National investment loss lawyers KlaymanToskes investigates brokers and investment advisors suspended and/or barred by FINRA (Financial Industry Regulatory Authority) in 2023. The financial professionals investigated cannot currently work for any FINRA-regulated brokerage firms.
Many of the representatives suspended by FINRA in March 2023 also have multiple customer complaints, including settlements in favor of the investors, while others have been barred from the securities industry in all capacities following their suspensions.
FINRA’s free public database, known as BrokerCheck, is a highly beneficial tool for investors seeking knowledge about their firm and broker/investment advisor. It allows everyday investors to access their advisor’s public disclosure history, including pending and settled customer complaints, regulatory actions, employment separations, and more. For a step-by-step explanation on how to use FINRA BrokerCheck, see our post linked here.
According to national securities attorney Lawrence L. Klayman, Esq., “KlaymanToskes seeks to help the investing public identify financial professionals who are currently suspended and/or barred that may be involved in customer disputes. This includes individuals previously associated with firms such as J.P. Morgan, LPL Financial, RBC Capital, UBS Financial, Spartan Capital, and others.”
Investors who suffered losses at the hands of any of the suspended/barred representatives listed below are encouraged to contact KlaymanToskes for a free consultation at 888-997-9956 or by email at lklayman@klaymantoskes.com to discuss recovery options.
The following is a list of FINRA-regulated brokers and financial advisors that have been suspended and/or barred by FINRA in March 2023.
The list contains the individuals’ names, CRD numbers (linked to their BrokerCheck profiles), their associated brokerage firm/location, and significant disclosure history (according to their BrokerCheck reports). Some individuals have been barred from the securities industry in all capacities following their suspensions.
|
Name |
Firm/Location | Suspension/Bar Date |
Suspension/Bar Reason |
CRD # (BrokerCheck) |
|
Damian |
Moors & Cabot, Inc. (Boston, MA) Morgan Stanley UBS Financial |
Suspended indefinitely as of 3/20/2023,
until required payment is made or discharged. |
Failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance. | 3097243 |
| Brian Colin Doherty |
Whitaker Securities (New York, NY) LPS Capital |
Barred by the SEC indefinitely as of 3/01/2023 from acting as a broker, dealer, investment adviser, municipal securities dealer, municipal advisor, etc. | Complaint against Doherty charging him with engaging in a fraudulent, prearranged trading scheme. | |
|
Kara |
Global Atlantic Distributors (Hartford, CT) Metlife Investors
|
Barred from acting as a broker-dealer, agent, investment adviser or investment adviser agent in the state of Connecticut as of 3/9/2023
Barred by FINRA indefinitely as of 8/29/2022 |
Failed to respond to FINRA’s requests for information; failure to disclose outside business activities related to a financial scam. | |
|
Gary |
Newbridge Securities (Montebello, NY) Bruderman Brothers |
Suspended as of 3/20/2023, until 9/19/2024 | Unsuitable recommendations for customers to purchase B-shares of a particular variable annuity in their brokerage accounts, while advisory shares of the annuity were also available; Goldberg’s customers collectively paid approximately $594,590 in unnecessary fees. | 223919 |
| Mark Lewton Hopkins | American Portfolios Financial (Grand Blan, MI) LPL Financial |
Barred by the SEC indefinitely as of 3/01/2023
from acting as a broker, dealer, investment adviser, municipal securities dealer, municipal advisor, etc. |
Pled guilty to one count of wire fraud; sentenced to a prison term of 12 months and a day and ordered to forfeit $882,500 in connection with a scheme to defraud investors. | |
|
Robert |
Barron Chase Securities, Inc. (Expelled) (Boca Raton, FL) |
Barred by the SEC indefinitely as of 3/03/2023 from acting as a broker, dealer, investment adviser, municipal securities dealer, municipal advisor, etc. | Operated as an unregistered broker; Engaged in an effort to solicit investors on behalf of Silver Edge Financial, an entity not registered with the Commission that operates two pooled investment vehicles-the Silver Edge Pre-IPO Fund, LLC and the Silver Edge Venture Fund, LLC | 2707569 |
|
Donald |
Provident Private Capital Partners, Inc. (Erie, PA) |
Suspended indefinitely as of 3/27/2023, until required payment is made or discharged. | Failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance. | 134141 |
| Brian M. Wurdemann |
RBC Capital Markets (New York, NY) UBS Financial Services |
Suspended indefinitely as of 3/27/2023, until required payment is made or discharged. | Failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance. |
KlaymanToskes encourages investors who did business with any of the brokers listed above to review their accounts for signs of broker misconduct and/or investment losses.
FINRA-regulated brokers, financial advisors, and brokerage firms have a responsibility to make suitable investment recommendations with their customers’ best interest in mind, based upon the client’s personal needs and preferences. Investors can still pursue investment recovery claims against brokers/financial advisors that have been suspended or barred from the securities industry.
It is important to note that FINRA arbitration is separate from regulatory obligations. In KlaymanToskes’ experience, FINRA’s regulatory focus tends to be on punishing registered representatives that break its rules, rather than on obtaining financial compensation for victims. Our firm believes that a FINRA securities arbitration claim may be the best solution to recover investment losses.
Investors that suffered significant losses should contact attorney Lawrence L. Klayman, Esq., at 888-997-9956, or lklayman@klaymantoskes.com to learn more about the arbitration process and to discuss their recovery options.
Consultations are free and every case is taken on a contingency basis, meaning we do not collect a fee unless we are able to obtain a financial recovery for you.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lklayman@klaymantoskes.com
www.klaymantoskes.com