Eric Elek: Mutual Fund Complaint Against Elek Wealth Advisor

A recent investor complaint against Ligonier, Pennsylvania financial advisor Eric Elek (CRD# 3062911) alleges that he churned investments in mutual funds. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Commonwealth Financial Network. He is also the owner and president of Elek Wealth Management.

Mr. Elek’s BrokerCheck report discloses one investor complaint. Filed in October 2023, it alleges that as a representative of Commonwealth Financial Network, he recommended unsuitable products and churned mutual fund investments. The pending complaint alleges unspecified damages.

In 2020 FINRA published an investor resource that described excessive trading as “the situation where a broker makes a large number of trades in a customer’s account not to benefit the customer but to generate commissions for the broker.” In more severe instances, described as churning, a brokers conduct excessive trading “with either an intent to defraud or with reckless disregard for the customer’s interests.” Additional information on potential red flags of such conduct can be found via FINRA.

Elek Wealth Management’s website features a profile of Mr. Elek. “Eric is the founder and president of Elek Wealth Management, LLC, and has been a Registered Representative of Commonwealth Financial Network® (member FINRA/SIPC) since 2001,” it states. “Eric helps high-net-worth individuals design a financial plan that is tailored to their unique situation while managing investable assets in a broadly diversified manner.”

According to the Financial Industry Regulatory Authority, Eric Elek holds 25 years of securities industry experience. Based in Ligonier, Pennsylvania, he has been a broker and an investment advisor with Commonwealth Financial Network since 2001 and 2008, respectively. The owner and president of Elek Wealth Management, his registration history includes Wealth Management Partners (Pittsburgh, Pennsylvania; 2002-2009) and The Advisors Group (Bethesda, Maryland; 1998-2001). His credentials include the passage of five securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He holds 29 state licenses. (Information current as of December 26, 2023.)

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