Investor Alert: Former Credit Suisse Securities LLC Financial Advisor Joel Kassewitz
Posted on Tuesday, August 1st, 2017 at 7:49 pm
Erez Law is currently investigating former Credit Suisse Securities LLC financial advisor Joel Kassewitz (CRD# 1292709) regarding unsuitable investments. Kassewitz was registered with Wells Fargo Advisors, LLC in Coral Gables, Florida from January to May 2016. Previously, he was registered with Credit Suisse Securities LLC in West Palm Beach, Florida from 2008 to 2016. Kassewitz is currently not registered with any brokerage firm.
Kassewitz has been the subject of eight customer complaints between 1993 and 2016, two of which were denied and one was withdrawn, according to his CRD report:
October 2016. “Claimant is alleging the broker made unsuitable investment recommendations in oil and gas. Claimant is alleging violations of FINRA rules and Florida statutes, fraud, breach of fiduciary duty, and related claims.” The customer is seeking $400,000 in damages and the case is currently pending.
November 2015. “Customer alleges unsuitable recommendations and over-concentration, in both fixed income and equity securities, in his retirement account.” The customer sought $180,000 in damages and the case was settled for $40,000.
August 2011. “The customers allege unsuitable investment recommendations, misrepresentation and omission of material facts.” The customer sought $1 million in damages and the case was settled for $450,000.
August 2010. “Customer alleges that prior to 2008, unsuitable stocks were recommend by and generated excessive fees for the representative.” The customer sought $110,000 in damages and the case was settled for $35,000.
May 1993. “My father, [family member] sold a Escambia Co FL bond to [customer] while I was out of the office. The bond was bought at 100 and went down to 90. I became the broker of record after my father left the business. Since [customer] was a good client, Painewebber settled and we purchased something else with the funds.” The customer sought $13,316.30 in damages and the case was settled for $10,000.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Credit Suisse Securities LLC may be liable for investment or other losses suffered by Kassewitz’s customers.
Erez Law represents investors in the United States for claims against former Credit Suisse Securities LLC financial advisor Joel Kassewitz regarding unsuitable recommendations. If you were a client of Credit Suisse Securities LLC or another firm, and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.