Client Of IFG Files Dispute Involving Alternative Investments By Shim Plotkin
Soreide Law Group is examining investor complaints concerning securities broker Shimshon Plotkin “Shim Plotkin” (CRD#: 2431863, Chevy Chase, Maryland), as disclosed on FINRA BrokerCheck. Evidently, Plotkin worked for Independent Financial Group LLC (2011 - present). Also, he worked for Pacific West Securities Inc. (2006 to 2011). Here is an overview of the disclosures involving allegations of unsuitable trading.
Independent Financial Group Client Alleges Unsuitable Direct Investments, REITs, According To Arbitration Claim About Shim Plotkin
Evidently, a client of Independent Financial Group complained about Shim Plotkin’s sales practices, according to an investment dispute on BrokerCheck on June 23, 2021. Notably, sales practice violations allegedly include unsuitable trading. Supposedly, Plotkin's actions led to damages in connection with the client’s investments in direct investments and non-traded REITs. For this reason, to resolve this ongoing investment dispute, the client asks for damages from the securities firm.
Independent Financial Group Client Settles Dispute Over Alleged Unsuitable Alternative Investments
Also, an Independent Financial Group client disputed Shim Plotkin’s actions as a securities broker, according to a dispute dated June 20, 2019. Namely, the client’s allegations against the securities firm or broker include overconcentration. Consequently, the client contends that Plotkin’s actions produced damages in relation to the client’s investments in REITs. Notably, the client received $145,000 in damages per a settlement of this dispute with the securities firm on July 16, 2021.
Independent Financial Group Client Alleges Negligence, Misrepresentation
Moreover, it appears that an Independent Financial Group client took issue with Shim Plotkin’s activities, per an investment dispute dated June 20, 2016. Supposedly, the client sustained damages because of investments in DPPs and REITs. Alleged improper sales practices include negligence, misrepresentation, breach of contract, breach of fiduciary duty, and unsuitable trading. Notably, the client agreed to settle their allegations with Independent Financial Group, as the firm agreed to pay the client $250,000 in damages according to a settlement on February 12, 2018.
Shim Plotkin’s Pacific West Securities Client Alleges Breach Of Fiduciary Duty
Evidently, a client of Pacific West Securities contested Shim Plotkin’s sales practices by bringing an investment dispute on January 14, 2016. Namely, the investor alleges mismanagement, omissions, and breach of fiduciary duty. Notably, Plotkin purportedly caused the client to face damages via his actions relating to direct investments and unit investment trusts. However, it appears that on February 26, 2016, after reviewing the allegations, Pacific West Securities denied the dispute and the client’s request for compensation.
Did You Lose Money By Investing Through Plotkin?
Did Shim Plotkin cause you to incur investment losses? You could call Soreide Law Group at (888) 760-6552 and speak with an experienced securities lawyer about a potential recovery. Soreide Law Group takes clients’ cases by a contingency fee arrangement and advances costs. The firm has recovered compensation for hundreds of US investors who experienced damages from their financial advisors or securities brokers. Please note that Plotkin denies all accusations of inappropriate sales practices.
