Allan Katz Faces Regulatory Action From FINRA

FINRA Sanctions Reported Against Securities Broker Allan Katz

The Financial Industry Regulatory Authority (“FINRA”) contains new information about securities broker Allan Katz (CRD#: 2166004, Staten Island, New York). Specifically, FINRA issued Katz a fine and suspension to resolve allegations of his misuse of client signatures. Also, BrokerCheck shows that Royal Alliance Associates Inc. disaffiliated with Katz for alleged misconduct, and one of his clients alleged unsuitable transactions. Here’s a brief overview of these disclosures.

FINRA Takes Disciplinary Action Against Allan Katz For Alleged Misuse Of Client Signatures

Evidently, Allan Katz agreed to pay FINRA a fine and to be suspended as securities broker. Evidently, this is to resolve FINRA’s allegations of his misconduct with client signatures. Supposedly, Katz used Royal Alliance Associates client signatures for processing transactions. It appears that the documents containing reused signatures related to account transfers. The securities broker reportedly reused a client’s signature 11 times in violation of FINRA Rule 2010. Katz satisfied the suspension on May 14, 2021.

Royal Alliance Associates Disaffiliates With Katz

Also, before the regulatory action, Royal Alliance Associates parted ways with Allan Katz. Specifically, in the May 28, 2020 discharge, the securities firm alleged that Katz made transfers from mutual funds to an annuity by reusing a client’s signature.

Client Of Royal Alliance Associates Files Suitability Dispute About Allan Katz’s Transactions

Evidently, a client of Royal Alliance Associates expressed dissatisfaction with Allan Katz according to a June 2019 dispute. Specifically, the client claimed that Katz had them make unsuitable mutual fund and annuity transactions. It appears that Royal Alliance Associates settled this matter through making a $15,000 payment to the client in November 2020.

Did Royal Alliance Associates Securities Broker Katz Cause Your Investment Losses?

It appears that Katz became a securities broker with Buckman Buckman & Reid Inc. and financial advisor of Buckman Advisory Group LLC in the summer of 2020. He also works as a financial advisor for Comprehensive Wealth Management Group.
Apparently, Allan Katz denies accusations of sales practice violations. Lost money by investing with this person? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with skilled counsel concerning a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has helped hundreds of clients across the United States in recovering losses caused by their securities brokers and financial advisors.
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