Gary Saitowitz, of Marietta, Georgia, submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was fined $10,000, suspended for 18 months, and ordered to pay $11,455 plus interest in restitution to a customer for several violations related to the sale of non-traded real estate investment trusts (REITs).
Gary Saitowitz, a former registered representative with Transamerica Financial Advisors, Inc. (Transamerica) was found by FINRA to have recommended that four customers, including a senior citizen, allocate unsuitable amounts of their assets in non-traded REITs. As a result of Mr. Saitowitz’ recommendations, the customers’ accounts were allegedly overconcentrated and therefore unsuitable in light of their investment goals and risk tolerances. FINRA also alleged that Mr. Saitowitz tried to circumvent the firm’s concentration limits on the amount of a customer’s liquid assets that could be invested in non-traded REITs by overstating the liquid net worth of certain customers. Continue Reading