Meyer Wilson Investigates Investment Adviser Jeffrey Lewis Gitterman for Unsuitable Investment Recommendations
Jeffrey Lewis Gitterman (CRD # 1910332) is an investment adviser with Vanderbilt Securities, LLC. He was formerly a broker and investment adviser with Triad Advisors, Inc. Gitterman has been the subject of eight customer disputes since 2019. Many of the allegations stem from customer losses as a result of unsuitable investment recommendations.
Unsuitable investment recommendations involve advising investors to allocate their funds into financial products or strategies that do not align with their risk tolerance, financial goals, or investment profile, potentially resulting in poor performance, excessive risk, or financial harm. Such recommendations neglect to take into consideration the investor's circumstances and needs, undermining the suitability and appropriateness of the suggested investments.
Customer Disputes Filed Against Jeffrey Lewis Gitterman
According to Jeffrey Gitterman’s BrokerCheck report, he has eight public disclosures. The disclosures indicate that Gitterman has been accused of multiple times of unsuitable investment recommendations, negligence, and failing to conduct adequate due diligence.
Settled disputes against Jeffrey Lewis Gitterman include:
February 2020: Gitterman allegedly made unsuitable investment recommendations and implemented an inappropriate investment strategy for a customer starting in 2014. The customer had requested damages in the amount of $4,985,679. The dispute was eventually settled for $300,000.
December 2021: A complaint was filed alleging that Gitterman made unsuitable recommendations resulting in losses. The customer sought $250,000 in damages. The matter was settled for $85,825.
December 2021: A customer dispute alleged that Gitterman failed to conduct adequate due diligence with regard to certain alternative investments, and that the recommendations of the investments were not in keeping with the customer's needs and objectives. The customer requested damages in the amount of $250,000. The claim was settled for $39,372.
October 2019: A customer dispute alleged that Gitterman was negligent and recommended and sold unsuitable investments. The customer claimed $220,000 in damages. The matter was settled for $55,000.
If you believe that your broker or investment adviser engaged in misconduct, you need to speak with an attorney. An attorney can help you determine your legal options.
Your Rights If You Sustained Losses Related to Broker Misconduct
If you were recommended and sold unsuitable investments, you have the right to an attorney. You have the right to pursue a claim for damages against any and all liable parties. You also have the right to hold wrongful parties accountable for their misconduct.
Did You Suffer Losses After Investing with Jeffrey Lewis Gitterman?
At Meyer Wilson, we represent investors who have suffered losses due to investment fraud or broker misconduct. Our lawyers have secured over $350 million on behalf of clients nationwide. We have represented over a thousand investors and will fight for you and your family.
If you sustained losses after investing with Jeffrey Lewis Gitterman or another broker accused of wrongdoing, you need to contact our office to schedule a free consultation. Call (866) 761-1981 to speak directly with an experienced investment fraud lawyer.
We have decades of combined legal experience and are nationally recognized for our successful litigation and arbitration of investment fraud cases. Do not hesitate. Call now to get started.
Meyer Wilson Principal Courtney Werning’s Leadership Recognized with Appointment to FINRA’s National Arbitration and Mediation Committee
Meyer Wilson is proud to announce that Courtney Werning has been appointed to FINRA’s National Arbitration and Mediation Committee (“NAMC”). NAMC is comprised of 13 members, appointed by FINRA, from across the country who have the authority to recommend rules, regulations, procedures and amendments relating to arbitration, mediation, and other dispute resolution matters to the FINRA Board.
This appointment comes as no surprise to those familiar with her leadership in the investor protection and claims field, both as a practitioner representing harmed investors and as a member of the Board of Directors of the Public Investors Arbitration Bar Association.
Courtney devotes her practice to the representation of investors who have claims against their financial professionals, investment advisers, and brokerage firms. Her practice includes litigation in state and appellate courts and various alternative dispute resolution forums. She has tried arbitrations to verdict before the Financial Industry Regulatory Authority, the National Futures Association, and the American Arbitration Association. Courtney’s recent civil cases and arbitrations have involved allegations related to unsuitable investment strategies, fraud and misrepresentation, Ponzi schemes, legal malpractice, elder financial abuse, securities act claims, and securities class actions.
Courtney’s appointment to the National Arbitration and Mediation Committee is a testament to her commitment to excellence and her significant impact in the industry. We look forward to the positive impact she will undoubtedly bring to NAMC while continuing to advocate for every day investors.
