John Alex (CRD: 2020710) settled customer disputes at Morgan Stanley and UBS Financial Services between 2011 and 2025, according to BrokerCheck, which lists him as John L. Alex.
Soreide Law Group, based in Pompano Beach, Florida, has filed a FINRA arbitration on behalf of their clients (Claimants) against:
HERBERT J. SIMS & CO. INC., and their former registered representative, ALAN APPELBAUM (Respondents).
The Claimants, are a married couple, retired and living in Boca Raton, Florida. ALAN APPELBAUM (CRD# 500336), was an employee and registered representative of HERBERT J. SIMS & CO. INC., from 2002 through 2015. The lawsuit alleges that the Claimants were referred to then SIMS & CO. broker, ALAN APPELBAUM who sold the Claimants large concentrated positions in structured products. These commission laden structured notes bet on the steepness of the yield curve also known as “steepeners.” The Claimants allegedly lost over $200,000 wiping out most all of the Claimants' investment.
The lawsuit alleges that the Claimants are not highly sophisticated investors and did not understand what they were being sold by the registered representative, ALAN APPELBAUM. Many of these structured notes have long dated maturities that were unsuitable for the Claimants for both duration and risk. Also, several of the structured notes were allegedly sold at substantial mark ups generating healthy profits for the Respondents at the expense of the Claimants retirement savings. The Claimants were looking for conservative, income producing investments.
According to FINRA’s BrokerCheck, ALAN ZELIG APPELBAUM (CRD#: 500336) has 14 disclosures on his report, 3 of which were regulatory events, and 11 are customer complaints which relate to his alleged misconduct. APPELBAUM’S record ranks him in the top one-hundredth percent of all registered representatives for customer complaints. Many of the customer complaints came before APPELBAUM was registered with SIMS & CO. ALAN APPELBAUM has been registered in the securities industry for 43 years and was listed with 6 firms. He is currently listed, since July of 2015, with AEGIS CAPITAL CORP., BOCA RATON, FL.
HERBERT J. SIMS & CO. INC. and APPELBAUM’S actions have allegedly caused the Claimants out of pocket damages of approximately $200,000.00.
The lawsuit alleges: negligence, breach of fiduciary duty, and negligent supervision.
If you’ve also experienced losses due to the actions or recommendations of HERBERT J. SIMS & CO. INC. and/or their former registered representative, ALAN APPELBAUM of Boca Raton, Florida, contact the conveniently based Pompano Beach, Florida, Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group works on a contingency fee and represents our clients nationwide before FINRA.
John Alex (CRD: 2020710) settled customer disputes at Morgan Stanley and UBS Financial Services between 2011 and 2025, according to BrokerCheck, which lists him as John L. Alex.
Sam Bhushan (CRD: 4884717) is named in several pending customer complaints and one settled dispute, according to his BrokerCheck report.
Sterling Louviere (CRD: 2021328), listed on BrokerCheck as Sterling Vaughn Louviere, is named in a pending customer claim over Reg D private placements, with Cabin Securities as the firm named.
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