MARK KAPLAN INVESTIGATION UPDATE 3/9/2018
Boca Raton, FL-We are in process of preparing another arbitration claim against Vanderbilt Securities seeking damages for account churning and unsuitable investment recommendations by their former broker Mark Kaplan.
Our clients, a family that resides in Florida and New Jersey is comprised of elderly parents in their 80’s, a daughter who is 55 and a son who is handicapped as the result of an automobile accident and who requires a companion to tend to him daily.
The family alleges that Vanderbilt Securities failed to properly supervise broker Mark Kaplan who churned their accounts and made unsuitable investment recommendations that resulted in significant losses in their retirement accounts and the trust account of their son.
Mark Kaplan was permanently barred from the securities industry by FINRA on March 7,2018, 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.
See this for more details on Kaplan’s prior disciplinary issues.
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.
Florida-561 391 1900