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Investment Fraud Claims Filed Against Shimson Plotkin

Have you or someone you know lost money investing with Shimson Plotkin (CRD# 2431863)? Plotkin is currently a registered broker and investment advisor employed with Independent Financial Group, LLC (CRD#: 7717).

Shimson Plotkin has been involved in various disputes with customers throughout his career, which began in the financial industry in 1994. The most recent complaint dates to 6/21/2019 and alleges an “over-concentration in alternative investments and lack of diversification.”

What Is a CRD Number?

Above, we mentioned that Shimson Plotkin’s CRD number is 2431863. CRD stands for Central Registration Depository, which is the database that holds information about brokerage firms and individual brokers. Every brokerage firm and broker has a CRD number that can be used to track their history within the industry, including where they worked, when they worked there, and any allegations made against them by customers.

Does Shimson Plotkin Have a History of Customer Complaints?

Aside from the most recent complaint made against him last year, Plotkin has several customer complaints on his record, with the earliest dating back to 2001. Several of these complaints have resulted in substantial settlements or judgments.

  • In 2002, Plotkin faced allegations of misrepresentation, negligence, and unsuitability for purchase of variable annuity in 1995 and IRA rollover in 2000. In this case, more than $50,000 in damages were awarded.
  • During that same year, Plotkin faced allegations of unsuitable investments and breach of fiduciary duty, and $25,000 was awarded.
  • In 2005, a customer alleged that Plotkin had an unsuitable mutual fund portfolio for them from 2000 to July 2002. The customer was awarded a settlement amount of $70,000.
  • In 2016, a customer made multiple allegations against Plotkin, including negligence, misrepresentation, breach of fiduciary duty, breach of contract, and more. The customer was awarded $250,000 in a settlement.

For the most recent complaint against Plotkin, the one from mid-2019 that is still pending, the customer is seeking $500,000 in damages.

In each of these claims, Plotkin says he was not responsible and tries to place the blame on the customer, saying they accepted the risks when they made the investment. If Plotkin was in the clear, he would not have several judgments against him and would not have settled several cases.

Where Has Shimson Plotkin Previously Worked?

Plotkin has had four former employers in the financial industry aside from his current employer, Independent Financial Group, LLC. This includes:

  • Pacific West Securities, Inc. (CRD#:6390) of Chevy Chase, MD
  • Cambridge Investment Research, Inc. (CRD#:39543) of Chevy Chase, MD
  • Royal Alliance Associates, Inc. (CRD#:23131) of Jersey City, NJ
  • Sun Trust Investment Services Company (CRD#:5496) of Wellesley Hills, MA

What Can You Do Moving Forward?

Meyer Wilson is a nationally recognized investment fraud law firm that works to protect investors throughout the United States. We handle matters of securities litigation and arbitration related to investment fraud and misconduct. This includes cases where bad brokers engage in misappropriation, forgery, and fraud as well as cases against brokerage firms that fail to supervise their employees.

If you or somebody you love has suffered financial losses and would like to discuss your rights and options moving forward, we are ready to talk to you about your case. Call (614) 532-4576 or contact us online to speak confidentially with an attorney.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

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