Did Rabih M. Msallem Sell You Structured Notes?
Meyer Wilson is investigating potential claims against Citigroup for Rabih Msallem’s sale of structure notes.
Meyer Wilson has been speaking with clients of Rabih Moufid Msallem, a Citigroup Global Markets investment adviser and broker, regarding allegations that he has been pushing structured notes to his clients without adequately disclosing the potential risks to investors. Clients also allege that he made unsuitable investment recommendations.
At Meyer Wilson, we represent investors who have been harmed as a result of investment fraud or stockbroker misconduct. Our legal team is nationally-recognized, having helped over 1,000 aggrieved investors recover losses. We offer 100% free investment claim evaluations. Contact our office today at (614) 532-4576 to discuss your case directly with an attorney.
Allegations Against Rabih M. Msallem
It is alleged that Rabih M. Msallem (CRD#: 3199470) recommended structured notes to clients for the past several years. In his recommendations, according to the allegations, he would promote the downside protections without fully explaining the risk to the investor or ensuring that the product was in the best interest of the investor.
SEC Warning About Structured Notes
An investor bulletin issued by the U.S. Securities and Exchange Commission warned consumers about the potential risks of structured notes. The bulletin noted that structured notes are complex offerings that should not be invested in unless you fully understand the potential risks.
A structured note is a security issued by a financial institution. Its returns are based on things like interest rates, foreign currencies, or equity indexes. Your return is linked to the performance of the reference asset or index. Before investing, your broker or investment adviser should thoroughly explain the risks involved with these complex, often illiquid products.
As recommended by the SEC, before you invest in a structured note, you have a firm understanding of:
The fees and costs associated with the investment;
The issuer’s estimated value;
Whether investing in a structured note is suitable based on your investment goals, objectives, and risk tolerance.
The comparative costs of other investments available to you;
How long your money will be tied up in the structured note since they are designed to be held to maturity;
Whether you will be able to sell or liquidate your investment prior to the maturity date;
The tax implications;
How the payoff structure works; and
If the potential returns are limited.
If your broker failed to adequately explain the structured note that they recommended, you might be eligible to file an investment claim if it resulted in losses.
Get Legal Representation for Your Investment Claim
If you sustained losses due to a broker’s unsuitable recommendation or failure to adequately disclose the risks of a structured note, contact our office. Call Meyer Wilson at (614) 532-4576 for a free consultation. Our lawyers can help you understand your rights including whether you are eligible to pursue a lawsuit or arbitration. Get the dedicated representation you deserve.
Meyer Wilson Investigates Broker Matthew Buchsbaum for Multiple Allegations
UBS Financial Broker Accused of Unsuitability and Misrepresentation in Recommending Options Overlay Strategy
UBS Financial Broker Matthew Buchsbaum has been accused of multiple allegations of wrongdoing. He currently has nearly a dozen pending customer disputes. Clients allege that the broker made misrepresentations and engaged in unsuitability when recommending an options overlay strategy.
At Meyer Wilson, we represent investors who have been harmed as a result of fraud or misconduct. We have recovered hundreds of millions of dollars for clients nationwide. If you invested with Matthew Buchsbaum or in the Yield Enhancement Strategy offered by UBS Financial Services, contact our office at (614) 532-4576 for a free consultation.
Pending Disputes Against Matthew Buchsbaum
In total, Matthew Stern Buchsbaum (CRD#: 2220565) has 31 disclosures on his BrokerCheck report. 11 of the disclosures involve pending customer disputes with damages requested in the amount of $500,000 to $4,000,000. Nearly all of the customer disputes involve unsuitable recommendations to invest and hold in an options overlay strategy. The strategy resulted in significant investment losses to clients nationwide.
In addition to allegations of unsuitability, the broker is also accused of making material misrepresentations. A class action is currently pending against the broker’s firm, UBS Financial Services. Investors accuse the firm and its representatives of failing to accurately disclose the risks associated with investment in its Yield Enhancement Strategy (YES).
Customers who invested in the YES options program might be able to obtain compensation through a lawsuit or arbitration and should contact an investment fraud lawyer as soon as possible.
Settled Disputes Against UBS Broker
A large number of similar disputes have been settled against the broker for amounts ranging from $200,000 to $4,100,000. Again, each of the clients alleges that the broker made unsuitable recommendations to invest in and hold an options overlay strategy.
