Clients Indicate Kalos Capital Broker Eric Weschke Sold Bad BDCs and GPB Funds

Soreide Law Group is looking into potential investor disputes against securities broker Eric Weschke [CRD#: 2486324, Setauket, New York]. Supposedly, Financial Industry Regulatory Authority (“FINRA”) BrokerCheck shows that at least 14 clients took issue with the securities broker, who joined Kalos Capital on May 16, 2011. Supposedly, Kalos clients indicate that Weschke breached his fiduciary responsibility, breached a contract and made unsuitable investment recommendations. Here’s more:

Kalos Client Suggests Eric Weschke Breached Fiduciary Duty In Selling GPB Funds

Evidently, on September 16, 2019, a Kalos client filed FINRA Arbitration #: 19-02708 concerning Eric Weschke. Notably, the client asserted that Weschke breached a fiduciary duty with regard to his sales of GPB and other private placements. It seems that the securities broker placed his interests ahead of the client’s interests. Allegedly, the securities broker also failed to comply with an investment agreement. As a result, the client requested $127,000 in compensation from Kalos or Weschke. This arbitration is pending a resolution.

Weschke Allegedly Gives Bad Advice To Kalos Client About BDCs

Apparently, on February 25, 2019, a second Kalos client filed FINRA Arbitration #: 19-00537 about Eric Weschke’s actions from 2015 to 2017. Apparently, the client alleged that Weschke recommended inappropriate business development company (“BDC”) securities. Supposedly, these real estate securities were inconsistent with the client’s risk tolerance or investment circumstances. Not only that, but it appears that the securities broker possibly effected transactions without the securities firm’s supervision. Therefore, the client requested compensation from Kalos or Weschke. It appears that this customer dispute is unresolved.

Kalos Client Suggests Eric Weschke Made Unsuitable Recommendations

Evidently, a third client of Kalos contested Eric Weschke’s actions by filing FINRA Arbitration #: 19-00427 on February 25, 2019. Allegedly, Weschke failed to comply with his fiduciary responsibility to this client. Supposedly, the securities broker recommended BDCs without considering the client’s interests or goals. It seems that these alternative investments caused the client losses. Consequently, the client made a claim for compensatory damages from Kalos or Weschke in the amount of $200,000 in this ongoing matter.

Losses From Kalos Securities’ Eric Weschke?

Lars Soreide Highest Ethical Standard Award 2018

Lars Soreide Highest Ethical Standard Award 2018

Have you experienced losses by investing with securities broker Eric Weschke? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel in regard to possibly recovering your investment losses. Soreide Law Group represents clients on a contingency fee basis and will advance all costs. The law firm has recovered millions of dollars for clients who have incurred losses due to misconduct of securities brokers like Weschke and his employers.