Maile Foster Allegedly Gave Unsuitable Investment Recommendations

Maile Foster (CRD #: 3049192), a broker registered with Kovack Securities, allegedly recommended unsuitable investments, according to her BrokerCheck record, accessed on November 13, 2022. Investors may have also engaged her services through Kovack Advisors or MFA. If you want to learn more about her conduct as a broker, read on.

Investor Disputes

On August 29, 2022, an investor alleged that Maile Foster made unsuitable investment recommendations and failed to properly service the client’s accounts, resulting in a tax issue and lost opportunity costs. The client seeks $198,000 in this pending dispute.

On December 31, 2017, an investor alleged that Maile Foster failed to disclose capital gains consequences and that her compensation exceeded what the investor had expected. 

FINRA Rule 2111

FINRA Rule 2111 requires brokers to take into account investors’ financial goals when recommending investments. Brokers must use the information contained in an investor’s profile, including their tax status, age, and risk tolerance.

Investors who rely on brokers for investment recommendations can pursue FINRA arbitration and potentially recover their losses.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

Background Information

Maile Foster has passed the following exams:

• Series 65 – Uniform Investment Adviser Law Examination
• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination
• Series 24 – General Securities Principal Examination
• Series 26 – Investment Company Products/Variable Contracts Principal Examination

Maile Foster is a registered broker in ten states and the District of Columbia. She is also a registered investment adviser in California, Colorado, Kansas, and the District of Columbia.

She has also worked for the following firms:

• Securian Financial Services (CRD#:15296)
• Hornor, Townsend & Kent (CRD#:4031)
• Park Avenue Securities (CRD#:46173)
• Pruco Securities (CRD#:5685)
• American Express Financial Advisors (CRD#:6363)
• IDS Life Insurance Company (CRD#:6321)

Kurta Law Can Help

If you worked with Maile Foster and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.