Alex Etter Has Been Sanctioned by FINRA

Alex EtterPublic records published by the Financial Industry Regulatory Authority (FINRA) on May 19, 2017 indicate that former New Jersey-based Caldwell International Securities broker Alex Etter has been sanctioned by FINRA and suspended from acting as a broker. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Etter (CRD# 2981742).

Alex Etter has spent fifteen years in the securities industry and was most recently registered with Caldwell International Securities in Englewood Cliffs, New Jersey (2011-2016). Previous registrations include World Equity Group in Englewood Cliffs, New Jersey; Investors Capital Corporation in Englewood Cliffs, New Jersey; Brookstreet Securities in New York, New York; and National Securities in Seattle, Washington. He has passed two securities industry examination: Series 63 (Uniform Securities Agent State Law Examination) and Series 7 (General Securities Representative Examination). He is currently not registered with any state or firm.

According to his BrokerCheck report, Alex Etter has been sanctioned by FINRA.

In October 2016 FINRA sanctioned him following allegations that “he and other representatives of his firm made unsuitable recommendations of an active trading investment strategy to their customers and the firm is liable for the unsuitable recommendations of an active trading investment strategy made by them under the doctrine of respondeat superior because each representative was an agent of the firm acting within the scope of his duties when he engaged in this misconduct.” FINRA’s findings state further: “respondents including Etter made the recommendations despite the fact these representatives failed to understand the risks of the investment strategy being recommended, or the impact the staggering commissions and fees generated by this active trading investment strategy would have on their customers’ accounts. These representatives had no reasonable basis to recommend such a strategy to their customers. As a result of the recommendation of an unsuitable active investment trading strategy, Etter and the other representatives customers’ accounts suffered over $1.1 million in realized trading losses while paying over $1 million in commissions and fees. The complaint further alleges that Etter failed to identify customer complaints and none of these complaints were reported to FINRA in accordance with applicable rule.”

Mr. Etter was ordered to pay a fine of $10,000, disgorgement exceeding $227,300, and restitution exceeding $6,500. He was also issued a two-year suspension from the securities industry.

If you or someone you know has a complaint regarding Alex Etter, call the attorneys at Fitapelli Kurta at 877-238-4175 for a free consultation. You may be able to recover lost funds. Fitapelli Kurta accepts all cases on contingency: we only get paid if and when you collect money. You may have a limited window to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.

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