Harold Pomeranz from Garden City, New York Suspended For UIT Recommendations
Have you lost money with financial advisor Harold Pomeranz from Garden City, New York? We are currently investigating allegations made by FINRA (the Financial Industry Regulatory Authority) made against Harold S. Pomeranz. FINRA alleged that Harold Pomeranz made unsuitable recommendations to his customers to trade in unit investment trusts (UITs).
UITs typically have upfront commissions of 2.5% to 3.95%, and Pomeranz was recommending that his 83 year old customer effect 21 UIT transactions (for an average holding period of 14 months). FINRA alleged that this was excessive and unsuitable. FINRA alleged that this violated its suitability rules. As part of this investigation, Harold Pomeranz was suspended from the securities industry for 3 months and had to pay a $5,000 fine.
Harold Pomeranz was a registered representative and financial advisor with Stifel Nicolaus from July 2007 to September 2016. He worked out of branch offices in Garden City, New York. He has been the subject of at least two customer disputes.
Broker-dealers like Stifel Nicolaus have a responsibility to adequately supervise all representatives who are registered through their firm, including investments sold by their registered representatives. Broker-dealers also must take steps to ensure that their financial advisors follow all securities rules and regulations, such as to refrain from excessively trading a customer’s account or switching unit investment trusts. When broker-dealers fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Our firm represents investors throughout the country who are victims of financial advisors’ negligence and fraud. Our firm has offices in Denver and the Seattle-area, but we continue to represent investors throughout the U.S., including New York.
Click to view: Pomeranz, Harold FINRA AWC
Click to view: Pomeranz, Harold BrokerCheck 3.1.17
IF YOU HAVE LOST MONEY WITH HAROLD POMERANZ AND ESSEX SECURITIES, AND WANT TO HEAR ABOUT ALL LEGAL OPTIONS, PLEASE VISIT HTTP://WWW.ISRAELSNEUMAN.COM OR CALL US AT (720) 599-3505.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.