Leonard Allen Goldberg, of Rancho Mirage California, was named a respondent in a Financial Industry Regulatory Authority (FINRA) complaint alleging that he caused over $123,600 in losses to five customers while making over $77,900 for himself and his employing firms, J.P. Turner & Company, LLP and Newport Coast Securities, Inc.
According to FINRA’s complaint, Mr. Goldberg allegedly used discretion without the required written authorization to effect 300 mutual fund and exchange traded fund (ETF) transactions to the detriment of his customers. Additionally, the complaint alleges that Mr. Goldberg used that discretion to effect fraudulent and unsuitable short-term switches of Class A mutual funds in the same 5 customers’ accounts in order to generate commissions for himself. These mutual fund switches and short-term trading resulted in repeated fees and charges to his customers. Continue Reading