Equitable Advisors Involved in Investor Suitability Complaint
Kevin Dooley (CRD# 2513153) and Adam Weirich (CRD# 3013630) have received a pending customer complaint alleging they recommended unsuitable alternative investments. According to their FINRA-maintained BrokerCheck reports, accessed on November 27, 2021, Dooley and Weirich are brokers and investment advisers registered with Equitable Advisors in Miami, Florida.
Pending Complaint Alleges Suitability Violations
FINRA records show a pending customer complaint involving both Kevin Dooley and Adam Weirich. Filed in September 2021, the complaint alleges they recommended unsuitable alternative investments between 2012 and 2014. For reference, “unsuitable” investments are those considered inappropriate for a customer’s unique investment profile: a set of information that takes into account their age, income, net worth, investment experience, investment horizon, risk tolerance, and other factors. The pending complaint against Dooley and Weirich seeks unspecified damages.
Equitable Advisors Settled Earlier Complaint involving Kevin Dooley Complaint for $690,000
Kevin Dooley’s BrokerCheck report lists one other disclosure: a customer complaint filed in 2019. In this case, the customer alleged he recommended made unsuitable recommendations involving three real estate investment trusts, an equity managed account, and a variable annuity. The complaint alleges further that he failed to adequately disclose the products’ risks. In 2021 his member firm, AXA Advisors (now Equitable Advisors), settled the complaint for $690,000. A comment on the disclosure notes that the firm settled the complaint without admitting liability.
Kevin Dooley and Adam Weirich both Associated with Equitable
Kevin Dooley’s 26 years of experience in the securities industry began in 1995, when he joined The Equitable Life Assurance Society of the United State in New York City as a broker. In that same year he registered as a broker with Equitable Advisors—formerly AXA Advisors—in Miami Florida, and in 2000 he registered with the firm as an investment adviser, too. He currently holds 32 state licenses and has passed six securities industry examinations.
Adam Weirich’s 23 years of securities industry experience began in 1998, when he joined GKN Securities Corporation in New York City as a broker. In 2001 he moved from GKN to The Concord Equity Group in Iselin, New Jersey. Later that year he joined Signator Investors in Miami, Florida as a broker; in 2003 he registered with Signator as an investment adviser, too. Dooley holds 102 state licenses and has passed four securities industry examinations.
For more industry on Kevin Dooley and Adam Weirich, visit their FINRA-maintained BrokerCheck reports here and here. (The above-referenced information was accessed on November 27, 2021.)