FINRA Arbitration Awards
Two of the public disclosures on Buchsbaum’s report indicate that the disputes resulted in an award or judgment by the Financial Industry Regulatory Authority (FINRA). A six-figure award was issued in 2021 to clients who sustained losses after investing in the Yield Enhancement Strategy.
A second award was ordered in 2022, again to clients who had suffered losses after investing in UBS’s YES options program. Compensatory damages in the case exceeded $5,000,000. Clients alleged that the broker and his firm engaged in fraud, misrepresentation, unsuitability, breach of fiduciary duty, negligence, and breach of contract when recommending the highly speculative Yield Enhancement Strategy.
Consult with an Investment Claims Attorney Today
Clients who invested with Matthew Buchsbaum and suffered losses are encouraged to contact our office for a free consultation. Call (614) 532-4576 to discuss your legal options with an experienced attorney.
Meyer Wilson Investigating Claims Against Broker James Ciocia After Two Recent Customer Complaints
Cetera Financial (former National Securities Corporation) Broker Accused of Unsuitable Recommendations
James Ciocia, a broker with Cetera Financial Specialists, LLC, formerly with National Securities Corporation has been accused of making unsuitable recommendations in two separate customer disputes. The investors each requested damages exceeding $100,000. Individuals who invested with James Ciocia and sustained losses are strongly encouraged to consult with an investment fraud attorney.
At Meyer Wilson, we continue to investigate and file claims related to broker misconduct. Brokerage firms and their representatives have a duty to make suitable recommendations to a client based on their risk tolerance. If you or a loved one were recommended and sold an unsuitable investment or strategy, contact our office at (614) 532-4576 for a free consultation.
Settled Customer Disputes Against James Ciocia
The Financial Industry Regulatory Authority (FINRA) provides information on licensed brokers and brokerage firms. Through BrokerCheck, investors can learn about the broker’s experience, employment history, state licenses, and public disclosures. Public disclosures often indicate if a customer has filed a dispute against the broker or if there have been any regulatory findings.
According to the BrokerCheck report of James Cosmo Ciocia (CRD#: 1619245), he has been the subject of two customer disputes. Both have been settled and occurred during his employment with National Securities Corporation. The disputes each alleged that Ciocia made unsuitable recommendations resulting in significant losses. Each client alleged damages in the six figures.
James Ciocia is a currently registered broker with Cetera Financial Specialists, LLC. He has been employed with a total of 12 firms.
What Is Unsuitability?
According to FINRA Rule 2111, a registered firm or its representative must only make an investment recommendation or strategy that is suitable based on the customer’s investment profile.
To determine whether a strategy or investment recommendation is suitable, a broker must take into account the customer’s:
Financial situation and needs
Other relevant factors
A broker’s failure to complete their due diligence when making an investment recommendation may be considered a violation of securities law. Individuals who have suffered losses due to a broker’s unsuitable investment recommendations are encouraged to contact an investment fraud attorney.
File an Investor Claim Today
If you have suffered losses as the result of a broker’s unsuitable recommendations you might be entitled to financial recovery. It is important to act quickly as you only have a limited amount of time to file a claim for damages. Aggrieved investors may be able to recover damages through a lawsuit or FINRA arbitration.
Contact our office today at (614) 532-4576 to discuss your legal options. All case evaluations are free and without obligation to retain our services.
Did Jeffrey Noard Sell You GWG L Bonds?
Emerson Equity/former Cabot Lodge Broker Accused of Inappropriate Sales
Jeffrey Donald Noard (CRD#: 1983392), a registered broker and investment advisor has been accused of misconduct, according to his profile with the Financial Industry Regulatory Authority, Inc. (FINRA). Allegations include that he recommended and sold illiquid, high commission, unsuitable investments to customers. One customer is requesting damages in the amount of $100,000.
At Meyer Wilson, we are experienced, trusted investment and securities fraud attorneys. We help clients nationwide recover investment losses related to broker misconduct and other wrongdoing. To date, we have secured over $350,000,000 for our clients. If you have sustained losses after being sold GWG L Bonds by Jeffrey Noard or another broker, contact our office at (614) 532-4576 for a free consultation.
Accusations of Misconduct Against Jeffrey Noard
As noted in Jeffrey Noard’s BrokerCheck report, the broker is the subject of a pending customer dispute. The allegations include that he recommended and sold customers over $1.1 million in illiquid, high-commission direct investments (DPP & LP interests), equity listed (common & preferred stock) Investments, and real estate securities.
