MARCH 2018 UPDATE–Mark Kaplan was permanently barred from the securities industry by FINRA and , without admitting or denying them, agreed to entry of the following findings:
- Kaplan exercised de facto control over the account of a 93 year old retired clothing salesman who was experiencing a decline in his mental health.
- During the relevant time period Kaplan effected over 3,500 transactions in the elderly gentleman’s account resulting in trading losses of $723,000 and generating $735,000 in commissions and markups to Kaplan and his firm Vanderbilt Securities.
- Kaplan never discussed the extent of the total losses or the amount of commissions paid with the elderly customer.
As of March 8, 2018, Kaplan’s FINRA record discloses a total of 7 customer disputes that have been settled. Kaplan voluntarily resigned from Vanderbilt Securities February 22, 2018, just a week or so before he was barred from the industry by FINRA.
APRIL 2017-UPDATE-In FINRA Case 16-0193 a customer of Vanderbilt Securities alleges damages of $1.1 million for unsuitable investments recommended by Mark Kaplan in master limited partnerships and real estate investment trusts (REITs). In June 2016 this matter was settled for $500,000.
ORIGINAL POST-March 27, 2016-Woodbury, NY
According to FINRA records, Mark Kaplan, a broker registered with Vanderbilt Securities since March 2011 has been named in two recent arbitration claims by customers seeking total damages of $1.5 million for the manner in which their accounts have been handled.
FINRA Case 16-00613– The customer alleges that Kaplan, while employed by Citigroup Global Markets, engaged in unsuitable and excessive trading from February 2004 through March 2011 and is seeking damages of $700,000. UPDATE-this case was settled in 8/2016 for $240,000.
FINRA Case 15-01345– A guardian appointed for the customer alleges that Kaplan, while employed by Vanderbilt Securities made unauthorized and unsuitable trades in the account from April 2011 to April 2015 and seeks damages of $800,000. This matter was resolved in 4/2016 for $470,000.
Prior to joining Vanderbilt Securities, Kaplan was employed as follows: Morgan Stanley Smith Barney 6/2009-4/2011; Citigroup Global Markets 9/2005-6/2009.
Kaplan was discharged from Morgan Stanley Smith Barney in 3/2011. Morgan Stanley indicated on FINRA records that the discharge was “a result of a recent client complaint and other concerns regarding activity in client accounts. “
Kaplan has several other prior customer complaints that have already been settled on his FINRA record that allege churning or excessive trading of the account.
If you have suffered losses in an account handled by Mark Kaplan, call for a no charge consultation 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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