Securities Lawyers Blog
Previously financial advisor Brian Grumbach (Grumbach), previously employed by brokerage firm Hightower Securities, LLC has been subject to at least one disclosable event. These events include one customer complaint. According to a BrokerCheck reports most of the recent customer complaints concern either corporate debt securities or alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements. The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $250,000.00 on April 27, 2021.
Brian Grumbach is the subject of a FINRA arbitration alleging certain sales practice violations, including a violation of suitability obligations, in connection with a private placement investment made on or around March 2017, currently required to be disclosed pursuant to FINRA guidance.