Florida Stockbroker Misconduct Attorney - Law Offices of Robert Wayne Pearce

Feb 24, 2016

FINRA Complaint Filed Against Former LPL Financial Representative

The Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) filed a complaint against George Zedan, of Whittier California, for allegedly converting a client’s funds for his own personal use. Mr. Zedan entered the securities in 1998 and later in April 2004, when he became associated with FINRA member firm LPL Financial, LLC (LPL). Mr. Zedan remained associated with LPL until March 2013 when he resigned from the firm while under police investigation. FINRA alleges that Mr. Zedan, while associated with LPL, took advantage of an elderly client by using their funds for his own personal use. FINRA also alleges that Mr. Zedan proposed a false and inappropriate real estate investment strategy for an 87 year old client. According to the complaint, Mr. Zedan in 2012, started to discuss a $300,000 investment in a real estate venture with the client, none of which was put down on paper. After agreeing to the proposition, the client allegedly, under the direction of Mr. Zedan, wrote a personal check for $300,000 and with the memo line reading “real estate” and handed it to Mr. Zedan. A week later, September 4, 2012, Mr. Zedan deposited the check into his personal banking account and started using the funds for his own personal expenses.

Who Said Only The Good Stock Brokers Die Young?

At 99 years, Ms. Irene Bergman, a good stockbroker, shares some advice for those who would like to enjoy a long career on Wall Street. A direct quote from Ms. Bergman herself: “Don’t do anything stupid.” Ms. Bergman happens to be one of the oldest working professionals in an industry run by men half her age. Ms. Bergman offers a rare perspective of the changes in the securities industry. She recalls the small private firms founded by German Jews in the early twentieth century. Her father was a private banker in those days. In 1942, Ms. Bergman began working as a secretary at a bank, and then fifteen years later, Ms. Bergman joined Hallgarten and Co., a member of New York stock exchange.