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Steven Sacoolas Allegedly Failed to Properly Inform Client About Mutual Funds

Steven Sacoolas (CRD #: 2404253), a broker registered with PFS Investments, allegedly failed to fully inform a client about their investments, according to his BrokerCheck record, accessed on June 2, 2023. Keep reading to learn more about his alleged conduct as a broker.

Investor Dispute

On March 7, 2023, an investor alleged that Steven Sacoolas recommended unsuitable mutual funds and failed to fully inform the client about them. This dispute is currently pending.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals. Brokers must examine the information contained in an investor’s profile, such as their risk tolerance, tax status, and other investments.

Investors who believe their losses are the result of unsuitable investment recommendations may be able to recover their funds by seeking out FINRA arbitration.

FINRA Rule 2020

FINRA Rule 2020 forbids the use of deception, manipulation, and other fraudulent means of influencing the purchase and sale of securities. Misrepresenting or omitting information about an investment’s risks, potential fees, or other relevant information violates this rule.

Background Information

Steven Sacoolas has passed the following exams:

  • Series 63 – Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 6 – Investment Company Products/Variable Contracts Representative Examination
  • Series 26 – Investment Company Products/Variable Contracts Principal Examination

Steven Sacoolas is a registered broker in eight states.

Kurta Law Can Help

If you worked with Steven Sacoolas 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. 

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