FINRA Issues Sanctions To Russ Kory

The Financial Industry Regulatory Authority (FINRA) reports important information about securities broker Russ Kory (CRD:  5901185, White Plains, NY). Not only has FINRA sanctioned Kory for unsuitable recommendations, but investors disputed the sales practices of the securities broker. However, Kory denies the allegations. Read on to learn more about the allegations against Kory.

Russ Kory Sanctioned By FINRA For Unsuitable Recommendations

Evidently, on September 2, 2022, FINRA issued Case: 2019063686203 sanctioning Russ Kory for infractions. Specifically, Kory received a three-month suspension as a securities broker and a $5,000 fine. Notably, FINRA claims that Kory made unsuitable recommendations.

Mainly, FINRA indicates that between August 2015 and September 2019, during the time that he was associated with David Lerner Associates, Kory recommended that three firm clients invest in a limited partnership created to obtain and develop gas and oil properties. Supposedly, Kory did not have a reasonable basis to conclude that those investments were suitable for the clients. Specifically, the investments were illiquid and involved a high degree of risk. One of the clients was a retired married couple that invested in hopes of providing long term care for their disabled son. Another was an elderly widow on a fixed income. Kory violated FINRA Rules 2010 and 2111.

David Lerner Associates Inc. Investor Accuses Kory Of Omissions

Also, a David Lerner Associates Inc. client filed FINRA Arbitration: 21-00575 about Russ Kory. Namely, the client alleged that Kory made unsuitable recommendations, made misrepresentations, made omissions, and acted in breach of fiduciary duty. Because of this, the client allegedly sustained damages by investing in mutual funds and private placements (Energy 11). Therefore, on July 6, 2022, David Lerner Associates Inc. settled this matter by paying the client $45,000 in damages.

Russ Kory Employment Information

Russ Kory worked for David Lerner Associates Inc. in White Plains, NY, as a securities broker from August of 2011 to September of 2019.

Damages Resulting From David Lerner Associates Inc. Securities Broker Kory?

Have you suffered damages because of Russ Kory? If so, get in touch with Soreide Law Group at (888) 760-6552 and talk with a securities attorney about a possible recovery of your investment losses. Soreide Law Group, who has effectively recovered money for hundreds of investors in the United States, can review your situation and explain your legal options. Also, the firm represents clients on a contingency fee basis and advances all costs. Kory and brokerage firms Kory worked for deny any and all allegations of sales practice violations.