Alan Appelbaum – Arbitration Claims Filed Involving Financial Advisor Alan Appelbaum | Goodman & Nekvasil, P.A. May Recover Investor Losses
Alan Appelbaum CRD #500336
From 2002 to 2015, Alan Appelbaum was licensed with Herbert J. Sims & Co. Inc., Alan Appelbaum is now licensed with Aegis Capital Corp. FINRA reports that two arbitration claims were filed involving Alan Appelbaum’s employment with Herbert J. Sims & Co. Inc. alleging unsuitable trading in proprietary investments, breach of fiduciary duty, failure to supervise, negligence, fraud, breach of contract, and/or violation of NASD and FINRA rules. These claims involving Alan Appelbaum’s conduct with Herbert J. Sims & Co. Inc. were both settled.
FINRA also reports that a third arbitration claim involving Alan Appelbaum’s conduct with Herbert J. Sims & Co. did not settle and proceeded to final hearing. The arbitration panel found Alan Appelbaum liable and ordered Alan Appelbaum to pay $45,722 in compensatory damages. Damages were awarded based upon the claims of violation of fiduciary duties under NASD, NYSE and MRSB rules/unsuitability and violation of Chapter 517.301, Florida Statutes. FINRA also reports of five other settlements involving Alan Appelbaum’s conduct with other brokerage firms, with the largest settling for $250,000. Alan Appelbaum contributed $260,000 in total to these five other settlements.
In addition to these settlements and this award, FINRA reports that the State of New Hampshire Bureau of Securities Regulation, the National Association of Securities Dealers, Inc., and the SEC filed enforcement/disciplinary actions against Alan Appelbaum. The State of New Hampshire Bureau of Securities Regulation issued a Cease and Desist, an Injunction and for $55,000 monetary fine against Alan Appelbaum. The State of New Hampshire Bureau of Securities Regulation alleged that Alan Appelbaum serviced eight brokerage accounts for New Hampshire residents, which were opened and transacted under another registered representative’s name. The State of New Hampshire Bureau of Securities Regulation also alleged that Alan Appelbaum was not licensed to sell securities in New Hampshire, and that Alan Appelbaum engaged in unlicensed activity in violation of RSA421-B:6.1. The NASD censured and fined Alan Appelbaum $10,000 for violating various NASD rules. Finally, the SEC censured Alan Appelbaum for willfully aiding and abetting violations of Section 17(A) of the Exchange Act and Rule 17a-3 thereunder, and Rules G-8, G-15, and G-26 of the Municipal Securities Rulemaking Board and Section 15B(c)(1) of the Exchange Act.
If you lost any money on investments with Alan Appelbaum, you may be able to recover your losses from Herbert J. Sims & Co. Inc. and/or Aegis Capital Corp. This is because Herbert J. Sims & Co. Inc. and Aegis Capital Corp. had a duty to supervise Alan Appelbaum.
If you lost money on investments with Alan Appelbaum and believe that the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action against Herbert J. Sims & Co. Inc. and/or Aegis Capital Corp. concerning Alan Appelbaum’s conduct. 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.
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. Goodman & Nekvasil, P.A. has recovered more than $170 million on behalf of victimized investors. If you lost money on investments with Alan Appelbaum and 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.
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