Devin Patel (CRD# 6632487), a broker registered with Sanford Bernstein & Company, gave unsuitable advice that led to 7-figure damages, according to an investor dispute. MDF Law is investigating the Tampa-based financial professional for similar conduct. We encourage investors with concerns to call us immediately.
To learn more about the allegations against Mr. Patel, continue reading. This post is based on a November 3, 2023 review of his BrokerCheck profile, a Financial Industry Regulatory Authority (FINRA) record.
Pending Dispute Alleges Unsuitable, Illegal Investments
On September 1, 2023, an investor filed a dispute alleging that Mr. Patel “made unsuitable and illegal” investment recommendations. His alleged recommendations involved “unregistered debt and equity securities,” according to a disclosure on his BrokerCheck profile. The dispute, which remains pending, seeks $1.5 million in damages.
Devin Patel Denies Allegations
Mr. Patel and his member firm issued a statement regarding the allegations in the above-described claim. As reflected in FINRA records, Sanford Bernstein & Co. asserted that it “had no involvement with and is not named in the civil litigation at issue,” adding that it had no knowledge of the allegations. Mr. Patel, meanwhile, denied the allegations and asserted that they are “without merit.”
Industry Rules Mandate Suitable Recommendations
Before brokers recommend investments, they must ascertain whether it is suitable for their client. As FINRA Rule 2111 establishes, the suitability standard describes a recommendation’s appropriateness for an investor’s profile. This is a set of information that includes the following: investment objectives, investment experience, risk tolerance, financial situation, liquidity needs, investment horizon, and more. For example, an illiquid, non-traded real estate investment trust might be considered unsuitable for an investor with a short-term horizon and liquidity needs.
Patel Advises a Variety of Clients, Per Website
As his profile on Sanford C. Bernstein & Company’s website reflects, Mr. Patel works with business owners, entrepreneurs, and other wealthy clients. “I am primarily an expert in my clients and focus on them as well as their families, businesses and communities,” he writes. “Bernstein has vast resources and expertise in the market, making trades, and future tax and estate planning—and I feel like I have the strongest resources to provide the very best advice, services and experience that I can to my clients.”
FINRA: Patel Based in Tampa, Florida
Devin Patel registered with Financial Gravity Wealth in 2017, launching his career as an investment advisor. He was based at the firm’s office in Lake Mary, Florida, and remained there until 2019, when he joined Foundations Investment Advisors. In January 2023 he registered as a broker with Sanford C. Bernstein & Company, working out of its office in Tampa, Florida.
Losses? MDF Law May Be Able to Help
Have you lost money on investments recommended by Devin Patel? The seasoned investment fraud attorneys at MDF Law may be able to help you recover losses. With decades of experience advocating for broker fraud victims, our team has recovered more than $100 million for our clients. We take cases on a contingency basis and offer free consultations to investors nationwide. Call 800-767-8040 to discuss your case today.