Did you lose money investing with Alon Zak (CRD# 5734529)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Alon Zak. If you suffered losses investing with Alon Zak, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
As of January 14, 2023, Alon Zak’s FINRA BrokerCheck Report contains the following:
BARRED: FINRA has barred this individual from acting as a broker or otherwise associating with a broker-dealer firm.
Disclosure Events
2 Regulatory Events
1 Employment Separation After Allegations
February 28, 2022 – An OHO decision became final in which Zak was barred from association with any FINRA member in all capacities. In light of the bar, no other sanctions are imposed. The sanction was based on findings that Zak falsified and forged life insurance policy applications and submitted them to his member firm for processing without the customers’ knowledge or consent. The findings stated that although one of the customers had discussed with Zak the possibility of purchasing a life insurance policy, she never authorized him to electronically sign or submit the application on her behalf. In addition, Zak completed applications for two additional customers without meeting with them, and neither customer authorized Zak to electronically sign or submit the applications. The firm rejected two of the insurance policy applications because it could not obtain additional information necessary to complete the application process, and Zak ultimately withdrew the other application. Although none of these applications were approved, Zak earned express commissions of approximately $11,200 for the applications submitted in the names of two of the customers. The findings also stated that Zak failed to timely respond to FINRA’s requests for information and documents. FINRA requested that Zak provide account statements for his bank, brokerage, and credit card accounts, as well as his tax returns. After initially failing to respond, Zak ultimately provided only partial responses to the requests. Only after being suspended by FINRA did Zak provide the missing information and documents. The findings also included that Zak failed to provide on-the-record testimony requested by FINRA. (FINRA Case #2020065349803)
Current and Previous Registrations
06/28/2018 – 01/22/2020 PRUCO SECURITIES, LLC. (CRD#:5685) SHERMAN OAKS, CA
07/12/2017 – 06/15/2018 MML INVESTORS SERVICES, LLC (CRD#:10409) PASADENA, CA
04/15/2014 – 07/01/2015 ALLSTATE FINANCIAL SERVICES, LLC (CRD#:18272) SHERMAN OAKS, CA
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing with Alon Zak and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.
