Leonard A. Goldberg, Newport Coast Securities, and J.P. Turner
Have you lost money with financial advisor Leonard A. Goldberg from Palm Springs, California? We are currently investigating allegations made by FINRA (the Financial Industry Regulatory Authority) made against Goldberg. FINRA alleged that Leonard Goldberg made unsuitable recommendations to his customers to switch from one mutual fund to another, amounting to excessive trading. FINRA also alleges that Goldberg made many such trades without authorization from his clients.
From August 2007 to August 2014, Leonard Goldberg was alleged to have traded his customers’ class “A” share mutual funds, often holding them for 5 to 6 months, than selling them and purchasing additional mutual funds. Those clients would have incurred anywhere from a 2% to 5% upfront sales charges each time. FINRA alleged that five of his customers lost over a combined $120,000, while making over $77,000 for himself by using discretion without written authorization. FINRA further alleged that there was no legitimate business purpose for these trades, other than to generate commissions. Finally, FINRA also alleged that Goldberg forged mutual fund “switch letters” to accomplish the trades.
Leonard Goldberg was a registered representative and financial advisor with J.P. Turner from July 2007 to October 2010, and with Newport Coast Securities from October 2010 to December 2014. He is currently not affiliated with any securities brokerage firm. He worked out of a branch office in Palm Springs, California. Leonard Goldberg has six customer complaints disclosed on his FINRA BrokerCheck report, and he was also fined $25,000 in 1986 by the NYSE for exercising discretion in an account without authorization.
Broker-dealers like Newport Coast Securities and J.P. Turner 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 mutual funds. 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 California.
If you have lost money with Leonard A. Goldberg, Newport Coast Securities, or J.P. Turner, and want to hear about ALL legal options, please visit https://www.israelsneuman.com/ or call us at 720-599-3505.
Click to view: Goldberg FINRA Comp
Click to view: Goldberg BrokerCheck 9.1.15