National investment loss lawyers KlaymanToskes is investigating Devin Patel (CRD# 6632487) of Financial Gravity Wealth in connection with the filing of a customer complaint alleging $1,500,000 in investor damages due to unsuitable investment recommendations in unregistered debt and equity securities/Oil & Gas Investments.
Investors that suffered losses with Devin Patel at Financial Gravity Wealth may be entitled to a financial recovery. Contact attorney Lawrence L. Klayman, Esq., for a free consultation to discuss recovery options at 888-997-9956 or lawrence@klaymantoskes.com. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
According to FINRA BrokerCheck, Devin Shailesh Patel was previously registered as an investment advisor with Financial Gravity Wealth, Inc. from 2017 to 2019 in Lake Mary, FL. Patel was also previously registered with Foundations Investment Advisors from 2019 to 2022. Currently, Patel is registered as a broker with Sanford C. Bernstein & Co. and as an investment advisor with AllianceBernstein L.P., in Tampa, FL.
Patel is facing a pending customer complaint which alleges $1,500,000 in investor damages to the customers’ Financial Gravity account. The customers allege unsuitable and illegal investment recommendations related to unregistered debt and equity securities/Oil & Gas Investments.
SEC Regulation Best Interest, a/k/a “Reg BI” establishes a “best interest” standard of conduct for brokers and brokerage firms making recommendations of securities investments and investment strategies to their customers, under the Securities Exchange Act of 1934.
Investment advisors and their firms have a responsibility to make recommendations with their customer’s best interest in mind, based upon the client’s personal needs and preferences.
Additionally, a representative that recommends investments for the purpose of being compensated through increased commissions, and enriches themselves rather than properly benefiting the client, is violating securities laws.
Brokers and financial advisors must consider an investment’s risk, ensure that they do not misrepresent material facts, and/or overconcentrate the customer’s portfolio in unsuitable investments. Further, financial professionals and their firms cannot disregard a customer’s risk-tolerance when making unsuitable investment recommendations.
The violations discussed above each provide a basis for liability in a FINRA arbitration claim. FINRA arbitration is a more cost-effective process for investors, often occurring with increased speed and efficiency over a court proceeding. To learn more about additional securities violations, see our account activity violations page.
Former and current customers of Devin Patel who sustained losses due to unsuitable investment recommendations are encouraged to contact attorney Lawrence L. Klayman, Esq. at (888) 997-9956 or lawrence@klaymantoskes.com for a free consultation. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lawrence@klaymantoskes.com
www.klaymantoskes.com