Steven Katzenstein Allegedly Lacked Reasonable Basis for Unsuitable Investment

Steven Katzenstein (CRD #: 2380645), a broker registered with Avantax Investment Services, allegedly recommended an unsuitable investment, according to his BrokerCheck record, accessed on June 1, 2023. Investors may have also engaged his services through Avantax Advisory Services. If you want to know more about his alleged conduct as a broker, read on.

Investor Dispute

On March 13, 2023, an investor alleged that Steven Katzenstein made an unsuitable investment recommendation and failed to consider whether he had a reasonable basis to believe it would be suitable for the client. This pending dispute seeks $75,000 in damages.

FINRA Rule 2111

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

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

Background Information

Steven Katzenstein 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

Steven Katzenstein is a registered broker in 29 states and the District of Columbia. He is also a registered investment adviser in North Carolina.

He has also worked for the following firms:

• 1st Global Advisors (CRD#:111133)
• 1st Global Capital (CRD#:30349)
• NYLIFE Securities (CRD#:5167)

Kurta Law Can Help

If you worked with Steven Katzenstein 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.