November 2020- Delray Beach, FL
According to publicly available records, former Crystal Bay Securities, Inc. financial advisor Rafael Golan, is barred from FINRA and discloses 4 regulatory events, 4 investigations, 5 prior customer disputes and 3 pending 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 January of 2019 FINRA case 20190635701 was filed against Golan. He was permanently barred from the securities industry to resolve allegations that he failed to respond to FINRA request for information in connection with a regulatory investigation.
In July of 2012, the State of Florida, Department of Financial Services alleged that Golan violated various provisions of the Florida Insurance Code involving the sale of insurance products. Allegations include that he engaged in misrepresentation of insurance products. Sanctions ordered were completion of Ethics continuing education courses and a monetary fine of $10,000.
In March of 2019, FINRA case #20180572872 made a preliminary determination to recommend that disciplinary action be brought agains Golan that he recommended the purchase of numerous speculative securities to customers which were not suitable for the customers based on their investment profiles, caused an over-concentration of REITs for the customer’s portfolio which were not suitable based on her investment profile and caused an over-concentration of REITs for the customer; and violations that Golan made or caused to be made several payments for legal services in connection with the present FINRA matters from the bank account of a trust totaling approximately $35,200.
In January of 2018, a Crystal Bay Securities, Inc. customer filed FINRA case #18-00218 alleging breach of fiduciary duty, exploitation of a vulnerable adult, exploitation of a disabled adult, violation of Florida Securities and Investor Protection Act; negligence and failure to supervise. The customer was awarded more than $136,201 by the arbitration panel. In addition the panel awarded $25,000 in punitive damages.
In an earlier case in 2007 Golan was ordered to pay a customer $240,000 to resolve allegations that he breached his fiduciary duty.
In one pending case, FINRA #18-3487, a customer Crystal Bay Securities is seeking about $1.4 million in connection with the mishandling of an investment account.
Golan was the President of Crystal Bay Securities, Inc., from 2006 until he was barred from FINRA in May of 2019.
If you have losses in an account handled by Rafael Golan, call to learn 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.
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