October 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 prior customer disputes and 10 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 of 2017 FINRA entered into an agreement with Terry Lee Brodt, Jr. resulting in a $10,000 fine and a two month suspension. According to the agreement, “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 firm’s annual compliance documents.”
Prior customer disputes include:
- FINRA Case 16-1108- a dispute was filed by Garden State Securities, Inc. customer alleging churning, excessive losses and commissions. The case was settled for $120,000 with Brodt being personally responsible for $45,000.
- FINRA Case 12-3841- a Garden State Securities customer filed a dispute alleging unauthorized trading and unsuitable investments. The case settled for $24,900 with Brodt being personally responsible for the entire amount of the settlement.
Brodt has been employed with Garden State Securities, Inc. since August of 2010. Brodt discloses a business affiliation with Brodt Capital Management in Boise.
Brodt discloses the filing of a Chapter 7 bankruptcy in Boise, Idaho in 2012 that was dismissed and filing of a Chapter 13 bankruptcy in 7/2016 that is currently pending.
If you have questions about losses in an account handled by Terry Lee Brodt, Jr., contact us to discuss your options.
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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