Former financial advisor Mitchell Biernick of New York has been barred from the securities brokerage industry by self regulator FINRA for refusing to appear for on-the-record testimony requested by FINRA in connection with an investigation into allegations that Biernick made unsuitable investment recommendations to clients. According to his Brokercheck report, Mr. Biernick previously settled a customer dispute involving allegations that he made unsuitable investment recommendations and engaged in unauthorized trading. Mr. Biernick was most recently associated with the brokerage firm Newbridge Securities Corporation in Freeport, New York. Before that, he was associated with the firm Arive Capital Markets in Ronkonkoma, New York.
Stockbrokers have a duty to recommend suitable investments and investment strategies to their clients. A recommendation is only suitable if it comports with the client’s investment objectives, risk tolerance, investment experience, investment time horizon, liquidity needs, and income needs. Together these considerations form the investor’s unique “investment profile.” The duty to recommend suitable investments cannot be disclaimed through risk disclosures or waivers.
Misrepresentations and Omissions
There are a multitude of state and federal statutes that make it unlawful to mislead and defraud investors in connection with the purchase or sale of securities. The best known of these laws is Section 10(b) of the Securities Exchange Act of 1934, which is a federal statute. Each of the 50 States has its own set of securities laws, known as “blue sky” laws. Many States have modeled their blue sky laws on the Uniform Securities Act, which contains a variety of different civil liability provisions relating to misrepresentations and omissions.
If you have suffered investment losses as a result of the malpractice or misconduct of Mitchell Biernick, our experienced team of securities attorneys may be able to assist you in recovering some or all of your losses. Call us toll-free at 888-607-4819 for a free consultation or email us through our “Contact” page to schedule a free consultation.