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Steven Kocher Involved in a Suitability Dispute

Steven Kocher (CRD #: 1787735), a broker registered with UBS Financial Services, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on November 17, 2023. Details concerning this dispute are provided below. 

On October 10, 2023, an investor’s attorney alleged that Steven Kocher recommended a security that was not in his client’s best interest. He further alleged the investment was unsuitable and that Steven Kocher had breached his fiduciary duty. 

FINRA Rule 2111 – Unsuitable Investments 

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. Investor profiles have information on the investor’s age, risk tolerance, tax status, investing experience, and financial goals. Investments that do not take these factors into account may be unsuitable. This rule also prohibits overconcentration, as placing too much of a portfolio in a single sector exposes the investor to unnecessary risk. 

Fiduciary Duties

Brokers are often dually registered as Registered Investment Advisers (RIAs) with the SEC. RIAs are fiduciaries, and fiduciaries are required to act in their clients’ best interests. Brokers are not fiduciaries but must abide by FINRA Rule 2111 and Regulation Best Interest. (To learn more about the differences between brokers and Registered Investment Advisers, click here.) 

Background Information 

Steven Kocher 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 31 Futures Managed Funds Examination 
  • Series 7 General Securities Representative Examination 

He is a registered broker in 26 states and is a registered investment adviser in Florida, Michigan, North Carolina, and Texas. 

During his 35 years of experience, Steven Kocher has registered with two firms: 

  • UBS Financial Services (CRD #: 8174)
  • Kidder Peabody & Co. Incorporated (CRD #: 7613) 

Kurta Law Can Help

If you worked with Steven Kocher and 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 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.