINRA arbitration after a denial and may be able to recover their funds.

FINRA Rule 2111 and Regulation Best Interest

FINRA Rule 2111 requires brokers to take into account investors’ financial goals when recommending investments. Brokers must also consider an investor’s age, risk tolerance, and other information described in their profile.

Regulation Best Interest (Reg-BI) is an SEC regulation that requires brokerage firms to put their clients’ best interests first. For example, firms must conduct reasonable due diligence when researching investments to ensure their recommendations are suitable for the investor.

Background Information

Roger McDevitt 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
  • Series 6 – Investment Company Products/Variable Contracts Representative Examination
  • Series 24 – General Securities Principal Examination

Roger McDevitt is a registered broker in 43 states and a registered investment adviser in California, Massachusetts, and Texas.

He has also worked for the following firms:

  • Signator Investors (CRD#:468)
  • John Hancock Distributors (CRD#:5249)
  • John Hancock Funds (CRD#:28262)

Kurta Law Can Help

If you worked with Roger McDevitt 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.