National investment fraud lawyers KlaymanToskes issues an alert to customers of Jonathan Louis Berstein (CRD# 1872134) following allegations that he made unsuitable investment recommendations, including concentrated positions and failure to diversify. KlaymanToskes is investigating Berstein and his firm on behalf of investors who suffered significant losses after being contacted by an aggrieved customer of the branch.
According to FINRA Brokercheck, Berstein is currently registered with Wells Fargo Clearing Services, LLC, in both Boca Raton, FL and Edwards, CO.
If you suffered investment losses with Jonathan Louis Berstein and/or Wells Fargo Clearing Services’ Boca Raton, FL or Edwards, CO branch, you are encouraged to contact Lawrence L. Klayman, Esq. at (888) 997-9956 or lklayman@klaymantoskes.com to discuss recovery options.
Bernstein’s FINRA Brokercheck Report discloses four previous investor complaints, listed below:
Investors that suffered losses with Jonathan Louis Berstein and/or any of the brokers listed below may be entitled to a financial recovery. Contact attorney Lawrence L. Klayman, Esq. immediately at (888) 997-9956 or lklayman@klaymantoskes.com to discuss your legal options at no cost.
| REPRESENTATIVE NAME AND CRD# |
STATUS/ # of DISCLOSURES | NOTABLE DISCLOSURES | PRIOR/CURRENT REGISTRATIONS |
|
Drew Robert |
2 disclosures; Currently Registered with Wells Fargo In Boca Raton, FL |
1. Investor alleged misrepresentation (Settled for $7,925,000) 2. Investor alleged their advisor failed to inform them of tax consequences and penalties |
Merrill Lynch (2009 – 2010) Boca Raton, FL |
|
Mitchell Jay |
3 disclosures; Currently Registered with Wells Fargo In Boca Raton, FL |
1. Customer alleged broker recommended unsuitable investments in common and preferred stock (Settled for $72,500) |
Morgan Stanley (2013 – 2020) Boca Raton, FL |
|
Christopher Paul |
3 disclosures; Currently Registered with Wells Fargo In Boca Raton, FL |
1. Customer alleged their account was over concentrated (Settled for $98,000) 2. Customer alleged complaint arose out of the sale of an auction rate security |
UBS Financial Services (2006 – 2010) Boca Raton, FL |
|
James Bradley |
2 disclosures; Currently Registered with Wells Fargo In Boca Raton, FL |
1. Investors alleged their advisor excessively churned their accounts (Settled for $450,000) |
Prudential Securities (1998 – 2003) Boca Raton, FL |
|
Jason Marc |
5 disclosures;
Currently Registered with Wells Fargo In Boca Raton, FL |
1. Investors alleged their advisor executed an unsuitable options trading strategy (Settled for $100,000) |
Bank of America (2003 – 2009) Boca Raton, FL |
|
Craig Steven |
1 disclosure;
Currently Registered with Wells Fargo In Boca Raton, FL |
1. Investor alleged misrepresentation and unsuitability
(Settled for $260,000) |
David Lerner Associates (2000 – 2019) Boca Raton, FL |
|
William Joseph |
1 disclosure;
Currently Registered with Wells Fargo In Boca Raton, FL |
1. Investor alleged their advisor did not fully disclose the terms of a bond offering
(Settled for $93,210) |
Morgan Stanley (2009 – 2016) New York, NY |
|
James Richard |
5 disclosures;
Currently Registered with Wells Fargo In Boca Raton, FL |
1. Investor alleged unsuitable transactions
(Settled for $33,500) |
Morgan Stanley (2009 – 2019) Boca Raton, FL |
Concentration or “failure to diversify” is a securities violation which occurs when a financial professional concentrates an investor’s assets in one particular investment or class of investments. Concentration is harmful to investors as it goes against diversification, a fundamental investment principle.
Under FINRA suitability requirements (FINRA Rule 2111) brokers and brokerage firms have a duty to recommend suitable financial products and trading strategies based on their client’s financial interests. Concentrated investments are not suitable, as investors may suffer extreme losses as a result of a particular investment failing. Securities concentration and failure to diversify may also be considered unsuitable investment advice, negligence, breach of fiduciary duty, or failure to supervise.
KlaymanToskes can help you determine if your investment loss is the result of a securities violation. Contact attorney Lawrence L. Klayman today for a free consultation at (888) 997-9956 or lklayman@klaymantoskes.com.
KlaymanToskes works on a contingency basis, meaning we do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
According to FINRA’s Investor Insights on Asset Allocation and Diversification, investors may be able to manage their concentration risk by ensuring diversification across and within the major asset classes of stocks (biotech, electronics, retail and emerging markets, etc.) bonds (corporate, municipal, and Treasury), real estate, mutual funds, and exchange-traded funds (“ETFs”). FINRA also recommends investors maintain routine rebalancing and reviews of their investment holdings to ensure they coincide with their risk tolerance and investment goals.
According to national investment fraud attorney Lawrence L. Klayman, Esq., “As a guideline for investors, securities concentration exists to the extent that any portion of a portfolio’s holding exceeds 10% of the portfolio’s value. Investors that suffered losses as a result of overconcentration recommended by a broker or brokerage firm may be entitled to financial compensation through arbitration.”
Investors that suffered significant losses can reach securities attorney Lawrence L. Klayman, Esq. at (888) 997-9956 or lklayman@klaymantoskes.com to discuss their recovery options.
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