The law offices of Gana Weinstein LLP are investigating claims against advisor Mel Hertz (Hertz), currently registered with The Strategic Financial Alliance, Inc. (Strategic Financial) out of Kailua, Hawaii. According to a BrokerCheck report, Hertz has been subject to at least three customer complaints and one investigation. According to records kept by The Financial Industry Regulatory Authority (FINRA), the complaints against Hertz concern allegations of unsuitable investment recommendations.
In May 2018 Hertz was investigated by the State of Hawaii over allegations of his unsuitable investment recommendations. This investigation is currently pending.
In April 2018 a customer filed a complaint alleging that from April 2013 through April 2018 Hertz engaged in unsuitable investments and misrepresentations causing $133,000 in damages. The customer also alleged that Hertz failed to properly monitor third-party managed account. This dispute is still pending.
In April 2013 a customer alleged that Hertz made unsuitable alternative investments of direct participation products (DPPs) and real estate securities causing in damages. The claim settled for $150,000.