Investor Alert! Financial Industry Regulatory Authority (“FINRA”) BrokerCheck signals troubling information in regard to securities broker Andrew Corbman [CRD#: 2513558, Lansdowne, Virginia]. Apparently, at least 19 clients took issue with the securities broker, who worked for Kovack Securities (2011-2015) and Newbridge Securities Corporation (2015-2016). Not only that, but FINRA barred Corbman for refusing to testify about his ostensibly unauthorized and unsuitable trading. In sum, these disclosures suggest that Corbman sold clients unsuitable investments and caused their losses. Here’s more:
Corbman Allegedly Sells Kovack Securities Client Unsuitable Stocks
Evidently, a client of Kovack Securities filed FINRA Arbitration #: 20-00158 on January 16, 2020 in regard to Corbman. Mainly, the client stated that Corbman sold unsuitable stock investments. It appears that his stock trades did not match up with the client’s goals, risk tolerance or other criteria relating to suitability. Because of this, the client demanded compensation from Kovack Securities or Corbman in this ongoing matter.
Kovack Securities Client Suggests Andrew Corbman Was Negligent
Apparently, on July 16, 2018, a Kovack Securities client filed FINRA Arbitration Claim #: 18-02551 concerning Andrew Corbman. First of all, the client suggested that Corbman was negligent in regard to his trading of equities from 2013 to 2019. Secondly, the client indicated that the securities broker’s stock sales were unsuitable. Also, Kovack Securities supposedly failed to oversee Corbman’s actions affecting the client’s account. For this reason, on January 31, 2019, the firm settled this dispute by making an $80,000 payment to the client.
Corbman Allegedly Breaches Fiduciary Duty
Notably, a client of Kovack Securities took aim at Andrew Corbman in FINRA Arbitration Claim #: 18-02449 filed July 11, 2018. Allegedly, Corbman breached his fiduciary responsibility to the client. It seems that he placed his interests ahead of the client’s interests when it came to certain equity transactions. Supposedly, the securities broker made trades in the client’s account that were not consistent with the client’s investment profile. Also, the securities broker purportedly processed unsupervised transactions and may have violated securities laws. Consequently, Kovack Securities figured to settle this dispute on January 9, 2019 through compensating the client to the tune of $52,500.
Kovack Securities Client Suggests Andrew Corbman Was Deceptive
Evidently, on March 10, 2017, a Kovack Securities client filed FINRA Arbitration Claim #: 17-00591 concerning Andrew Corbman. Allegedly, the client was deceived because of Corbman’s actions. Moreover, the client alleged that Corbman caused an overconcentration of stocks in the client’s investment account. As a result, on December 21, 2017, Kovack Securities resolved this issue through a $28,000 payment.
FINRA Bars Corbman For Refusing To Testify
Apparently, on December 9, 2016, FINRA issued Acceptance, Waiver and Consent (AWC) #: 2016051009001 barring Andrew Corbman for violating FINRA Rule 8210. Specifically, FINRA confirmed in the AWC that Corbman refused to testify about his allegedly unauthorized and unsuitable trading while working for Newbridge Securities Corporation.
Did Kovack’s Andrew Corbman Sell You Bad Investments?
Have you experienced losses by investing with Andrew Corbman? If you have, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a potential recovery of your investment losses. Soreide Law Group provides representation to clients on a contingency fee basis and advances costs. The law firm has recovered millions of dollars for clients who have experienced losses due to misconduct of securities brokers like Corbman and their employers.