Goodman and Nekvasil May Recover Investors Losses | Gary Saitowitz, Financial Advisor Suspended by FINRA
Gary Saitowitz was previously licensed with IFS Securities and Transamerica Financial Advisors, Inc. Reported by FINRA on January 3, 2017, Gary Saitowitz, was suspended from association with any FINRA member in any capacity for eighteen-months on January 3, 2017. Gary Saitowitz entered into a Letter of Acceptance, Waiver and Consent with the Financial Industry Regulatory Authority (FINRA) Department of Enforcement to resolve allegations FINRA made against him regarding violations of securities industry rules.
FINRA reports Gary Saitowitz, consented to the sanctions and to the entry of findings that he had customers sign blank and incomplete brokerage forms, which Gary Saitowitz placed in customers files maintained as books and records at his member firm.
FINRA found that some of the pre-signed forms authorized fund movement or loans from customer accounts, while others related to customer financial information, used by the firm to supervise whether transactions solicited by Gary Saitowitz were suitable for customers. According to FINRA, maintaining these pre-signed forms enhanced the risk that customers would be placed in unsuitable investments or subject to unauthorized account activity.
The findings also included that Gary Saitowitz recommended that four customers, including a senior citizen, allocate unsuitable amounts of their assets to non-traded REITs. Based on Gary Saitowitz’ recommendations, these customers overly concentrated their assets in non-traded REITs, and, as a result, their asset allocations were unsuitable to their investment objectives and risk tolerances.
FINRA found that Gary Saitowitz participated in a private securities transaction involving the purchase and sale of approximately $46,600 in a non-traded REIT without notifying the firm.
Goodman & Nekvasil, P.A., a Clearwater, Florida, law firm with a national practice representing victimized investors, continues to investigate brokerage firms that placed elderly retirees and other conservative investors in high-risk investments.
Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. We would like to discuss the possibility of your retaining our firm to represent you in an arbitration action.
Goodman & Nekvasil, P.A., has filed hundreds of cases against brokerage firms selling high-risk investments and has recovered more than $180 million dollars on behalf of victimized investors. We allege in these cases that these investment recommendations were unsuitable for our clients in view of their financial situation, needs and investment objectives. All our cases are handled on a purely contingency fee basis.
There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf. Finally, the filing of such a case should not affect your ownership of these investments in any way.
If you incurred losses on your investment with Gary Saitowitz, you may be able to recover your losses from Transamerica Financial Advisors and/or IFS Securities. This is because Transamerica Financial Advisors and IFS Securities, had a duty to supervise Gary Saitowitz. If you would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.