n March 7, 2018, MARK KAPLAN CRD#: 1978048 was barred by the Financial Industry Regulatory Authority Inc. (FINRA) from acting as a broker or otherwise associating with a broker-dealer firm for allegedly churning the account of a 93-year-old retired clothing salesman who suffered from dementia.
According to FINRA, Kaplan created $723,000 in trading losses in his client’s account over four years and generated almost the same amount of commissions and mark ups for himself and his employer, VANDERILT SECURITIES in Woodbury, N.Y.
The 93 year-old client had approximately $508,000 in March of 2011 in his investment account. According to FINRA, his Social Security payments were his only source of income. When Kaplan controlled the account, the client allegedly had a decline in his mental health and was diagnosed with dementia. During the four years MARK KAPLAN controlled the account, he allegedly engaged in a trading pattern that was devastating to his elderly client, according to FINRA. Kaplan made more than 3,500 trades in this elderly client’s accounts resulting in approximately $723,000 in trading losses and $735,000 in commissions and mark ups for MARK KAPLAN and VANDERILT SECURITIES.
According to FINRA, Kaplan allegedly engaged in unsuitable excessive trading and churning in the brokerage accounts of this senior client between 2011 and 2015. Also, according to FINRA, MARK KAPLAN allegedly never discussed with the 93 year-old client the extent of his total losses or the amount he paid in sales charges and commissions. The court granted an application by the client’s nephew to act as his legal guardian and manage his financial affairs after he was diagnosed with dementia. The firm and Kaplan made a settlement payment totaling $470,000 to the guardian for the client’s accounts.
MARK KAPLAN was fired from Morgan Stanley in March of 2011, according to FINRA’s BrokerCheck, allegedly as a result of a client complaining about alleged activity in the client’s account.
According to FINRA’s BrokerCheck, which is available to the public on FINRA’s website, MARK KAPLAN was listed in the securities industry for 28 years and had 9 Disputes on his report. Of these 9 Disputes, 7 were settled customer disputes, with firms paying clients settlement ranging from $11,500 to $500,000.
MARK KAPLAN was listed with 6 firms, the two most recent are listed below:
03/18/2011 – 02/22/2018 VANDERILT SECURITIES, LLC – WOODBURY, NY
06/01/2009 – 04/04/2011 MORGAN STANLEY SMITH BARNEY – NEW YORK, NY
If you or an elderly family member were clients of former VANDERILT SECURITIES, LLC of WOODBURY, NY, broker MARK KAPLAN, and you experienced losses due to his actions or recommendations, contact Soreide Law Group for a no cost consultation regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group represents clients nationwide before FINRA. We operate on a contingency fee basis—no fee if no recovery. Let our years of experience work for you.