Chris Laffey Allegedly Misrepresented Investment
Chris Laffey (CRD# 859962), a broker registered with Alexander Capital, violated industry rules, according to a pending investor dispute. MDF Law is investigating the Red Bank, New Jersey-based financial professional for similar conduct. We urge investors who suffered losses to contact us for a free, confidential consultation.
Continue reading to learn more about Mr. Laffey’s history as a broker. The information below is sourced from his BrokerCheck profile, a Financial Industry Regulatory Authority record examined on January 29, 2025.
Pending Disputes Allege Negligence, Misrepresentation
Between 2022 and 2024, two parties of investors lodged disputes involving Mr. Laffey. These claims detail allegations of misrepresentation, negligence, breach of fiduciary duty, violation of FINRA Rule 2010, and breach of contract. The disputes, which are still pending, seek at least $1.6 million in alleged damages.
Firms Settled Past Disputes
Between 1990 and 1998, four other parties of investors filed disputes involving Mr. Laffey. In these cases, the claimants alleged unauthorized trading, failure to disclose risks, churning, excessive and unsuitable trading, and more. According to his BrokerCheck profile, his former member firms settled the disputes for a total of $328,000.
Understanding Excessive Trading, Suitability
The allegations made in the above-described claims include a few common forms of broker misconduct. FINRA describes excessive trading, for example, as “when a broker makes a large number of trades in a customer’s account not to benefit the customer, but instead to generate commissions for the broker.” Unsuitable recommendations, meanwhile, denote investments or strategies that are inappropriate for a customer’s profile: their background, objectives, net worth, risk tolerance, and other factors.
Then there’s FINRA Rule 3260, which staunchly forbids discretionary trading without a client’s customer’s prior written authorization and the firm’s written approval. (Discretionary trades are those made without a broker’s prior consultation with the client.) Finally, FINRA Rule 2020 prohibits a broker’s employment of “manipulative, deceptive, or other fraudulent device[s] or contrivance[s]” as they conduct trades. In summary, industry rules forbid brokers from recommending unsuitable investments, making excessive trades, and misleading investors.
FINRA: Chris Laffey Based in Red Bank, New Jersey
Mr. Laffey started his career as a broker in 1978, when he registered with Blyth Eastman Dillon & Company. He went on to work with a number of firms over the subsequent decades, including Paine Webber, Tucker Anthony, and Ladenburg Thalmann. He joined his current member firm, Alexander Capital, in 2015, and is still based at its office in Red Bank, New Jersey. Boasting 46 years of experience as a broker, he has completed three industry exams, including the Series 7 and the Series 63.
At MDF Law, We Stand Up for Investors
Are you a current or former Chris Laffey client with concerns about your portfolio? You may have recovery options. Call MDF Law if your broker misrepresented investments, made unsuitable recommendations, or engaged in other forms of misconduct. Our clients only pay a fee if they successfully recover losses, and our team provides free consultations nationwide. Your window to file a claim may be limited, so we encourage you to avoid delay. Call 800-767-8040 today.