Eric Peter Weschke of Setauket New York a stockbroker currently employed by Kalos Capital is the subject of a customer initiated investment related arbitration claim in which the customer requested $127,000.00 in damages founded on accusations that (1) the customer’s assets were inappropriately invested by Weschke in private equity products including GPB when he was employed by Kalos Capital (2) a fiduciary duty was breached and (3) contractual duties were not complied with which caused the customer to sustain unwarranted losses. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-02708 (Sept. 10, 2019).
FINRA Public Disclosure confirms that Weschke is referenced in thirteen more customer initiated investment related disputes that concern allegations of his misconduct when he was associated with securities broker dealers including Tasin Company Inc. and Self Trading Securities Inc. Specifically, Weschke was named in a customer initiated investment related arbitration claim where the customer was awarded $340,000.00 in compensatory damages based upon Weschke being found liable along with Tasin Company Inc. on the customer’s causes of action including breach of contract; misrepresentation; and breach of fiduciary duty as it pertained to stock trades placed on margin on an authorized basis.
Another customer initiated investment related arbitration claim concerning Weschke’s activities was resolved for $52,500.00 in damages based upon accusations that the customer had been provided bad over-the-counter equities recommendations by Weschke; and that the customer was defrauded as a result of his activities. Also, Weschke is the subject of a customer initiated investment related arbitration claim in which the customer sought $200,000.00 in damages supported by allegations that the stockbroker made unsuitable recommendations to the customer between October of 2015 and 2017 concerning business development companies, private debt investments, and real estate securities; and fiduciary obligations had been violated. FINRA Arbitration No. 19-00427 (Feb. 25, 2019).
In addition, a customer filed an investment related arbitration claim regarding Weschke’s activities where the customer requested unspecified damages founded on accusations that speculative and risky business development company and real estate security products were in no way suitable for the customer given the customer’s financial needs, objectives for investing, risk tolerance or overall investment circumstances; the stockbroker breached a fiduciary duty; and Kalos Capital failed to supervise his alternative investment transactions in the customer’s account which resulted in the customer sustaining unwarranted losses. FINRA Arbitration No. 19-00537 (Feb. 25, 2019).
FINRA Public Disclosure reveals that Weschke has also been sanctioned by at least two securities regulators for misconduct. Specifically, his securities registration was revoked in the State of Ohio according to an Ohio Division of Securities Order based upon allegations of Weschke not being of good business repute. He was also sanctioned by Virginia Division of Securities because of his disciplinary history. Also, Weschke has been employed by at least two securities broker dealers who have been expelled by securities regulators for violation of federal securities laws or who are otherwise defunct.
