Stuart Spivak Allegedly Recommended Unsuitable Investments

Stuart Spivak (CRD #: 1883651), a broker registered with Centaurus Financial, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on July 26, 2024. Details concerning this dispute are provided below. 

Investor Allegations 

On May 14, 2024, an investor alleged that Stuart Spivak recommended unsuitable, high-risk illiquid investments and breached his fiduciary duty. The investor is seeking $150,000. 

Investors should know that there are three settled disputes on his record. 

FINRA Rule 2111 – Unsuitable, Illiquid 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. Brokers must also consider the investment time horizon and the investor’s liquidity needs – illiquid, long-term investments often do not suit a client’s best interests. 

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

Background Information 

Stuart Spivak 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 

During his 35 years of experience, he has registered with the following firms: 

• Centaurus Financial (CRD #: 30833) 
• AXA Advisors (CRD #: 6627) 
• MetLife Securities (CRD #: 14251) 
• Metropolitan Life Insurance Company (CRD #: 4095) 
• WS Griffith Securities (CRD #: 10410) 
• Phoenix Equity Planning Corporation (CRD #: 3036) 

Kurta Law Can Help 

If you have worked with Stuart Spivak 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.