National investment loss lawyers KlaymanToskes is investigating broker William Novack of CFD Investments and Cambridge Investment Research (CRD #1181334).
According to FINRA BrokerCheck, William Novack was barred from the securities industry in 2021 following allegations that he declined to appear for testimony after his resignation from CFD Investments. Novack is also currently facing a pending customer complaint which alleges $70,000 in investor damages due to unsuitable investment recommendations.
Investors that suffered losses with broker William Novack are encouraged to contact attorney Lawrence L. Klayman, Esq., at 888-997-9956 or by email at investigations@klaymantoskes.com to discuss recovery options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
In 2021, Novack was barred by FINRA because he failed to provide testimony as requested by FINRA, in connection with the regulator’s investigation concerning the termination of another firm registered representative, whom the firm had reason to believe was permitting and enabling a barred individual to conduct a securities business.
On June 26, 2024, an investor filed a complaint alleging that Novack recommended investments that were not suitable and were misleading. The investor is seeking $70,000 in damages. Over his 37-year career, Novack has been registered with seven firms, including CFD Investments, Cambridge Investment Research, and TransAmerica Financial Advisors.
FINRA Rule 2111, also known as the Suitability Rule, requires brokers to make investment recommendations that match their clients’ specific needs. This rule means brokers must consider things like the client’s age, risk tolerance, investment time frame, investing experience, tax status, and financial goals. If an investment does not meet these criteria, it may be considered unsuitable.
As an investor, there are a few signs that you should look out for if you believe you may have a claim against broker William Novack. These signs could potentially indicate misconduct, negligence, or investment fraud. Investors are encourage to contact our firm immediately if you have experienced any of the following:
Some investors have close relationships with their brokers due to the time and trust built over the course of their investment relationship. However, it is crucial to remember that financial decisions should be based on careful analysis and due diligence rather than solely relying on personal relationships.
Engaging the services of an experienced securities attorney to evaluate your specific circumstances is strongly advised. At KlaymanToskes, our team of experienced securities attorneys has a deep understanding of this complex area of law, allowing us to provide invaluable insight and tailored guidance that directly addresses your individual needs.
If you suffered losses with broker William Novack, or have concerns regarding your investment portfolio at CFD Investments, Cambridge Investment Research, and/or any other investment firm, contact KlaymanToskes at 888-997-9956 or fill out a short contact form for a free and confidential consultation.