Client Of Dawson James Alleges Unsuitable Investments
The Financial Industry Regulatory Authority (“FINRA”) BrokerCheck shows that a new investor disputed the sales practices of securities broker Marc Scott Steinberg (CRD#: 2549670, Boca Raton, Florida). Evidently, six total investors brought disputes, and allegations include unsuitable recommendations or unsuitable trading. Let’s take a closer look at these investor complaints involving Steinberg.
Dawson James Investor Disputes Marc Steinberg’s Sales Practices
FINRA shows that Marc Steinberg worked for Dawson James Securities Inc. from 2006 to 2016. Evidently, a client of Dawson James Securities filed a FINRA Arbitration Claim in January 2020 regarding Steinberg. Notably, the client alleges that Steinberg made an unsuitable transaction or recommendation. Basically, suitability concerns a client’s risk tolerance, investment objectives and other important things that determine if investments or recommendations are appropriate for the client. For this reason, Dawson James opted to settle this matter through making a $18,000 payment to the client.
Steinberg Allegedly Makes Unsuitable Equity Trades In Client’s Account At Dawson James
Notably, a client of Dawson James disputed Marc Steinberg’s sales practices through an April 2018 dispute. Specifically, the client contended that Steinberg sold or traded unsuitable stocks. However, Dawson James denied the client’s dispute. A different suitability dispute from 2016 was denied by the firm as well.
Client Receives Award After Filing Dispute About Marc Steinberg
Notably, a client of National Securities Corporation filed a lawsuit about Marc Steinberg. Specifically, the client contended that Steinberg sold risky investments to them. Allegedly, these investments were Black Diamond Funds. It seems that Black Diamond Funds did not line up with the client’s risk tolerance. It seems that the client lost money when the investment failed.
In addition, the client alleged that Steinberg acted in breach of fiduciary duty. And the claim alleges that Steinberg misrepresented information about investments. An Arbitrator decided that the broker was liable. They ordered him to pay damages to the client for this reason.
A Quick Word On Steinberg’s Prior Disputes
In the first dispute reported on Marc Steinberg’s BrokerCheck record, a client alleges that Steinberg failed to execute sell orders. It appears that the client received $16,406.83 in damages in a settlement. In the second dispute, a client alleged poor advice and failure to follow sell instructions. However, this dispute was denied.
Did You Sustain Damages By Investing Through Securities Broker Marc Steinberg?
Did Marc Steinberg cause you to experience losses? If so, call Soreide Law Group at (888) 760-6552 and speak with a skilled securities lawyer about a potential recovery of your 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 incurred losses because of their financial advisors and securities brokers. Steinberg denies all allegations of his sales practice violations.