Neil Berlant Sanctioned, Involved In Investor Dispute

Soreide Law Group comes to you with new information regarding securities broker Neil David Berlant (CRD#: 19550, Los Angeles, California). Namely, FINRA sanctioned the securities broker, who worked for D.A. Davidson & Co. (DADCO) between November 2013 and June 2020. Also, his employer discharged him in May 2020, and a client complained about his sales practices. Here’s a quick summary of these disclosures. However, keep in mind that Berlant denies all allegations against him.

FINRA Issues Berlant Suspension, $10,000 Fine To Resolve Allegations Of Neil Berlant’s Discretionary Trading

In April 2022, Neil Berlant agreed to pay a fine and serve a five-month suspension as a stockbroker to resolve FINRA’s allegations that he violated FINRA rules. Particularly, Berlant supposedly exercised discretion in client accounts 520 times when he did not have written authorization. Supposedly, Berlant only had verbal permission from clients.

Evidently, D.A. Davidson Co. allegedly did not accept the client’s accounts as discretionary accounts. Also, FINRA says that Berlant made inaccurate statements in his compliance questionnaire about his trading. Supposedly, he violated FINRA Rules 2010, 3260, and 4511.

The regulator states that Berlant cannot work as a securities broker with FINRA-member firms during the period of his suspension. Berlant’s suspension is effective between April 18, 2022, and September 17, 2022.

D.A. Davidson Discharges Berlant Over Alleged Business Activities

Notably, the securities broker dealer parted ways with Neil Berlant in May 2020 because Berlant allegedly did business without complying with firm policy. Specifically, D.A. Davidson alleges that Berlant used a personal account instead of a business account to conduct business. In addition, the firm says that Berlant made transactions without getting clients’ authorizations.

Client Alleges Unauthorized Activities By Neil Berlant

Moreover, the FINRA BrokerCheck report on Neil Berlant identifies a client dispute from May 2020. Supposedly, Berlant did not receive authorization to make a closed-end fund purchase for a D.A. Davidson client. For this reason, D.A. Davidson agreed in May 2020 to compensate the client in the amount of $5,684.19 to resolve this matter.

Did You Experience Damages Because Of Securities Broker Berlant?

Did you realize damages because of Neil Berlant? You can contact Soreide Law Group at (888) 760-6552 to speak with a helpful securities attorney about possibly recovering your losses. Soreide Law Group represents investor clients on a contingency fee basis and advances all costs. The firm has recovered compensation for many investors who have incurred damages from securities brokers and financial advisors. Please note that Berlant denies all accusations of inappropriate sales practices.