FINRA Case #2016049383801
Adam Stuart Fritzsche (CRD #2821218, Canterbury, Connecticut) submitted an Accept, Wavier and Consent in which he was suspended from association with any FINRA member in any capacity for one year. In light of Fritzsche’s financial status, no monetary sanction has been imposed. Without admitting or denying the findings, Fritzsche consented to the sanction and to the entry of findings that he made unsuitable recommendations to customers that were inconsistent with the customers’ investment objectives and resulted in over- concentration of their liquid net worth in an alternative investment. The findings stated that, according to its registration statement, the investment was suitable only as a long-term investment for persons of adequate financial means who had no need for liquidity.
At the time of Fritzsche’s recommendations, all of the customers were retired and had conservative investment objectives. Fritzsche’s recommendations resulted in an undue concentration of the customers’ liquid net worth in a single, high-risk, illiquid investment.