Did you lose money investing with Robert Silverman (CRD# 4582993)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Robert Silverman. If you suffered losses investing with Robert Silverman, 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 September 5, 2020, Robert Silverman’s FINRA BrokerCheck Report contains the following:
SUSPENDED: FINRA has suspended this individual from acting as a broker. Please see the detailed report for more information.
Disclosure Events
1 Customer Dispute(s)
1 Regulatory Event(s)
See FINRA Letter of Acceptance, Waiver and Consent No. 2019063123501
1 Employment Separation After Allegations
UPDATE 9/5/2020: According to FINRA’s August 2020 Disciplinary Actions: “Robert Silverman (CRD #4582993, Red Bank, New Jersey) June 3, 2020 – An AWC was issued in which Silverman was assessed a deferred fine of $10,000 and suspended from association with any FINRA member in all capacities for four months. Without admitting or denying the findings, Silverman consented to the sanctions and to the entry of findings that he effected transactions in a customer’s accounts based on instructions given to him by the customer’s son-in-law, who was not authorized to direct transactions in the accounts. The findings stated that Silverman effectuated withdrawals from the customer’s accounts at the son-in-law’s instruction without receiving customer authorization. Silverman also facilitated the son-in-law’s own direct withdrawals from the customer’s accounts by providing to him the withdrawal request form. Each withdrawal request caused sales of securities in the customer’s accounts in order to fund the withdrawal. Silverman effectuated or facilitated unauthorized withdrawal requests totaling $228,679. The findings also stated that Silverman used an email account that was not disclosed to or approved by his member firm to communicate with the son-in-law regarding the customer. The communications included the son-in-law’s instructions to Silverman to withdraw funds from the customer’s accounts. The firm was unaware of the electronic communications Silverman sent or received regarding the customer’s account, and thus did not retain these communications. The suspension is in effect from June 15, 2020, through October 14, 2020. (FINRA Case #2019063123501)
Current and Previous Registrations
06/30/2004 – 07/02/2019 CETERA FINANCIAL SPECIALISTS LLC (CRD#:10358) RED BANK, NJ
01/03/2003 – 06/30/2004 HOCHMAN & BAKER SECURITIES, INC. (CRD#:19949) STAMFORD, CT
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 Robert Silverman 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.
