William Novack Allegedly Recommended Unsuitable Investments

William Novack (CRD #: 1181334) has been barred by CFD Investments. This is according to his BrokerCheck record, accessed on August 19, 2024. Keep reading if you have questions regarding his alleged conduct. 

Investor Allegations 

On June 26, 2024, an investor alleged that William Novack allegedly recommended unsuitable investments in a misleading manner. The investor is seeking $70,000. 

What is an Unsuitable Investment? 

FINRA Rule 2111, a.k.a. The Suitability Rule, requires brokers to tailor their investment recommendations to suit investors’ needs. 

Rule 2111 also requires brokers to consider 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

Investments that do not fit the criteria established by the investor profile may be unsuitable. Investors who rely on brokers for recommendations may recover their losses by pursuing FINRA arbitration.

FINRA Bar 

William Novack was barred by FINRA in 2021 following allegations that he declined to appear for testimony following a request by FINRA. This followed his resignation from CFD Investments. You can read a copy of the bar here. 

Background Information 

William Novack has passed the following exams: 

• Series 66 Uniform Combined State 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 
• Series 24 General Securities Representative Examination 
• Series 26 Investment Company Products / Variable Contracts Principal Examination 

During his 37 years of experience, William Novack has registered with seven firms: 

• CFD Investments (CRD #: 25427) 
• Cambridge Investment Research (CRD #: 39543) 
• OneAmerican Investors (CRD #: 468) 
• TransAmerica Financial Advisors (CRD #: 16164) 
• The O.N. Equity Sales Company (CRD #: 2936) 
• Pruco Securities Corporation (CRD #: 5685)

Kurta Law Can Help 

If you worked with William Novack and you 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.