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Steven Schmitt Allegedly Recommended Unsuitable Investments

Steven Schmitt (CRD #: 4486457), a broker registered with Raymond James & Associates, is the subject of an investor dispute. This disclosure appears on his BrokerCheck record, accessed on April 15, 2024. Keep reading if you have questions regarding his alleged conduct. 

Customer Dispute

On December 18, 2024, an investor alleged that Steven Schmitt recommended an unsuitable investment strategy. The investor is seeking $385,161. 

What is an Unsuitable Investment?

FINRA Rule 2111 requires brokers to evaluate whether an investment strategy fits their investor’s financial goals. Brokers must examine the investor’s profile, which contains the following investor characteristics:

  • Age
  • Risk tolerance
  • Time horizon (i.e., how long the investor plans to hold the investment)
  • Investing experience
  • Tax status
  • Financial goals

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

Background Information 

Steven Schmitt has passed the following exams:

  • Series 66 Uniform Combined 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 48 states, D.C., and Puerto Rico. He is also a registered investment adviser in New Jersey, New York, and Texas. 

Kurta Law Can Help 

If you have worked with Steven Schmitt and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors 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. Do not let securities fraud go unchecked. Start your recovery process today.

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