October 2017-West Palm Beach, FL
The FINRA records of Paul Vincent Blum , a stockbroker who was previously employed by RBC Capital Markets disclose a prior regulatory event, 9 pending customer disputes and 14 prior customer disputes.
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 August 2017, Blum was permanently barred from the securities industry by FINRA for failing to appear for on the record testimony during the course of an investigation in connection with customer complaints alleging unsuitable trading.
In the pending arbitrations customers make various allegations of wrongdoing, mostly related to unsuitable investments in energy related investments, including the following:
- Blum recommended unsuitable and over-concentrated investments in the energy sector. Damages alleged, $886,070.
- Three former customers allege that Blum was involved as an intermediary in making unsuitable recommendations of energy sector corporate bond investments. Damages are alleged to be $525,000, $6,000,000 and $2,250,000.
Total dollar amount of the settlements already paid on the prior customer disputes is over $1.7 million.
If you have losses in an account handled by Paul Blum, call to discuss how you may be able to recover damages through FINRA arbitration.
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.
Florida-561 391 1900