UPDATE DECEMBER 2016–Andrew S. Corbman was permanently barred by FINRA from acting as a broker or otherwise associating with firms that sell securities to the public. Without admitting or denying the findings, Corbman consented to sanctions and entry of findings that he refused to appear for on the record testimony as requested by FINRA in connection with his termination from employment from his firm and allegations against him regarding unsuitable and unauthorized trading. FINRA Case 2016051009001.
ORIGINAL POST-July 2016- South Florida
The FINRA records of Andrew S. Corbman disclose 1 final regulatory matter, 5 pending customer disputes, 7 prior final customer disputes, 1 termination from employment , a pending personal bankruptcy and 2 Federal tax 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.
The currently pending customer disputes include:
- FINRA case 16-1671- a customer while Corbman was employed by Kovack Securities alleges damages of $700,000 for violations of the Virginia Securities Act, common law fraud, breach of fiduciary duty and other claims.
- FINRA Case 16-0498-a customer while Corbman was employed by Kovack Securities alleges damages of $1.3 million for unauthorized and unsuitable trading and failure to supervise.
Earlier in 2016 Corbman was sanctioned and suspended by FINRA to resolve allegations that while he was employed by FSC Securities, he made unsuitable recommendations to three customers that were inconsistent with their investment objectives and risk tolerance.
FINRA records indicate that Corbman was registered with Newbridge Securities from 11/2015-3/2016. He was registered with Kovack Securities from 1/2011-11/2015. Prior to that he was registered with FSC Securities from 2/2008-1/2011. He is not currently registered.
Corbman was discharged by FSC Securities in 2011 , who made the following statement on Corbman’s official FINRA record:
“The registered representative violated firm policies, including the use of unapproved advertising, failure to utilize required firm sale practice forms and was found to have utilized an unapproved email address.”
If you have losses in an account handled by Andrew Corbman, 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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