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Stephen Fraser Allegedly Purchased Unsuitable Corporate Bonds

Jan 27, 2023 Unsuitable Investments

Stephen Fraser (CRD #: 6411547), a broker registered with Goldman Sachs & Company, was the subject of a recent investor dispute, according to his BrokerCheck record, accessed on January 19, 2023. Keep reading if you have questions about his alleged conduct as a broker.

Investor Dispute

On December 2, 2022, an investor alleged that Stephen Fraser executed discretionary purchases of corporate bonds which were not suitable given the client’s investment plan. The client sought $441,000 in damages but the dispute was denied by the firm.

Investors should know, however, that firms can deny disputes without an external review. Investors may still be able to recoup their losses by pursuing FINRA arbitration after a denial.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to tailor their investment recommendations to suit investors’ profiles. An investor’s profile contains information about their age, risk tolerance, and financial goals.

Investors who rely on brokers for recommendations may be able to recover their losses by pursuing FINRA arbitration.

Background Information

Stephen Fraser has passed the following exams:

  • Series 66 – Uniform Combined State Law Examination
  • Series 63 – Uniform Securities Agent State Law Examination
  • Series 3 – National Commodity Futures Examination
  • Series 7TO – General Securities Representative Examination
  • SIE – Securities Industry Essentials Examination
  • Series 6 – Investment Company Products/Variable Contracts Representative Examination

Stephen Fraser is a registered broker in all 50 states as well as the District of Columbia, Puerto Rico, and the Virgin Islands.

He has also worked for the following firms:

  • First Republic Investment Management (CRD#:108559)
  • First Republic Securities Company (CRD#:105108)
  • Northwestern Mutual Investment Services (CRD#:2881)

Kurta Law Can Help

If you worked with Stephen Fraser 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.