Securities Lawyers Blog
Broker Andrew Kramer (Kramer) was recently sanctioned by The Financial Industry Regulatory Authority (FINRA) in an enforcement action. According to the FINRA AWC (Letter of Acceptance, Waiver, and Consent) FINRA found that Kramer consented to sanctions that he failed to respond to FINRA’s requests for documents and information related to an examination concerning a customer complaint.
The securities lawyers of Gana Weinstein LLP are investigating the six customer complaints brought against Kramer. The customer complaints allege a number of securities law violations including that the broker made unsuitable investments among other claims. Accorded to one complaint, it was alleged that Kramer implemented a bear market strategy. When brokers recommend these strategies they are rarely profitable and almost always unsuitable for the client. Historically the market is only negative a small fraction of the time. Accordingly, a sustain bear market strategy always bets against the odds rarely makes sense.
The most recent claim was filed in December 2016 alleging Kramer engaged in unsuitable trades causing $1,000,000 in damages. The complaint is currently pending.