Complaints Involving Justin Dieter End with Customer Settlements
Spartan Capital Securities broker Justin Dieter (CRD# 5225102) has been involved in customer disputes that cumulatively settled for hundreds of thousands of dollars. According to his Financial Industry Regulatory Authority (FINRA) BrokerCheck report, accessed on March 16, 2022, he is based at the firm’s branch office in Garden City, New York.
FINRA: Complaints Settled for More Than $400,000
FINRA records detail four settled customer disputes involving Mr. Dieter. Filed between 2018 and 2022, they alleged unsuitable investment recommendations, breach of fiduciary duty, breach of contract, excessive costs, and the execution of transactions without “prior express consent.” The four complaints settled for a total of more than $426,000.
Brokers Must Recommend Suitable Investments
Before a broker recommends an investment or investment strategy to their client, they must determine whether it is suitable. As laid out by FINRA Rule 2111, the suitability standard refers to an investment or strategy’s appropriateness for a customer’s individual investment profiles. This is a set of information that includes the customer’s investment objectives, experience, risk tolerance, liquidity needs, investment horizon, net worth, income. and more. As an example, an illiquid, non-traded real estate investment trust that doesn’t guarantee distributions might be considered unsuitable for an investor whose profile requires liquidity and short-term income generation.
If brokers or investment advisers recommend their customers invest in unsuitable products and/or strategies, they may be found liable for damages if the customer sustains losses. They may also be held subject to disciplinary actions by FINRA, the Securities and Exchange Commission (SEC), and/or other securities authorities, like state regulatory agencies. For more reading on the suitability standard, visit FINRA’s investor resources.
Justin Deiter Currently Registered with Spartan Capital
Justin Dieter started working at Spartan Capital Securities’ Garden City office in January 2020. He joined the firm after leaving Allied Millennial Partners, where he had worked since 2018. His previous firms include Aegis Capital Corporation, Global Arena Capital, and Prestige Financial Center. He has passed four securities industry examinations, according to FINRA, including the Series 65 exam and the Series 63 exam. He is currently licensed as a broker in eleven states, including California, Florida, New York, New Jersey, and Pennsylvania. For more information about his history in the securities industry, including the customer disputes alleging his actions caused losses, visit his FINRA-maintained BrokerCheck report. (The above-referenced information was accessed on March 15, 2022.)
Investment Losses? You May Have Options
Have you lost money investing with Justin Dieter, Spartan Capital Securities, and/or Allied Millennial Partners? Call MDF Law today to discuss your options. We take cases on contingency, meaning we only collect a fee if our clients collect a recovery, and we currently offer free consultations to investors nationwide. Your time to file a claim may be limited, so don’t delay: call 800-767-8040 to speak with one of our attorneys about your case today.