Kalos Capital Advisor Eric Weschke: $535K Investment Complaint

Recent investor complaints disclosed on Kalos Capital financial advisor Eric Weschke’s (CRD# 2486324) BrokerCheck report allege hundreds of thousands of dollars in damages. Financial Industry Regulatory Authority records show that he is based in Setauket, New York and has been involved in 17 investor complaints that reached settlements. 

Mr. Weschke’s BrokerCheck report discloses three recent pending investor complaints. The most recent, filed in March 2022, alleges breach of fiduciary and negligence in relation to “illiquid, complex, and alternative investments.” The pending complaint alleges damages of $140,000. In a statement on the complaint’s disclosure, Mr. Weschke wrote that the client purchased the positions at issue in the complaint “with another advisor” and that the complaint “will be aggressively defended as it has no merit whatsoever.”

A second complaint, filed in 2021, alleges breach of fiduciary duty, negligence, breach of contract, failure to supervise, and “breach of securities regulatory requirements” in relation to investments in equipment leasing, real estate securities, and business development companies. The pending complaint alleges damages of $535,000. In a statement on the disclosure, Mr. Weschke wrote that “the claims made are against Kalos [Capital] and not me personally,” and that in his opinion the investments were suitable for the client. 

A third pending investor complaint, filed in 2021, alleges breach of fiduciary duty, breach of contract, and negligent supervision, alleging damages of no more than $200,000. In a statement on the disclosure, Mr. Weschke wrote that the “investments were suitable and we have a full file of paperwork signed by the client to attest to that.”

According to the Financial Industry Regulatory Authority, Eric Weschke holds 23 years of securities industry experience. Based in Setauket, New York, he has been a broker and investment advisor with Kalos Capital since 2011. His past registrations include Financial Planning Associates (Pleasantville, New York; 2010-2011), Harrison Douglas (Aurora, Colorado; 2011), Alternative Wealth Strategies (Setauket, New York; 2007-2011), Equity Services (Montpelier, Vermont; 2003-2004), Self Trading Securities (Austin, Texas; 2000-2002), and Tasin & Company (Hauppage, New York; 1994-2000). His credentials include the passage of six securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Limited Representative-Equity Trader Exam, or Series 55; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; the Uniform Combined State Law Examination, or Series 66. He is licensed in Arizona, Florida, New Jersey, New Mexico, New York, South Carolina, and Virginia. (Information current as of June 12, 2022.)

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