Sam Schoner is the Subject of Two Multi-Million Investor Disputes
Sam Schoner (CRD #: 1928356), a broker registered with J.P. Morgan Securities, is the subject of two multi-million dollar investor disputes. This disclosure appears on his BrokerCheck record, accessed on April 18, 2024. Keep reading if you have questions regarding his alleged conduct.
Investor Allegations
On December 7, 2023, an investor alleged that Sam Schoner recommended unsuitable investments. The investor is seeking $2,500,000.
On September 12, 2023, investors alleged that Sam Schoner recommended unsuitable investments. The investor is seeking $7,498,468.
What is a Suitable Investment?
FINRA defines suitable investments as securities that fit an investor’s profile. An investor’s profile includes information about their risk tolerance, financial goals, and age.
FINRA Rule 2111 identifies the three prongs of a suitability determination as 1) reasonable-basis suitability, 2) customer-specific suitability, and 3) quantitative suitability.
- Reasonable-basis Suitability: Brokers are required to use reasonable diligence before making a recommendation. This means they have an obligation to understand an investment strategy and its potential risks or rewards.
- Customer-specific Suitability: Before recommending a particular security or investment strategy involving a specific client, brokers are required to have reasonable grounds for believing it will be suitable based on that client’s personal profile. The profile includes information on the investor’s financial goals, investing experience, and risk tolerance.
- Quantitative Suitability: Brokers with control over a customer’s account must have a reasonable basis to believe that the series of transactions they recommend are not excessive before executing them. Excessive transactions run the risk of incurring too many fees and negating any returns.
Investors who rely on their brokers for recommendations may be able to recover their losses through FINRA arbitration.
Background Information
Sam Schoner 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 27 Financial and Operations Principal Examination
He is a registered broker in 34 states and D.C. He is also a registered investment adviser in California, Connecticut, Hawaii, and Texas.
During his 33 years of experience, Sam Schoner has registered with eight firms. These are the four most recent:
- J.P. Morgan Securities (CRD #: 79)
- J.P. Morgan Private Wealth Advisors (CRD #: 108559)
- First Republic Securities Company (CRD #: 105108)
- First Republic Wealth Advisors (CRD #: 132035)
Kurta Law Can Help
If you have worked with Sam Schoner and 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.