Portfolio Advisors Alliance Client Files Dispute About Barred Broker Kerri Wasserman
Soreide Law Group provides you with the following update regarding securities broker Kerri Lynn Wasserman-Nir (CRD#: 2376090, New York, NY). Evidently, United States Securities Exchange Commission barred Wasserman in financial advisor and securities broker capacities in January 2020. This comes after the regulator alleged that she violated federal securities laws. Also, she is involved in a dispute brought by a client of Portfolio Advisors Alliance, where Wasserman worked as an executive between January 2009 and December 2019. Here’s more on these disclosures.
Portfolio Advisors Alliance Client Alleges Unauthorized Trading, Breach Of Fiduciary Duty In Dispute About Kerri Wasserman
The most recent disclosure on Kerri Wasserman’s record concerns a client dispute. Specifically, in this August 2020 FINRA Arbitration Claim, the client first alleged that a securities broker engaged in unauthorized trading. Secondly, it seems that the broker’s misrepresentations and negligence concerned stock transactions that resulted in damages. Thirdly, the client accused Portfolio Advisors Alliance of breach of fiduciary duty and breach of contract. For this reason, the client asked for $37,761. It appears that the client’s FINRA Arbitration Claim is ongoing at this time.
Securities And Exchange Commission Bars Wasserman As Financial Advisor, Securities Broker
Notably, the Securities and Exchange Commission (SEC) barred Kerri Wasserman in January 2020. Evidently, the regulator did this to resolve allegations of Wasserman violating securities laws. Specifically, a jury in March 2019 found her to be a control person at Portfolio Advisors Alliance when she violated securities laws relating to the solicitation of securities.
SEC Complaint Alleges That Kerri Wasserman Allowed Brokers To Use Misleading Documents In Soliciting Investments
It appears that SEC brought a complaint against Portfolio Advisors Alliance regarding American Growth Funding II LLC sales. Supposedly, American Growth Funding II LLC and founder Ralph Johnson promised 12 percent annual returns to investors. In this complaint, SEC alleges that AGF II acted dishonestly with investors regarding high yield securities. Specifically, AGF II supposedly misrepresented crucial details including information about management and devalued loans which affected the issuer’s ability to provide 12 percent annual returns to its investors.
Allegedly, Kerri Wasserman knew about the problems with the company’s offering documents, but she still allowed investors to receive them when PAA brokers solicited sales of AGF II securities. Supposedly, because of Wasserman’s inaction, Portfolio Advisors Alliance brokers used misleading documents when recommending the investments.
The permanent bar of Kerri Wasserman is effective January 10, 2020. It applies to certain registrations including investment adviser, broker, dealer, and municipal securities dealer.
Did Wasserman Cause Your losses?
Did you sustain losses because of Kerri Wasserman? If so, call Soreide Law Group at (888) 760-6552 and talk with a skilled securities lawyer about a possible recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm is focused on helping investors across the United States in recovering compensation from their financial advisors and securities brokers. Evidently, Wasserman denies all allegations of her sales practice violations.