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Jerry Korchak, Illinois Broker, Embroiled in $7 Million Investor Dispute

Jerry Korchak (CRD#: 1990284), a broker with Kestra Investment Services LLC (CRD#: 42046) and a Registered Investment Adviser (RIA) with Kestra Advisory Services LLC (CRD#: 283330) is currently involved in an investor dispute in which a client is seeking more than $7 million in damages, according to his BrokerCheck record accessed on July 2, 2020. What happened to lead a customer to file a $7 million complaint against Jerry Korchak? Let’s look at what led to this investor dispute. 

Jerry Korchak

On May 21, 2020, a client filed a complaint against Jerry Korchak, alleging that, among other things, he breached his fiduciary duty regarding services to a retirement fund. The client is seeking $7,790,689 in damages. Jerry Korchak’s colleague at Kestra, Stephen Curry, is also involved in this same investor dispute. 

If someone alleges that their financial professional breached their fiduciary duty, what does that mean? A fiduciary is someone who is legally obligated to put their clients’ interests before their own. For more information about this important subject and how the fiduciary standard applies differently to brokers and investment advisers, see our article “Stockbroker vs. Investment Adviser: Understanding the Difference.” 

Jerry Korchak has passed the Series 66 – Uniform Combined State Law Examination, the Series 63 – Uniform Securities Agent State Law Examination, the SIE – Securities Industry Essentials Examination, the Series 3 – National Commodity Futures Examination, and the Series 7 – General Securities Representative Examination. He is registered to sell securities in Arkansas, Illinois, Nevada, Washington, and Wisconsin. He is also a Registered Investment Adviser (RIA) in Illinois. 

Over his 30-year career in the securities industry, Jerry Korchak has worked for four brokerage firms. In addition to Kestra Investment Services LLC (CRD#: 42046), he has also worked for:

  • NFP Advisor Services LLC (CRD#: 42046)
  • Allstate Financial Services LLC (CRD#: 18272)
  • Morgan Stanley DW INC. (CRD#: 7556)

If Jerry Korchak was your broker and you have questions about your investments, don’t hesitate to contact the securities attorneys of Fitapelli Kurta to learn more about your options for investment loss recovery. Call (877) 238-4175 or email for your free case consultation with the securities attorneys of Fitapelli Kurta. 

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