Last Updated: October 2024 (Overland Park, KS)
National securities fraud lawyers at Patil Law P.C. are investigating current Colorado Financial Service Corporation broker Russell Fieger (CRD #4122326) regarding allegations of recommending unsuitable alternative investments, including oil and gas programs.
The investigation follows multiple customer disputes and a concerning regulatory history, including a 2014 state regulatory action regarding unsuitable ETF recommendations.
Critical Insights About Overland Park Financial Advisor Russell Fieger
- Advisor Name: Russell E. Fieger
- CRD: 4122326
- Location: Overland Park, KS
- Current Employer: Colorado Financial Service Corporation
- Classification: Registered Representative & Investment Adviser Representative
- Primary Location: 6710 W 121st St, Suite 200, Overland Park, KS 66209
- Can Russell Fieger be sued in FINRA arbitration: Yes
- Customer Disputes: Two pending, one settled
- Regulatory Actions: One final state regulatory action
- Current Registrations: Licensed in 9 states
- Years of Experience: Since 2000
- Previous Employers: LPL Financial (2024), Crown Capital Securities (2012-2024)
- Professional Qualifications: Series 24, 7, 6, 66 licenses
- Other Business Activities: Non-variable insurance sales, real estate rental property
- State Regulatory History: Kansas Securities Commissioner action with $86,600 restitution order
Details of Current Investigation
A pending FINRA arbitration (Case #24-02131) filed in October 2024 alleges breach of fiduciary duty, lack of suitability, impermissible overconcentration, and misrepresentation & omission of material information in the sale of alternative investments, including oil and gas programs. The claimants are seeking $325,000 in damages.
Analysis of Alleged Misconduct
The allegations involve multiple serious concerns:
- Unsuitable investment recommendations
- Overconcentration in alternative investments
- Misrepresentation of investment risks
- Inadequate due diligence
- Breach of fiduciary duties
- Pattern of regulatory issues
Regulatory Framework and Investor Protection
SEC Regulation Best Interest
Under Reg BI, Mr. Fieger had an obligation to:
- Conduct reasonable diligence
- Understand investment risks
- Consider client-specific factors
- Evaluate concentration levels
- Provide full and fair disclosure
FINRA Rules and Their Significance
FINRA Rule 2111 (Suitability) requires:
- Reasonable basis suitability
- Customer-specific suitability
- Quantitative suitability
- Documentation of recommendations
FINRA Rule 2310 (Direct Participation Programs) mandates:
- Reasonable investigation of programs
- Fair and balanced disclosure
- Consideration of concentration limits
- Evaluation of program costs
Professional Background
The advisor has a concerning regulatory history:
- 2014 Kansas Securities Commissioner action regarding unsuitable ETF recommendations
- Required to pay $86,600 in restitution
- Multiple firm transitions
- Pattern of customer disputes
Red Flags for Investors
- Recent state regulatory action
- Multiple pending customer disputes
- History of unsuitable recommendations
- Pattern of alternative investment sales
- Significant restitution requirements
- Multiple firm changes in recent years
- Focus on complex, high-commission products
Implications for Current and Former Clients
Current and former clients should:
- Review all alternative investments
- Evaluate portfolio concentration levels
- Assess risk tolerance alignment
- Document communications about investments
- Verify disclosure of investment risks
- Consider independent portfolio review
- Understand their rights regarding unsuitable investments
Patil Law P.C. Will Help You Recover Your Investment Losses
If you have suffered investment losses in an account handled by Mr. Fieger or have questions about alternative investments in your portfolio, please contact Attorney Patil online or call (800) 950-6553 for a free initial consultation. Our securities fraud attorneys work on a contingency fee basis, meaning we only get paid if we help you recover money.
