Wavecrest Securities Broker Louis Kreisberg Barred by FINRA After Failing to Participate in Investigation of Unsuitability Allegations
Louis Kreisberg (CRD#: 1352881) is a previously registered Broker at Wavecrest Securities, LLC in Brentwood, TN. He entered the securities industry in 1985 and previously worked for Pickwick Capital Partners, LLC; Trump Securities, LLC; Joseph Capital, LLC; United Planners’ Financial Services of America A Limited Partners; John Hancock Mutual LIfe Insurance Company; John Hancock Distributors, Inc.; Nathan & Lewis Securities, Inc; and Guardian Investor Services Corporation.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in June 2021, FINRA sanctioned Louis Kreisberg, barring him from all capacities indefinitely, beginning on June 3, 2021. The FINRA sanction states, “Without admitting or denying the findings, Kreisberg consented to the sanction and to the entry of findings that he refused to produce information and documents requested by FINRA during the course of an investigation of his potential participation in a private placement offering. The findings stated that Kreisberg initially responded to FINRA, however, certain requested documents were not produced and ultimately he refused to produce them or participate further in the investigation.”
For a copy of the FINRA sanction, click here.
Louis Kreisberg has no other disciplinary history.
For a copy of Louis Kreisberg’s FINRA BrokerCheck, click here.
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.
Reasonable basis suitability requires that a recommended investment or investment strategy be suitable or appropriate for at least some investors. Reasonable basis suitability requires an advisor to conduct adequate due diligence so that he or she can determine the risks and rewards of the investment or investment strategy.
Quantitative suitability requires a brokerage firm or financial advisor with actual or de facto control over a customer’s account to have a reasonable basis for believing that a series of recommended transactions – even if suitable when viewed in isolation – is not excessive and unsuitable for the customer when taken together in light of the customer’s investment profile. No single test defines excessive activity, but factors such as the turnover rate, the cost-equity ratio, and the use of in-and-out trading in a customer’s account may provide a basis for a finding that a member or associated person has violated the quantitative suitability obligation.
Customer-specific suitability requires that a member or associated person have a reasonable basis to believe that the recommendation is suitable for a particular customer based on that customer’s investment profile. Among the criteria that a financial advisor must evaluate to satisfy his or her customer-specific suitability obligations include the investor’s agee, tax status, time horizon, liquidity needs, and risk tolerance; a client’s other investments, financial situation and needs, investment objectives, and any other information disclosed by the customer should also be considered.
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