Goodman & Nekvasil P.A, May Recover Investor Losses – Andrew Scott Corbman Barred from Securities Industry
Andrew Corbman was formerly licensed with Kovack Securities, Inc. and Newbridge Securities Corporation. Andrew Corbman was barred from the securities and investment banking industry by the Financial Industry Regulatory Authority (FINRA) on December 9, 2016. FINRA reports that Corbman consented to the sanction and to the entry of findings that Andrew Corbman refused to appear for on-the-record testimony as requested by FINRA in connection with FINRA’s inquiry into the circumstances surrounding Andrew Corbman’s termination from Andrew Corbman’s member firm, as well as allegations against him regarding unsuitable and unauthorized trading.
Prior to this action, Andrew Corbman was suspended one month from the securities and investment banking industry by FINRA on February 1, 2016. FINRA reports that Andrew Corbman consented to the sanctions and to the entry of findings that Andrew Corbman made recommendations that were unsuitable as they were over-concentrated and exposed customers to a risk of loss that exceeded each customer’s risk tolerance and investment objectives. The findings stated that Andrew Corbman also distributed a sales brochure for an alternative mutual fund to his customers that contained information that was misleading and failed to provide a sound basis for evaluating the alternative mutual fund referenced in it.
FINRA also reports that Andrew Corbman was fired by FSC Securities Corporation on January 25, 2011. FSC Securities Corporation reported to FINRA that Andrew Corbman violated firm policies, including the use of unapproved advertising, failure to utilize required firm sales practice forms and Andrew Corbman was found to have utilized an unapproved e-mail address.
FINRA reports that eight arbitration claims and/or complaints involving Andrew Corbman’s conduct with Kovack Securities, Inc. were filed alleging unsuitable investments, poor performance, overconcentration, common law fraud, breach of contract, failure to supervise, breach of fiduciary duty, violations of the Virginia Securities Act, violations of the California Securities Act, common law fraud, securities fraud, and/or negligent supervision in relation to Augme Technologies, Inc. stock and/or other investments. These eight arbitration claims and/or complaints all settled, with the three largest settling for $428,250, $400,000, and $125,000. FINRA also reports that four previous complaints and/or arbitration claims involving Andrew Corbman’s conduct were settled.
According to FINRA, an arbitration claim involving Andrew Corbman’s conduct with Kovack Securities, Inc. is currently pending. The claimant alleges unsuitability, common law fraud, breach of contract, negligent supervision, breach of fiduciary duty, and overconcentration in connection with the purchase of stocks. This arbitration claim seeks $50,000 in damages.
If you lost any money on investments with Andrew Corbman, you may be able to recover your losses from Kovack Securities, Inc. and/or Newbridge Securities Corporation. This is because Kovack Securities, Inc. and Newbridge Securities Corporation had a duty to supervise Andrew Corbman.
If you lost money on investments with Andrew Corbman 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 Kovack Securities, Inc. and/or Newbridge Securities Corporation concerning Andrew Corbman’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. If you lost money on investments with Andrew Corbman 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.
Keywords: Andrew Scott Corbman, Andrew Corbman, Corbman, Kovack Securities, Kovack, FINRA, Newbridge Securities, Newbridge, Goodman and Nekvasil, Nekvasil, Goodman, Investment, Investor