August 2017 – Boise, Idaho
According to publicly available records Terry Lee Brodt, Jr. (CRD#2033812) , a stockbroker currently registered with Garden State Securities, Inc. , disclose a regulatory event , five customer disputes and outstanding judgment/liens.
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 May 2017 to resolve FINRA allegations that he traded without authority, Terry Lee Brodt, Jr. consented to a $10,000 fine and a two month suspension from June 5, 2017 to August 4, 2017. His official FINRA record states: “Without admitting or denying the findings, Brodt consented to the sanctions and to the entry of findings that he exercised discretion in accounts maintained by customers without written authorization from these customers and without having obtained approval from his member firm to treat these customer accounts as discretionary. The findings stated that Brodt provided inaccurate responses about his use of discretion in connection with his firms annual compliance documents.”
In FINRA Case 16-01108, a Garden State Securities, Inc. customer alleged churning, excessive losses and commissions and sought damages of $485,980. The case was settled for $120,000 with Brodt being personally responsible for $45,000.
In FINRA Case 12-3841 , a Garden State Securities customer alleged unauthorized trading and unsuitable investments and sought damages of $50,570. That case settled for $24,900 with Brodt being personally responsible for the entire settlement.
Brodt discloses that a Chapter 13 bankruptcy is pending in Idaho and he discloses 10 outstanding judgment/liens including federal and state tax liens.
Brodt has been employed with Garden State Securities, Inc. since August of 2010. He discloses a business affiliation with Brodt Capital Management of Boise, Idaho.
If you have questions about an account handled by Terry Lee Brodt, Jr., contact us to discuss your options.
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