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Kalos Capital Financial Advisor, Eric Weschke, Has Thirteen Customer Complaints

Eric Weschke is a Financial Advisor at Kalos Capital, Inc. in Setauket, NY.  Eric Weschke has been in the securities industry since 1994 and previously worked at Harrison Douglas, Alternative Wealth Strategies, Equity Services, Self Trading Securities and Tasin & Company.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Eric Weschke is the subject of thirteen customer complaints, including the following: 

  • February 2019 – “Breach of fiduciary duty, unsuitable recommendations during the time period October 2015-2017.”  The alleged damages are $200,000, and the matter is currently pending.
  • March 2000 – “UNSUITABLE RECOMMENDATIONS.”  The alleged damages were $120,000.
  • March 2000 – “UNAUTHORIZED PURCHASES.”  An arbitration panel awarded the customers a total of $155,000.
  • June 1999 – “UNSUITABLE TRADES.”  The matter settled for $50,000.
  • December 1998 – “ANTI-FRAUD VIOLATION OF VARIOUS SECURITIES AND UNSUITABLE RECOMMENDATIONS RELATING TO USE OF MARGIN.”  The matter settled form $52,500.
  • December 1998 – “UNSUITABLE USE OF MARGIN RESULTING IN LOSS OF INVESTMENT.”  The matter settled for $47,500.
  • December 1998 – “UNSUITABLE RECOMMENDATIONS AND USE OF MARGIN.”  The matter settled for $60,000.
  • October 1998 – “SPECULATIVE SECURITIES.”  The matter settled for $25,000. 

In addition, in October 2000, the Virgina Division of Securities ordered that Eric Weschke be placed under special supervison “BASED ON MR. WESCHKE’S DISCIPLINARY HISTORY…”  That same year, the Ohio Division of Securities denied Eric Weschke’s state securities license application.  For a copy of Eric Weschke’s CRD, click https://brokercheck.finra.org/individual/summary/2486324.

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients.  To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.  

The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis.  Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities.  Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.  We can be reached at 800.931.8452 or by email at mwolper@wolperlawfirm.com.

Attorney Matthew Wolper

Attorney Matthew WolperMatt Wolper is a trial lawyer who focuses exclusively on securities litigation and arbitration. Mr. Wolper has handled hundreds of securities matters nationwide before the Financial Industry Regulatory Authority (FINRA), American Arbitration Association (“AAA”), JAMS, and in state and federal court. Mr. Wolper has handled and tried cases involving complex financial products and strategies ranging from traditional stocks and bonds to options, margin and other securities-based lending products, closed/open-end mutual funds, structured products, hedge funds, and penny stocks. [Attorney Bio]