Articles Tagged with Stuart Florida Stockbroker Misconduct Lawyer

Published on:

Jeffrey Davidson, a registered representative employed by the Stuart, Florida branch of American Portfolios Financial Services, Inc. (American Portfolios), submitted a Letter of Acceptance, Waiver and Consent in which he consented to, but did not admit to or deny, the entry of the Financial Industry Regulatory Authority’s (FINRA) findings that he made unsuitable mutual fund switch recommendations which cost his customers approximately $46,000 in unnecessary sales charges.

According to FINRA, Jeffrey Lee Davidson, of Stuart, Florida, recommended a series of mutual fund switches in 12 customer accounts which were unsuitable for those customers. Mr. Davidson recommended that the customers, one of whom was 97 years old and 5 others were 65 or older, purchase Class A mutual funds, for which they paid commissions and sales charges. He then recommended that they sell the mutual funds within less than one year of the purchase. Mr. Davidson used the funds from the sales of the mutual funds to purchase other mutual funds, for which the customers paid additional commissions and fees. Continue reading →

Published on:

Marc Halan Baldinger, a former broker with the Stuart, Florida branch of LPL Financial LLC (LPL Financial), submitted a letter of acceptance, waiver, and consent in which he consented to, but did not admit to or deny, the Financial Industry Regulatory Authority’s (FINRA) findings that he participated in private securities transactions without the necessary written approval from his employer.

FINRA found that Marc Baldinger assisted 20 clients, who invested a combined total of more than $12 million in Government National Mortgage Association Interest Only bonds (GNMA I/Os), in establishing accounts with other brokerage firms. According to FINRA, Mr. Baldinger received approximately $233,427 in compensation for his role in the sales of the GNMA I/Os; and all of these securities transactions were without the approval of his member firm, LPL Financial. FINRA also found that Mr. Baldinger failed to disclose his position as a managing partner of two limited liability companies, that he failed to disclose that he had opened an account with a broker dealer that was not LPL, and that he also failed to disclose to the non-LPL broker dealer that he was a registered representative. Continue reading →