Broker Jay Zwibel Sold Unsuitable Investments, Clients Suggest

Investors are bringing lawsuits indicating that their losses have been caused in part by securities broker Jason “Jay” Bell Zwibel [CRD#: 2460258, Wellington, Florida]. Apparently, the securities broker, who joined Garden State Securities in January 2010, discloses via Financial Industry Regulatory Authority (“FINRA”) BrokerCheck that at least 5 investors brought disputes about him. Notably, Garden State Securities clients indicate that Zwibel breached his fiduciary responsibility and initiated unsuitable transactions. For more on the allegations against Zwibel, see below.

Zwibel Allegedly Sells Unsuitable Investments To Garden State Securities Client

Apparently, a client of Garden State Securities contested Jay Zwibel by filing FINRA Arbitration Claim #: 19-02085 on August 2, 2019. Mainly, the client indicated that Zwibel unsuitably traded stocks and mutual funds in the client’s account from 2012 to 2017. It appears that the securities broker breached his fiduciary responsibility to the client. Specifically, Zwibel’s stock and mutual fund transactions seemingly caused the client to sustain losses. Consequently, the client demanded compensation from Garden State Securities or Zwibel in this ongoing matter.

Garden State Securities Client Indicates Jay Zwibel Was Negligent

Evidently, a client of Garden State Securities took issue with Jay Zwibel as evidenced by FINRA Arbitration Claim #: 17-02864 dated November 29, 2017. Apparently, Zwibel negligently recommended equities transactions or had imprudently traded in the client’s account from 2013 to 2016. Not only that, but it seems that he violated his fiduciary responsibility to the client as well. As a result, Garden State Securities agreed to resolve the matter on November 29, 2018 through paying the client a total of $110,000.

Brookstreet Securities Corporation Client Suggests Zwibel Breached Fiduciary Duty

Moreover, a client of Brookstreet Securities Corporation filed NASD Arbitration Claim #: 07-01346 concerning Jay Zwibel. Like other Garden State Securities clients, this client alleged breach of fiduciary duty and negligence. However, this client suggested that Zwibel or someone under his watch had been dishonest or somehow misleading about securities including collateralized mortgage obligations (“CMOs”). It appears that as branch manager, Zwibel failed to supervise a broker who engaged in sales practice violations. In either event, Zwibel paid the client $50,000 to put this matter to rest.

Losses From Garden State Securities Broker Jay Zwibel?

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