Articles Tagged with suitability investment attorney

shutterstock_154554782-300x200The attorneys at Gana Weinstein LLP are reporting on advisor Thomas Gerard Murray (Murray) currently employed by FSC Securities Corporation (FSC Securities) out of Hartsdale, New York.  According to a BrokerCheck report, Murray has been subject to at least one customer dispute and one bankruptcy cause during the course of his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), Murray’s customer complaint concerns allegations of unsuitable investments.

In February 2018 a customer alleged that Murray engaged in unsuitable investments of oil & gas programs causing $210,000 in damages.  The claim settled for $48,000.

In March 2012 Murray declared bankruptcy.  Information on financial matters such as bankruptcies and tax liens has been found to be material for investors to have because an advisor who cannot manage his own finances is a relevant factor for investors to consider.  In addition, a broker in financial distress may be influenced to recommend high commission products or strategies.

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shutterstock_836360-300x225According to BrokerCheck records financial advisor Scott Mass (Mass), currently employed by David Lerner Associates, Inc. (David Lerner) has been subject to five customer complaints.  According to records kept by The Financial Industry Regulatory Authority (FINRA), most of Mass’ customer complaints allege that Mass made unsuitable recommendations in a variety of investments including REITs, Puerto Rico bonds, and mutual funds.

In July 2018 a customer complained that Mass violated the securities laws by recommending unsuitable investments, breach of fiduciary duty, negligence, fraud and breach of contract in connection with the sale of Puerto Rico Bonds.  The customer alleges $500,000 in damages.  The claim is currently pending.

In December 2016 a customer complained that Mass violated the securities laws by recommending unsuitable investments from June 2007 through July 2015 causing $90,000 in damages.  The claim settled for $15,000.

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