According to the Financial Industry Regulatory Authority (FINRA) Bennett Broad (Broad), a former Oppenheimer & Co., Inc. (Oppenheimer) broker in Pennsylvania, has been barred from acting as a broker or otherwise associating with securities firms. Broad first began to work in the securities industry in 1979. From 1998 to 2003, Broad was associated with UBS Painewebber, Inc. He also worked for Oppenheimer in 2003 until he was barred in 2015.
Broad reportedly has had 28 customer complaints over the course of his career. The customer complaints ranged from negligence, unsuitable investments, unauthorized trading, and excessive trading to churning. In 2013, Bard reportedly settled with a customer for $131,945 after the customer alleged Broad made excessive, unsuitable, and unauthorized trades. In a more recent complaint pending with FINRA, a customer alleged Broad misrepresented and sold unsuitable investments and churned the customer’s accounts. The customer is seeking $1.8 million in damages.
When a broker recommends that a client purchase or sell a security, the broker must have a reasonable basis for believing that the recommendation is suitable for the investor. In making this assessment, a broker must consider the investors income and net worth, investment objectives, risk tolerance, and other security holdings.
If you believe you have been the victim of stockbroker misconduct, you may wish to consult an attorney to find out more about your legal rights and options. Investors may contact a securities arbitration attorney at Law Office of Christopher J. Gray, P.C. at (866) 966-9598 or newcases@investorlawyers.net for a no-cost, confidential consultation.