Additionally, the customer has stated that the high-risk investments were unsuitable. They are claiming damages in the amount of $100,000. Noard was employed with Cabot Lodge Securities, LLC from June 14, 2013, until June 26, 2020. He is currently a registered representative of Emerson Equity, LLC.
Previous Reports Against Jeffrey Noard
The pending customer dispute is not the only disclosure on Noard’s report. In 2014, FINRA issued a regulatory finding against the broker ending in a civil and administrative penalty/fine and a suspension.
A disciplinary proceeding complaint issued by the Department of Enforcement notes that in June 2012, Jeffrey Noard made unsuitable recommendations to an elderly customer of Allied Beacon Partners, Inc. while he was a registered representative of the firm. The investment recommendation involved GWG L Bonds issued by GWG Holdings, Inc. The bonds are reportedly “illiquid, speculative investments that involve a high degree of risk.”
The regulatory agency found that Noard’s recommendations were not suitable based on the client’s risk tolerance. Additionally, the board found that he did not adequately disclose the risks to the client. The recommendation and sale of the renewable debentures resulted in a loss to the client. As a result, Noard was fined and suspended.
Noard has also been discharged from employment with Wells Fargo Advisors, LLC after allegedly violating firm policies and procedures. In a telephone call with an insurance company, he reportedly acted as the husband to obtain an annuity for the couple.
Contact Our Office for a Free Consultation
If you suffered losses after investing with Jeffrey Noard, you might be able to recover losses through FINRA arbitration or a lawsuit. Contact our office at (614) 532-4576 to schedule a free consultation.
Can My Broker or Financial Advisor Trade in My Account Without My Permission?
What to Do If You Suspect Your Broker Engaged in Unauthorized Trading
Under most circumstances, a broker or financial advisor cannot trade in your account without your permission. There are very limited exceptions to this rule. Unauthorized trading is a serious offense that can result in liability. In order to prove that your broker engaged in unauthorized trading, it is strongly recommended that you consult with an experienced attorney.
At Meyer Wilson, we represent clients who have suffered financial losses related to investment fraud and stockbroker misconduct. Our experienced attorneys will fight hard to hold brokerages and other financial institutions accountable for their wrongdoing while helping you recover your losses.
Did your broker or financial advisor trade in your account without your permission? Contact our office at (614) 532-4576 for a free consultation.
When a Broker Can Make Transactions Without Your Permission
In most cases, a broker or financial advisor will be prohibited from making any trades or transactions within your account without your permission. One of the few exceptions to this rule is if you have a discretionary account.
A discretionary account gives the broker or financial advisor the ability to use their “discretion” in making trades (buying or selling securities) without your prior authorization. Discretionary accounts are somewhat rare and are required to be in writing. The customer agreement you sign will expressly state that the broker has the authorization to make trades without obtaining your permission.
Discretionary vs. Non-Discretionary Account
Because a discretionary account allows a broker or financial advisor to make transactions in a customer’s account without their express authorization, the Financial Industry Regulatory Authority (FINRA) imposes special supervisory requirements.
Additional supervisory requirements include reviewing all discretionary accounts at “frequent intervals.” Discretionary accounts may be more prone to inappropriate trading since they do not require client approval for transactions. Even though an account may be marked “discretionary,” all trades that the broker makes in the account still must be in the client’s best interests.
In non-discretionary accounts, a broker or financial advisor must obtain a client’s permission before making any transactions. Any buying or selling of securities without a client’s authority is considered unauthorized trading and is a direct violation of FINRA Rule 2010.
The other exception to the rule is if the broker or financial advisor was executing a margin call. If you have a margin account where you have borrowed money from your broker to buy a stock, the broker may be able to sell your securities without first obtaining your permission. The account must have fallen below a firm’s maintenance requirement in order for this exception to apply.
Buying investments on margin is risky and may be unsuitable for the average investor. It is vital that you understand all of the potential downfalls and risks of loss before agreeing to trade any investments on margin. However, if you do not have a margin account or a discretionary account, any trading in your account without your permission may be considered investment fraud.
Suffered Losses Related to Unauthorized Trading? Contact Our Office.
If you have sustained losses related to unauthorized trading on your account, you might be entitled to compensation. Contact our office at (614) 532-4576 for a free, no-obligation consultation. We represent clients nationwide for investment and securities fraud claims. Call now to get started.