Maxim Beliakov Investigation
November 2021-Red Bank, NJ
According to publicly available records. Maxim Beliakov , a stockbroker formerly employed by Garden State Securities and Woodstock Financial Group discloses a regulatory suspension.
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 July 2021 FINRA found that Beliakov engaged in quantitatively unsuitable trading in the account of a 57 year old printing company manager who had virtually no investing experience. FINRA found that Beliakov and another broker he worked with recommended all of the trades, essentially exercising de facto control over the account. The volume of trading and the resulting commissions charged (more than $173,000) required that the account grow by mover 221% annually just to break even.
FINRA fined Beliakov $5,000 and suspended him for 4 months commencing 8/7/2021.
Beliakov was employed by Woodstock Financial Group from 5/14/2013-12/2019. He was employed by Garden State Securities, Inc. from 11/2019-3/2021.
If you had an account with Maxim Beliakov that suffered losses, you may be entitled to collect damages from his employer. Call 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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