Soreide Law Group, a Securities Arbitration Law Firm, (888) 760-6552, obtained the following information on FINRA’s website under “Disciplinary and Other FINRA Actions, July, 2013.”
Alan Jay Davidofsky (CRD #1389312, Registered Representative, Delray Beach, Florida)
was fined $11,741.78, plus interest, which represents disgorgement, and barred from association with any FINRA member in any capacity.
The National Adjudicatory Council (NAC) imposed the sanctions following appeal of an Office of Hearing Officers (OHO) decision.
The sanctions were based on findings that Davidofsky effected unauthorized trades in a customer’s traditional Individual Retirement Account (IRA) at his member firm, had de facto control over the account, and excessively traded in the account, which was inconsistent with the customer’s financial circumstances and investment objectives. The findings stated that Davidofsky excessively traded the accounts with scienter, and consequently, churned the customer’s account. The findings also stated that the firm had warned Davidofsky to get his numbers up, and he undertook the excessive trading in the customer’s account to solidify his tenuous employment position at the firm and generate additional commissions for himself. (FINRA Case #2008015934801)
According to FINRA's BrokerCheck, Alan Davidofsky was previously registered with FINRA at the following brokerage firms:
ICM CAPITAL MARKETS LTD.
CRD# 103725
NY, NY
11/2010 - 03/2011
NATIONAL SECURITIES CORPORATION
CRD# 7569
BOCA RATON, FL
11/2008 - 07/2010
OPPENHEIMER & CO. INC.
CRD# 249
BOCA RATON, FL
11/2004 - 11/2008
This ends the information obtained on FINRA's website.
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