FINRA Fined Rande Aaronson

Soreide Law Group is investigating possible investor claims against Rande Scott Aaronson (CRD: 1758915, Lawrenceville, New Jersey). Notably, FINRA sanctioned the securities broker, who worked for David Lerner Associates Inc. Allegedly, Aaronson failed to supervise certain representatives. Here is a brief summary of FINRA’s allegations against Aaronson.

Rande Aaronson Sanctioned By FINRA For Failure To Supervise

Also, on May 30, 2023, FINRA issued Letter of Acceptance, Waiver, and Consent No. 2019063686204 sanctioning Rande Aaronson for infractions. Notably, FINRA alleged that Aaronson failed to supervise certain representatives.

Aaronson has agreed to the sanctions imposed by FINRA (Financial Industry Regulatory Authority) after allegations were made against him. The allegations state that Aaronson did not adequately oversee the sales of certain investment products, specifically illiquid oil and gas limited partnerships. Evidently, according to FINRA Rule 2111 and his firm's policies, it was Aaronson's responsibility to ensure that these sales were suitable for clients based on their investment profiles.

Failures In Supervision And Investigation

Supposedly, Aaronson failed to conduct a thorough analysis of the suitability of these limited partnership transactions for specific clients, even when sales were made to senior clients or when there was a recent increase in their risk tolerance. Also, he was allegedly aware of potential warning signs that the sales might be unsuitable for certain senior clients but did not reasonably investigate or respond to them. Additionally, he was purportedly aware of changes in client risk tolerances around the time of these sales. However, he did not properly investigate these increases as potential red flags.

FINRA concluded that Aaronson did not do his job properly when overseeing the sales of certain investments. He reportedly failed to ensure that these investments were suitable for clients, especially senior clients.

Resolution And Penalties

Evidently, Aaronson has consented to the sanctions and findings without admitting or denying them. As a result, he has been fined $5,000. Furthermore, he received suspension in his registration capacities for one month, starting from June 5, 2023, until July 4, 2023. This suspension applies to any role he holds as a principal within the industry.

Employment Information

Aaronson worked for David Lerner Associates Inc. as a securities broker from November 1987 to June 2021.

Damages Resulting From David Lerner Associates Inc. Securities Broker Rande Aaronson?

Have you sustained damages due to securities broker Rande Aaronson? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with a skilled securities attorney concerning a potential recovery of your investment losses. Soreide Law Group, who has helped recover money for hundreds of investors across the United States, represents clients on a contingency fee basis and advances all costs. Aaronson and brokerage firms Aaronson worked for deny any and all accusations of sales-related misconduct.