July 2016- Troy, Michigan
The FINRA records of David K. Rubenstein , a stock broker currently employed by L.M. Kohn & Company, disclose a prior final customer dispute, a prior final financial disclosure and 2 prior terminations.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In 4/2016 Rubenstein was discharged from Wells Fargo Advisors who made the following allegation on Rubenstein’s FINRA record: “Discharged after discussions with registered representative relating to a review conducted at his prior employer”
In 7/2015 Rubenstein was ‘permitted to resign’ from Ameriprise Financial Services who made the following allegation on Rubenstein’s FINRA record: “The registered representative resigned while under review for violation of company policy related to unauthorized use of discretion”
Rubenstein has been employed by L.M. Kohn since 5/2016. He was employed by Wells Fargo Advisors from 7/2015-5/2016 and with Ameriprise Financial Services from 10/2009-8/2015.
EXERCISING DISCRETION
In the securities industry exercising discretion means that the customer has authorized the broker to buy and sell securities without first consulting with the customer on each transaction. To avoid regulatory issues and to comply with firm policy, this permission must be granted in writing. Most accounts are not discretionary accounts, meaning that the broker is required to consult with the customer before making a purchase or sale in the account.
If you have losses in an account handled by David K. Rubenstein, you may be able to collect damages from his former employer.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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