AY AMBROSON Investor Complaints?
The Financial industry Regulatory Authority (“FINRA”) BrokerCheck shows that investors disputed the sales practices of Gould, Ambroson & Associates President, Jay Ambroson (CRD#: 859012, Garden City, New York), whom the firm disaffiliated with in July 2018. Evidently, from June 1, 2018 to May 21, 2019, at least eight clients of his firm filed disputes about him. Here is a summary of some of the recent investor claims against Ambroson:
May 21, 2019 Arbitration Suggesting Jay Ambroson Sold Unsuitable Private Securities
Ambroson reports that on May 21, 2019, a client filed FINRA Arbitration #:19-01404. First, the client claimed that Jay Ambroson sold unreasonable and unsuitable private securities. Secondly, Ambroson allegedly committed a fraud against the client. Third, the client claims that Ambroson violated the terms of an investment agreement. Fourth, Ambroson allegedly failed to act in the client’s best interest, breaching a fiduciary duty. Also, the client claims that Ambroson converted the client’s assets. Because of this, the client asked for $280,000 in compensation in this ongoing matter.
May 14, 2019 Arbitration Alleging Ambroson’s Fraud And Conversion
A second Gould, Ambroson & Associates, Ltd. client brought FINRA Arbitration #19-01367 on May 14, 2019. According to the client, Jay Ambroson breached a contract under which the client was a party. Not only that, but the client claimed that Ambroson made fraudulent and unsuitable transactions. The client also suggested Ambroson violated the Racketeer Influenced and Corrupt Organization (“RICO”) Act. Furthermore, the client raised claims against Ambroson of breach of fiduciary duty, negligent supervision, and conversion. Those claims apparently concern the client’s investments in private securities. Therefore, the client demanded $330,000 in compensation. This matter awaits a resolution.
August 16, 2018 Arbitration Suggesting Jay Ambroson Churned Client’s Account
FINRA Arbitration #:18-02864 was filed by a client of both Gould, Ambroson & Associates Ltd. and Invictus Timing Service Ltd. Specifically, the client alleged that Jay Ambroson misrepresented information about private securities. Not only that, but Ambroson supposedly did not disclose all important information about the investments that the client purchased. Next, the client claimed that Ambroson sold unsuitable investments. Allegedly, Ambroson engaged in a fraudulent scheme and churned the client’s assets. Also, Ambroson supposedly violated FINRA and NASD Rules, according to the client. Other claims included breach of good faith of fair dealing, breach of fiduciary duty, and breach of contract. Because of this, the client alleged $111,255 in compensatory damages as well as punitive damages.
June 1, 2018 Arbitration Alleging Ambroson Breached Fiduciary Duty
A fourth Gould, Ambroson & Associates Ltd. client filed FINRA Arbitration #: 18-02030 about Jay Ambroson. That claim concerned allegations of Ambroson’s negligent supervision. The client claims Ambroson did not set up a reasonable compliance program to monitor the transactions in the client’s account. Ambroson allegedly violated New Jersey securities laws when dealing with the client. Supposedly, Ambroson also breached a contract and made unreasonable private securities transactions. All things considered, Ambroson agreed to pay the client $312,500 to resolve the matter.
Jay Ambroson is not currently registered as a securities broker. Have you experienced losses because of Jay Ambroson? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to misconduct of brokers and brokerage firms.