Broker Gabe Block's License Revoked By NJ Securities Bureau

Investor Alert! The Financial Industry Regulatory Authority (“FINRA”) shows troubling information in regard to securities broker Gabriel “Gabe” Block (CRD#: 2103543, Red Bank, New Jersey). Not only has New Jersey Bureau of Securities issued a $750,000 fine to Block and revoked his license for allegedly engaging in deceptive and dishonest business practices, but at least 12 clients took issue with the securities broker, who worked for National Securities Corporation between 2014 and 2016 and then worked for First Standard Financial Company LLC from 2016 to 2018. In sum, these disclosures suggest that Block caused clients' losses through his unsuitable and excessive trading. Check out these disclosures:

New Jersey Bureau of Securities Revokes Gabe Block’s License, Issues $750,000 Fine

Notably, New Jersey Bureau of Securities issued a Revocation Order on May 15, 2019 in regard to Gabe Block. Namely, the Bureau pointed out that Block advised clients on an unsuitable and expensive investment strategy. Apparently, this strategy netted Block and his broker dealers more than $1,600,000 in commissions. Supposedly, Block personally made $800,000 by recommending a bad short-term trading strategy. Clients were not suitable for the strategy because of the risks, the Bureau confirmed. Indeed, the Bureau said that Block had no reasonable basis to make recommendations for the strategy, and the strategy consisted of excessive trading.

FINRA Bars Block For Failure To Respond To Request

Apparently, on May 15, 2019, FINRA barred Gabe Block in all capacities. Namely, FINRA contended that Block failed to respond to a Request for Information. BrokerCheck shows that FINRA previously determined Block to be statutorily disqualified because Delaware Investor Protection Unit sanctioned him.  Indeed, the Delaware regulator issued a Consent Order in 2016 which suspended Block because of bad sales practices including churning, excessive trading, unsuitable recommendations and more.

Gabe Block Allegedly Excessively Traded In First Standard Financial Company Client’s Account

Evidently, a client of First Standard Financial Company contested Gabe Block’s actions by placing FINRA Arbitration #: 19-00737 on April 8, 2019. Allegedly, Block made trades in the client’s account that were not suitable. Supposedly, the securities broker also excessively traded stocks which caused the client to sustain losses. For this reason, the client demanded $2,000,000 in compensation from First Standard Financial Company or Block. Apparently, this matter awaits a resolution.

National Securities Corp. Client Suggests Block Breached Fiduciary Duty

Apparently, a client of National Securities Corp. contested Gabe Block’s securities recommendations or sales through bringing FINRA Arbitration #: 19-00752 on March 25, 2019. Allegedly, Block breached a fiduciary duty to the client, failing to place the client’s interests first. Not only that, but the securities broker also acted negligently according to the client. Supposedly, Block’s stock trades caused the client to experience losses. As a result, the client asked for compensation from National Securities Corp. or Block in the amount of $300,000 in this ongoing matter.

Gabe Block Allegedly Engages In Unauthorized Trading Of First Standard Financial Company Client’s Account

Evidently, a client of First Standard Financial Company contested Gabe Block’s securities recommendations or sales through bringing FINRA Arbitration #: 19-00431 on February 15, 2019. Allegedly, Block traded without authorization in the client’s account. It also appears that the securities broker executed trades that were not aligned with the client's investment profile. For losses sustained on Block’s stock trades, the client asked for $668,000 in compensation from First Standard Financial Company.

Losses From Gabe Block?

Have you experienced losses by investing with Gabe Block? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel in regard to possibly recovering your investment losses. Soreide Law Group represents clients on a contingency fee basis and will advance all costs. The law firm has recovered millions of dollars for clients who have incurred losses due to misconduct of securities firms and brokers like Gabe Block.