The Financial Industry Regulatory Authority (FINRA) reports important information about Gary Mark Goldberg (CRD: 223919, Fishkill, New York). Not only has FINRA sanctioned Goldberg for unsuitable recommendations, but one or more investors disputed the sales practices of the securities broker. However, Goldberg denies the allegations. Read on to learn more about the allegations against Goldberg.
FINRA Suspends Goldberg For Unsuitable Recommendations
Particularly, on March 9, 2023, FINRA issued Acceptance, Waiver, and Consent No. 2019064776201 sanctioning Gary Goldberg for infractions. Specifically, Goldberg was suspended for 18 months and fined $25,000. Notably, FINRA alleged that Goldberg made unsuitable recommendations.
Notably, Goldberg agreed to the penalties and acknowledged that he gave inappropriate advice to clients who had both investment and advisory accounts regarding their purchases of variable annuities.
FINRA’s findings stated that Goldberg advised clients to buy B-shares of a specific variable annuity in their brokerage accounts, even though they could also purchase advisory shares with similar benefits at a lower cost. Goldberg and his firm earned a commission on the sales of B-shares, but not on advisory shares.
Additionally, FINRA says that Goldberg recommended that clients transfer the B-shares to their advisory accounts shortly after purchasing them. As a result, the clients had to pay higher annual advisory fees and variable annuity fees compared to if they had purchased advisory shares. Furthermore, the clients were supposedly subject to a surrender fee for seven years due to buying the B-shares. Collectively, Goldberg's clients who held the B-shares paid around $594,590 in unnecessary fees because of the higher annual fees associated with the B-shares, according to the regulator.
Gary Goldberg Discloses Unsuitability Allegations By Gary Goldberg Company Inc. Client
Specifically, a client of Gary Goldberg Company Inc. contested Goldberg’s sales practices by filing FINRA Arbitration: 08-02195. Allegedly, Goldberg provided unsuitable advice. It appears that Goldberg caused the client to sustain damages on direct investments (LPs, DPPs). Therefore, Gary Goldberg Company Inc. opted to settle the matter on June 10, 2009, by compensating the client in the amount of $15,000.
Goldberg Company Inc. Investor Accused Gary Goldberg Of Unsuitable Advice
Also, a Gary Goldberg Company Inc. client filed NASD Arbitration: 07-00662 about Gary Goldberg. Namely, the client alleged that Goldberg made unsuitable recommendations. Because of this, the client allegedly sustained damages on limited partnerships, annuities, mutual funds, and stocks. Therefore, on March 24, 2008, the company settled this matter by paying the client $381,000 in damages.
Gary Goldberg Discloses Unsuitable Recommendations Allegations By Gary Goldberg Company Inc. Client
Specifically, a client of Gary Goldberg Company Inc. contested Goldberg’s sales practices by filing NASD Arbitration: 06-02093. Allegedly, Goldberg provided unsuitable advice. It appears that Goldberg caused the client to sustain damages on stocks, bonds, options, mutual funds, and LP interests. Therefore, Gary Goldberg Company Inc. opted to settle the matter on April 19, 2007, by compensating the client in the amount of $75,000.
- Goldberg worked for Bruderman Brothers LLC in Fishkill, New York as a securities broker from March 20, 2015, to October 21, 2019.
- Goldberg worked for Newbridge Securities Corporation in Montebello, New York as a securities broker from May 20, 2020, to May 31, 2022.
Did Bruderman Brothers LLC Securities Broker Goldberg Cause You To Experience Damages?
Have you incurred damages by investing with Gary Goldberg? If so, contact Soreide Law Group at (888) 760-6552 and talk with a securities lawyer about a possible recovery of your losses. Soreide Law Group, who has successfully recovered money for hundreds of investors throughout the United States, represents clients on a contingency fee basis and advances all costs. Goldberg and brokerage firms Goldberg worked for deny any allegations of sales practice violations.
