Investors reportedly complained about securities broker Rafael Scott Klein (also known as Rafe Klein) [CRD: 2865823, Westport, Connecticut], according to disclosures on FINRA BrokerCheck. Evidently, Klein joined David Lerner Associates Inc. on April 13, 2005, and Spirit of America Management Corp. on March 29, 2018. Keep reading to learn more about the disclosures involving Klein.
Particularly, a David Lerner Associates Inc. client filed FINRA Arbitration No. 21-01227 about Rafael Klein. Primarily, the client alleged that Klein breached fiduciary duty, made omissions, misrepresented facts, and made unsuitable recommendations. Because of this, the client allegedly sustained damages linked to private placement investments connected to Energy 11. As a result, on May 19, 2022, David Lerner Associates settled this matter by paying the client $60,000 in damages.
Additionally, a client of David Lerner Associates contested Rafael Klein’s sales practices by filing FINRA Arbitration No. 20-03649. Allegedly, Klein failed to supervise, breached fiduciary duty, made omissions, misrepresented facts, and gave unsuitable advice about mutual funds and private placement investments connected to Energy 11. For this reason, David Lerner Associates agreed to settle the dispute on August 2, 2021, by paying compensation amounting to $75,000.
Also, a client of David Lerner Associates Inc. disputed Rafael Klein’s conduct by bringing FINRA Arbitration No. 20-02750. Allegedly, Klein engaged in unauthorized trading, failed to supervise, breached his fiduciary duty, made omissions, and made misrepresentations. It appears that Klein caused the client to sustain damages linked to private placements Energy 11 and Energy 12, real estate securities, and mutual funds. Consequently, David Lerner Associates Inc. opted to settle the matter on December 6, 2021, by paying $50,000.
Specifically, a client of David Lerner Associates Inc. contested Rafael Klein’s sales practices by filing FINRA Arbitration No. 16-03626. Allegedly, Klein made unsuitable recommendations relating to oil and gas investments. As a result, David Lerner Associates Inc. opted to settle the dispute on February 1, 2018, by compensating the client in the amount of $20,250.
Do you have concerns or questions regarding investments you made with Rafael Klein? You can get in touch with Soreide Law Group at (888) 760-6552 or online to speak with a securities lawyer concerning your legal rights and options. For years, For over a decade, Soreide Law Group has recovered losses for investors throughout the United States. Also, the firm takes cases on a contingency fee basis and advances all costs. Klein and brokerage firms Klein worked for deny accusations of sales practice violations.
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