NDREW CORBMAN Allegedly Misrepresented Equities
Clients of Newbridge Securities Corporation and Kovack Securities filed an alarming amount of disputes about securities broker Andrew Corbman (CRD#: 2513558, Landsdowne, Virginia). Namely, every dispute a client brought against him since 2016 settled through payments to clients. These disputes suggest that among other things, Corbman sold unsuitable investments and over-concentrated accounts, breaching a fiduciary duty to his clients.
Kovack Securities Client Files FINRA Arbitration Alleging Andrew Corbman’s Negligent Trading Of Stocks
A client of Kovack Securities brought FINRA Arbitration #: 18-02551 on July 16, 2018. First of all, the client alleged that Andrew Corbman negligently traded equities in the client’s account. It is possible that Corbman negligently misrepresented information, or failed to make disclosures, regarding stocks. In addition, the client indicated that Corbman sold unsuitable investments and that Kovack Securities did not supervise him. Evidently, Kovack Securities Inc. paid the client $80,000 on January 31, 2019 as a resolution to this dispute.
Client Of Kovack Indicates Corbman Breached Fiduciary Duty By Making Equity Trades
A second Kovack Securities client brought FINRA Arbitration #: 18-02449 on July 11, 2018. Allegedly, Andrew Corbman failed to comply with his fiduciary responsibility to the client, placing his interests ahead of the client’s interests. Not only that, but the client indicated that Corbman violated laws through his sale of unsuitable stocks for the client’s account. In order to settle the matter, on January 9, 2019, Kovack Securities compensated the client to the tune of $52,500.
FINRA Arbitration Alleges Andrew Corbman Overconcentrated Client’s Account In OTC Equities
Kovack Securities also reported that a client disputed Andrew Corbman’s sales practices through filing FINRA Arbitration #: 17-00591. The investor alleged in this March 10, 2017 matter that Corbman made improper and unnecessary trades of both stocks and OTC equities. Allegedly, Corbman failed to honor his obligations under an investment agreement, and Kovack negligently supervised Corbman. Supposedly, Corbman or Kovack deceptively effectuated the equity trades, and those activities collectively led the client to sustain losses. Apparently, on December 21, 2017, Kovack Securities settled this claim through paying the client $28,000.
FINRA Expels Corbman Over Noncompliance In Investigation About Unsuitable Trading
FINRA announced on December 9, 2016 that it barred Andrew Corbman as a securities broker. Supposedly, Corbman failed to honor a FINRA request when he was under investigation. It appears that Corbman executed a Letter of Acceptance, Waiver and Consent (the “AWC”) to resolve FINRA’s allegations that when he was under investigation, he failed to testify for FINRA about why Newbridge Securities Corporation disaffiliated with him. He also failed to testify for FINRA as to allegations of his unsuitable trading.
Experience Losses From Andrew Corbman?
Experienced losses due to Newbridge Securities Corporation registered representative Andrew Corbman? If you have, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about 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 recovered millions of dollars for clients who have suffered losses due to misconduct of brokers and brokerage firms