FINRA Suspends Broker for Lost Investments Made by His Elderly Grandmother Suffering from Dementia

Soreide Law Group, (888) 760-6552, obtained the information below on FINRA’s website under “Disciplinary and Other FINRA Actions, August, 2013.”

Christian Joel Brand (CRD #2434521, Registered Representative)

was suspended from association with any FINRA member in any capacity for four months.

Without admitting or denying the allegations, Brand consented to the described sanction and to the entry of findings that he approached an elderly customer, suffering from dementia about investing in a development project. This customer, who was Brand’s grandmother, issued checks totaling $510,000 for the project, payable to entities for which Brand was the majority owner and principal.

Brand assisted in the preparation of some of the checks written by his grandmother.

Other relatives and a friend also invested in the project. Brand prepared offering documents that evidenced the elderly customer’s investments in the project.

The findings also stated that the initial loan for the project was not funded and failed. The customer did not receive any of her investment funds back, nor has she earned any interest from her investment. The findings also included that Brand failed to notify his member firm about the proposed transactions and his role in the transactions. Brand’s participation was not within the course or scope of his employment with his firm.
The suspension is in effect from July 1, 2013, through October 31, 2013.
(FINRA Case #2009020906701)

According to FINRA's BrokerCheck, CHRISTIAN J. BRAND CRD# 2434521, is currently employed by and registered with the following FINRA Firm(s):

MERRIMAC CORPORATE SECURITIES, INC.
1150 DOUGLAS AVENUE`
SUITE 1080
ALTAMONTE SPRINGS, FL 32714
CRD# 35463
Registered with this firm since: 10/27/2010

Brand was previously registered with FINRA at the following brokerage firms:

BROOKVILLE CAPITAL PARTNERS LLC.
CRD# 102380
UNIONDALE, NY
10/2010 - 11/2010

WALLSTREET*E FINANCIAL SERVICES, INC.
CRD# 43896
HIGHLAND PARK, IL
01/2005 - 10/2010

WATERSTONE FINANCIAL GROUP, INC.
CRD# 10078
BOSTON, MA
07/2002 - 12/2004

The information from FINRA's website ends here.

If you know a senior citizen or other inexperienced investors who have experienced financial losses through the recommendations their brokers or financial advisors, call Soreide Law Group for a free consultation with an attorney at: 888-760-6552.