FINRA Fined Abbe Wollins

Soreide Law Group is investigating possible investor claims against Abbe Jan Wollins (CRD: 5237027, Boca Raton, Florida). Notably, FINRA sanctioned the securities broker, who worked for David Lerner Associates Inc. Allegedly, Wolins made unsuitable recommendations. Here is a brief summary of FINRA’s allegations against Wolins.

Wollins Sanctioned By FINRA For Unsuitable Recommendations

Evidently, on June 20, 2023, FINRA issued Letter of Acceptance, Waiver, and Consent No. 2019063686205 sanctioning Abbe Wollins for infractions. Notably, FINRA alleged that Wolins made unsuitable advice.

Without denying or admitting the findings, Wollins agreed to the sanctions imposed on him. FINRA found that he had recommended two client accounts to make investments in partnerships that were focused on acquiring and developing oil and gas properties. However, he reportedly did not have a valid reason to believe that these investments, which were illiquid, speculative, and intended for long-term holding, were suitable for clients.

Supposedly, the affected accounts belonged to an 82-year-old retired couple who relied on pension, savings, and social security benefits, as well as a 93-year-old client receiving social security benefits and making required withdrawals from an IRA (Individual Retirement Account). Notably, FINRA found that given the investment profiles of these clients, Wollins' advice to invest in energy partnerships was unsuitable.

Sanctions Against Abbe Wollins

Wollins has been subjected to the following penalties and fines:

• Fine: $5,000.00
• Disgorgement: $2,448.60
• Suspension from June 20, 2023, to September 19, 2023

Employment Information

Wollins worked for David Lerner Associates Inc. as a securities broker between January 2007 and July 2021.

Did David Lerner Associates Inc. Securities Broker Abbe Wollins Cause You To Experience Damages?

Sustained damages because of broker Abbe Wollins? If you have, reach out to Soreide Law Group at (888) 760-6552 and talk with an experienced securities attorney concerning a potential recovery of your investment losses. Soreide Law Group, who has helped recover money for hundreds of investors across the United States, represents clients on a contingency fee basis and advances costs. Wolins and brokerage firms Wolins worked for deny all accusations of sales-related misconduct.