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Many people are surprised to learn that rescission and restitution is an available remedy in an action against a stockbroker who played a significant role in the sale of an investment, notwithstanding that the broker was not the “actual seller” of the security. Silverberg v. Paine, Webber, Jackson & Curtis, Inc.,…
When advising trust clients, FINRA member firms have a duty to ensure that the investment recommendations they make are suitable in light of “the trust’s investment objectives, time horizon, and risk tolerance.” (FINRA NTM 12-25) (emphasis added). The suitability analysis is informed, in part, by the trustee’s underlying duty to comply…
FINRA has permanently barred Alain Florestan (CRD No. 2818942) from the securities brokerage industry as a sanction for his failure to cooperate with a FINRA investigation into alleged suitability violations. The allegations against Florestan relate to the period of July 2012 through July 2014, while Florestan was a registered representative…
Thomas Brenner, a former securities agent of First American Securities, has been permanently barred from the securities brokerage industry after he refused to cooperate with a FINRA investigation into his involvement in the sale of three different private placements. The investigation was initiated after FINRA received tips or complaints from…