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Jeff Somerstein: Investor Complaint Against Equitable Advisors Broker
Montclair, New Jersey financial advisor Jeff Somerstein (CRD# 4690840) allegedly recommended unsuitable investments, according to an investor complaint. Financial Industry Regulatory Authority records show that he is a broker and investment advisor with Equitable Advisors.
Mr. Somerstein’s BrokerCheck report discloses one investor complaint. Filed in June 2022, it alleges that as a representative of Equitable Advisors, he sold “unsuitable structured notes in 2021.” The pending complaint alleges damages of an unspecified amount.
An unsuitable investment, as described by FINRA Rule 2111, is an investment or strategy which a broker lacks a reasonable basis to believe is appropriate for their customer’s investment profile. An investor’s profile “includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance,” and other information. FINRA-associated brokers are required by Rule 2111 to conduct reasonable diligence to determine a customer’s profile; then, they must use this information to arrive at a determination as to whether an investment or strategy is not only suitable for some customers, but for that specific customer. Brokers who sell unsuitable investments, or who misrepresent information regarding an investment’s suitability, may be liable to their clients if those investments experience losses.
According to the Financial Industry Regulatory Authority, Jeff Somerstein holds 18 years of securities industry experience. Based in Montclair, New Jersey, he has been a broker and investment advisor with Equitable Advisors since 2003 and 2004, respectively. His credentials include the passage of three securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Uniform Combined State Law Examination, or Series 66; and the Securities Industry Essentials Examination, or SIE. He is licensed in New Jersey, New York, and Pennsylvania. (Information current as of July 5, 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.