roker Todd Henrich Made Unsuitable, Unauthorized Transactions
Attention all investors! Clients who held accounts with securities broker Todd Joseph Henrich (CRD#: 5931911, Iselin, New Jersey) disputed his sales practices. Notably, Financial Industry Regulatory Authority (“FINRA”) BrokerCheck shows that 3 or more clients filed lawsuits about the sales practices of the securities broker, who worked for National Securities Corporation from 2012 to 2017. Plus, FINRA suspended Henrich as broker because of one of those disputes. Here’s more:
FINRA Sanctions Henrich For FINRA Arbitration Award Compliance Problem
Effective December 13, 2019, FINRA suspended Henrich’s broker registration for regulatory non-compliance. Evidently, Henrich was not compliant with a FINRA Arbitration Award. During this suspension, Henrich is not allowed to make trades or otherwise act as a broker.
Unsuitable, Misrepresented Transactions By Todd Henrich
Evidently, there is at least one FINRA Arbitration Award on Henrich’s record. Namely, on September 28, 2018, a client filed FINRA Arbitration Claim #: 18-03414. First of all, the client suggested that Henrich made unsuitable trades. Secondly, the client alleged that Henrich deceptively misrepresented facts in connection with the client’s securities transactions. Notably, a FINRA Arbitrator found Henrich to be one of the brokers who was liable on these sales practice violations. The Arbitrator determined that Henrich must pay $14,441.79 in compensatory damages according to a September 4, 2019 Award.
National Securities Client Indicates That Henrich Made Excessive Trades
A client of National Securities Corp filed a FINRA Arbitration Claim in 2015. Supposedly, Henrich excessively traded in the client’s account. The client suggested that Henrich breached a fiduciary duty, failing to place the client’s interests first. Also, the client alleged Henrich’s negligence and misrepresentations in equities transactions. Given the allegations of excessive trading, negligence, misrepresentation and breach of fiduciary duty, National Securities Corp settled this matter by paying the client $26,000. It appears that Henrich was responsible for paying $20,800 of that sum.
Todd Henrich Allegedly Makes Unauthorized Trades In Client’s Account
Apparently, a second National Securities Corp client took aim at Henrich through filing a FINRA Arbitration Claim in 2015. Significantly, the client indicated that Henrich made unauthorized trades. It appears that Henrich invested the client in equities and REITs despite these securities being incompatible with the client’s suitability profile. It is possible that Henrich was negligent in recommending these securities. The client also suggested that Henrich violated his fiduciary responsibility which caused his client to incur losses. It seems that in 2016, National Securities Corp paid the client $25,000 to settle this matter. Notably, Henrich personally contributed the funds for the settlement.
Did Henrich Sell You Unsuitable Investments?
Experienced losses due to Henrich? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have suffered losses due to misconduct of brokerage firms and individuals like Henrich.