Public records published by the Financial Industry Regulatory Authority (FINRA) on February 16, 2017 indicate that Vermont-based Raymond James & Associates broker/adviser Richard Kowalski has been the subject of a customer dispute. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Kowalski (CRD# 1558602).
Richard Kowalski has spent twenty-nine years in the securities industry and has been registered with Morgan Stanley in Burlington, Vermont since November 2016. Previous registrations include Merrill Lynch in Burlington, Vermont (1989-2016); Shearson Lehman Hutton in New York, New York (1988-1989); and EF Hutton & Company (1987-1988). He has passed three securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination); Series 63 (Uniform Securities Agent State Law Examination); and Series 7 (General Securities Representative Examination). He is a registered broker and investment adviser with 27 US states and territories.
According to his BrokerCheck report, Richard Kowalski has received one customer complaint.
In 2013 a customer alleged Richard Kowalski, while employed at Merrill Lynch, misrepresented and omitted material facts in connection to unsuitable structured products investments. The complaint settled in October 2016 for $115,000.
Brokers and investment advisers like Richard Kowalski are required by FINRA rules and federal securities law to adhere to a standard known as suitability, requiring them to recommend only investments that are considered suitable for their clients. They must weigh factors including the customer’s investment goals, experience, age, income, risk tolerance, and others. They may not misrepresent or omit material facts pertaining to an investment, as misrepresentations or omissions might lead a customer to invest unsuitably. A “material fact” is a piece of information that would be a significant consideration for a reasonable investor in making a decision about an investment, such as the risk level of a stock, the potential return on an investment, or the fees involved with the transaction. Brokers who fail to accurately represent material facts or who recommend unsuitable products may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you have lost money investing with Richard Kowalski, you may be entitled to recoup your losses. Call Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis, which means we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.