Kevin Schaefer Suitability Disputes

Investors Take Aim At Merrill Lynch's Kevin Schaefer

Soreide Law Group is reviewing possible investor claims of sales practice violations against securities broker Kevin Joseph Schaefer (CRD#: 1286030, San Francisco, California). Notably, Financial Industry Regulatory Authority (“FINRA”) reports that six investors brought disputes about Schaefer, who worked for Merrill Lynch as a financial advisor from 2011 to 2019 and who now works for Wells Fargo.  Here’s more on some of the recent disputes about Schaefer.

Merrill Lynch Client Indicates That Kevin Schaefer Recommended Bad Private Placements

Evidently, a client of Merrill Lynch took aim at Schaefer via a FINRA Arbitration Action from June 2020. First of all, the client alleged that Schaefer provided unsuitable recommendations. These recommendations supposedly involved fixed income investments, private placements and structured products. It is possible that the broker may have failed to consider aspects of the client’s suitability profile including risk tolerance and investment objectives. Secondly, the client indicated that Schaefer misrepresented information about these investments. For this reason, the client demands $1,000,000 to resolve this matter.

Schaefer Allegedly Misrepresents Information To Client

Apparently, a second Merrill Lynch client came forward to challenge Kevin Schaefer’s sales practices. Namely, the client alleged in this June 2020 lawsuit that the broker directed the client to buy alternative investments from 2012 to 2020. Apparently, those alternative investments were misrepresented. Also, the client indicated that Schaefer failed to follow instructions. Because of this, the client demanded payment of $300,000. This matter is unresolved.

Merrill Lynch Client Indicates That Kevin Schaefer Provided Unsuitable Advice

Also, FINRA reports that a third Merrill Lynch client contested Kevin Schaefer’s sales practices in January 2017. Apparently, the client invested in municipal bonds from 2012 to 2016 because of him. Supposedly, the broker misrepresented information in connection with these municipal debt sales. Also, the client indicated that Schaefer provided unsuitable advice. However, this customer’s investment dispute was denied.
Other disputes involving Schaefer allege breach of fiduciary duty, non-disclosures, and negligent misrepresentation.

Did You Experience Losses By Investing Through Schaefer?

Have you experienced losses because of Kevin Schaefer? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced lawyers about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to the misconduct of financial advisors and securities brokers. FINRA BrokerCheck indicates that Schaefer denies all allegations of his sales practice violations.