FINRA Takes Action Against Four South Florida Brokers

In an October 15, 2014, article from the South Florida Business Journal, Brian Bandell lists the following four FINRA actions taken recently:

1. Andrew S. Taubman of Weston, FL, formerly with NFP Securities from 2005 to 2010 and now a principal at Fort Lauderdale accounting firm Kaufman, Rossin & Co., was fined $10,000 and suspended for six months.

In 2004, Taubman formed WFG in which he was 50 percent owner, received a salary, benefits and profit sharing. Taubman was also a non-operating owner of WAC, which purchased mortgages from WFG.

According to FINRA, allegedly Taubman did not disclose his activities as soon as he was hired to his employers. FINRA uncovered nine other outside businesses that Taubman was affiliated with from 1994 to 2010 that he also failed to disclose to his brokerage employers.

2. Richard W. Ohrn of Boca Raton, Florida, formerly a broker with JPMorgan Chase Bank, had a civil complaint filed against him by FINRA alleging that he forged or falsified the signatures of four clients on 12 documents. Ohrn allegedly changed clients addresses from their homes to the bank branch where he worked so they didn’t receive their statements. He withdrew $15,250 from the accounts of two elderly customers for his personal use, according to FINRA.

3. Daniel T. Cowperthwaite, of Pincrest, Florida, formerly a broker at Pruco Securities, was fined $5,000 by FINRA and suspended for three months for allegedly taking out $4,300 in loans from a customer and only repaying $3,800. The firm was not aware of the loan.

4. Jose Fernando Lozano, of Miami, a broker with ITAU Europa Securities, was fined $5,000 and suspended for one month. He allegedly photocopied customers’ signatures from one letter of intent onto another letter of intent.

Call Fort Lauderdale-based Soreide Law Group if you have sustained losses due to your broker/financial advisor for a free consultation on how to potentially recover your losses. To speak with an attorney, call 888-760-6552.