Mariner Wealth’s Jay Schechter Receives Mutual Fund Complaint

A recent investor complaint against Coral Gables, Florida financial advisor Jay Schechter (CRD# 4019220) alleges that his investment advice resulted in losses. Financial Industry Regulatory Authority records show that he is a broker with MSEC and an investment advisor with Mariner Wealth Advisors.

Mr. Schechter’s BrokerCheck report discloses one investor complaint. Filed in July 2022, it alleges that as a representative of Mariner Wealth Advisors, he recommended an unsuitable mutual fund investment and other unsuitable “investment decisions.” It alleges further that the firm failed to supervise and conduct due diligence into the product. (More information about FINRA’s suitability rule, which stipulates that brokers may recommend only investments and strategies that are appropriate for their customers’ objectives and backgrounds, based on reasonable diligence into the investment and/or strategy, is available here.) The pending complaint seeks damages of $98,722.

According to the Financial Industry Regulatory Authority, Jay Schechter holds 19 years of securities industry experience. Based in Coral Gables, Florida, he has been a broker with MSEC and an investment advisor with Mariner Wealth Advisors since 2019. His past registrations include Singer Xenos Securities (Coral Gables, Florida; 2003-2019), Singer Xenos Schechter Sosler Wealth Management (Coral Gables, Florida; 2003-2019), and MSEC (Overland Park, Kansas; 2019). His credentials include the passage of three securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the Securities Industry Essentials Examination, or SIE; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed as a broker and an investment advisor in Florida. (Information current as of October 16, 2022.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.