Last Updated: January 2024 (Peoria, IL)
Jerry Respasz Investigation Summary
Here’s what you need to know about Peoria, IL, stockbroker Jerry Respasz:
- Name: Mr. Gerald Lee Respasz
- Current Employer: Not currently registered with FINRA
- Previous Firms: Ausdal Financial Partners, Berthel Fisher & Co.
- Function: Stock Broker/ Financial Advisor/ Registered Investment Advisor
- Aliases: Jerry Respasz
- Primary Location: Peoria, IL
- CRD 1273452
- Can Jerry Respasz be sued in FINRA arbitration: Yes
- Sanctioned by FINRA: No
- Highest Settlement or Award: $26,500
Discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Jerry Respasz As Your Stockbroker?
Jerry Respasz discloses 3 customer disputes that have been resolved by cash settlements, including:
- 2018- A customer was paid $26,500 to resolve allegations that Jerry Respasz recommended unsuitable investments in UDF III and IV. The total amount of the settlement was paid by Respasz individually.
- 2017- A customer was paid $20,000 ($6,000 of which was paid by Respaz, individually) to resolve allegations that he made unsuitable recommendations to invest in alternative investments.
Five other customers made claims for sales practice abuses by Jerry Respasz and those claims were either “denied” by the brokerage firm or “closed with no action”. These claims sought damages of $170,000, $2,028,000, $170,000, $186,000 and one with unstated damages. Apparently none of these customers pursued their claims any further after the firm denied them. See below for our advice if you made a claim that was denied by the firm.
Firms Have a Duty to Supervise their Financial Advisors (FINRA Rules 3110 & 2090)
Brokers and their firms have a duty to comply with the FINRA suitability rule which requires that they have a reasonable basis to believe that a recommendation is suitable for the customer. FINRA Rule 2111- suitability
Allegations of Broker Misconduct Against Jerry Respasz
Customers of Jerry Respasz have alleged the following wrongdoing in connection with the handling of customer accounts:
- Unsuitable Investment Recommendation to invest in alternative investments including UDF
- Falsified net worth and risk tolerance on suitability forms to justify the sales
- Misrepresented investments
- Inadequate due diligence
- Misrepresented surrender fees
Alternative Investments: These are assets that are not stocks, bonds or cash. Alternative investments generally fall within five categories: hedge funds, private capital, natural resources (oil and gas, energy), real estate (REITs) and infrastructure. They are typically less liquid that conventional investments, less regulated with higher fees and generally higher risk.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Has Your Brokerage Firm “Denied” Your Claim for Damages Due to Stockbroker Malpractice?
It is quite common, as well as predictable, for brokerage firms to deny a customer’s complaint made directly to the company. Firms know that in many, if not most, instances telling the customer “we don’t think it’s our fault” will be an end to the problem. In other words, it’s generally a waste of your time to sit down with the office manager & the broker.
Firms seldom, if ever, offer any resolution when a customer deals directly with them, or if they do, will attempt to have you settle your case for a fraction of what it is actually worth.
We suggest that if you think there is a problem with the way your account has been handled, or if you have had your claim “denied”, talk to an experienced securities attorney.
Recover Your Investment Losses Now With Rex Securities Law
If you have suffered investment losses in an account handled by Jerry Respasz, contact us for a complimentary consultation with an experienced securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
With offices in Boca Raton, FL and Austin, TX, stockbroker fraud attorney Bob Rex provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors and broker dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
