Securities Lawyers Blog
The investment fraud attorneys at Gana Weinstein LLP are currently investigating previously registered broker Daniel Fischer (Fischer). According to BrokerCheck, in January 2018, the Securities Exchange Commission (SEC) barred Fischer from the financial industry claiming that from December 2012 to May 2015, Fischer recommended an unsuitable investment strategy in penny stocks to 5 customers and falsely represented and omitted material facts about the strategy. In addition, the SEC alleged that Fischer was engaging in churning of accounts and in unauthorized trading. The SEC found that as a result of recommending unsuitable investments, Fischer had violated federal laws including Section 17(a) of the Securities Act of 1933, Section 10(b) of the Exchange Act and Rule 10b-5.
In addition, Fischer has also been subject to one regulatory action and one civil action in which the SEC and the Federal Industry Regulative Authority (FINRA) sanctioned Fischer for various violations of the securities laws.
In July 2016, FINRA suspended Fischer on the grounds that he was exercising discretion in customer accounts without prior customer approval. As a result of violating NASD Conduct Rule 2510(b) and FINRA Rule 2010, Fischer incurred a fine of $5,000 and a suspension of 20 days.