Former Merrill Lynch, Pierce, Fenner & Smith Incorporated broker Kevin Schaefer (CRD# 1286030) accused of unsuitable investment recommendations. Schaefer has been registered with Wells Fargo Clearing Services, LLC in San Francisco, California since 2019. Previously, Shaefer was registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated in San Francisco, California from 2011 to 2019.
Schaefer has been the subject of six customer complaints between 1996 and 2020, two of which were denied, according to his CRD report. The most recent complaints are regarding:
June 2020. “The customer alleges unsuitable investment recommendations and misrepresentations.” The customer is seeking $1 million in damages and the case is currently pending. The complaint was regarding private placements, fixed income, and structured products.
June 2020. “The customer alleges unsuitable investment recommendations, failure to follow instructions and misrepresentations from 2012 until 2020.” The customer is seeking $300,000 in damages and the case is currently pending. The complaint was regarding alternative investments.
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, Merrill Lynch, Pierce, Fenner & Smith Incorporated may be liable for investment or other losses suffered by Schaefer’s customers.
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