Stephen Gooditis Allegedly Purchased an Unsuitable Variable Annuity for Clients

Stephen Gooditis (CRD #: 1800993), a broker formerly registered with Royal Alliance Associates, allegedly purchased an unsuitable annuity for clients, according to his BrokerCheck record, accessed on October 9, 2022. Read on to learn more about his conduct as a broker.

Investor Dispute

On June 20, 2022, multiple investors filed a dispute alleging that Stephen Gooditis purchased an unsuitable variable annuity for them in March 2022. The clients seek $75,618.48 in damages in this pending dispute.

Variable annuities are complex and often do not suit their investors’ financial goals. 

FINRA Rule 2111

FINRA Rule 2111 requires brokers to consider whether an investment suits their investor’s financial goals. Brokers must use the information in an investor’s profile, including their age, risk tolerance, and tax status when making recommendations.

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

Background Information

Stephen Gooditis 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 4 – Registered Options Principal Examination
• Series 24 – General Securities Principal Examination

He previously worked for Royal Alliance Associates (CRD#:23131) and Investment Advisors & Consultants (CRD#:7996).

Kurta Law Can Help

If you worked with Stephen Gooditis 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.