Laidlaw Broker Bryan Mazliach Allegedly Made Excessive, Unsuitable Trades

There is growing suspicion among investors of bad securities recommendations or sales on the part of securities broker Bryan Gabriel Mazliach (CRD#: 5518438, Fort Lauderdale, Florida). Notably, Financial Industry Regulatory Authority (“FINRA”) shows that three investors brought disputes about the securities broker, who worked for Laidlaw & Company (UK) Ltd. (“Laidlaw”) between January 2015 and September 2017 and who worked for Westpark Capital between August 2017 and December 2018. Not only that, but FINRA is investigating whether Mazliach violated FINRA rules through excessive, unauthorized or unsuitable trading. Here’s more.

Laidlaw Client Indicates Bryan Mazliach Made Excessive Trades

A client of Laidlaw Company contested Bryan Mazliach’s sales practices via FINRA Arbitration Claim #: 20-00110 on January 22, 2020. Namely, the client suggested that Mazliach made unauthorized OTC trades from 2015 to 2016. It appears that Mazliach’s trading was also excessive and possibly unsuitable for the client given the client’s circumstances. Evidently, for losses sustained on these aggressive trades, Laidlaw provided $25,000 in compensation to the client. Accordingly, this matter settled April 17, 2020.

FINRA Launches Investigation Into Mazliach

Namely, FINRA investigated Bryan Mazliach and has since issued a Wells Notice in September 2019 which signals a possible disciplinary action heading Mazliach’s way. Specifically, the financial industry watchdog suspects that Mazliach violated FINRA Rule 2111. Basically, this suitability rule requires that securities brokers have a reasonable basis for believing that their recommendations are suitable for clients. The rule also covers instances of quantitative suitability which is excessive trading by brokers that can unreasonably drive up costs for investors and lead to losses. Given the client complaints alleging churning and excessive trading against Mazliach, it seems that FINRA could go after him for making quantitatively unsuitable trades.

Also, FINRA thinks Bryan Mazliach might have violated NASD Rule 2510(b) and FINRA Rule 2010 by making unauthorized trades. It seems that Mazliach possibly made discretionary trades but did not have authorization to use discretion in clients’ investment accounts. Apparently, the investigation is ongoing.

Bryan Mazliach Allegedly Churns, Excessively Trades Other Laidlaw Clients’ Accounts

Apparently, a client of Laidlaw brought FINRA Arbitration Action #: 18-01736 in May 2018. First of all, the client suggested that Bryan Mazliach churned the client’s accounts. Secondly, Mazliach allegedly traded without the client’s knowledge or consent. Finally, the client suggested that Mazliach’s trading was not suitable. For equities losses, in November 2018, Laidlaw paid the client $7,500 to settle.

Also, in February 2016, a Laidlaw client brought FINRA Arbitration Action #: 16-00291. Notably, the client indicated that Bryan Mazliach’s excessive trading and commissions caused losses for the client’s account. The securities broker supposedly made these unreasonable trades from April 2015 to January 2016. For this reason, in May 2017, Laidlaw paid the client $32,143.87 as a settlement of the dispute.

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