Paul David Weiss (Paul Weiss) – Financial Advisor/Broker Paul Weiss Suspended from Securities Industry | Goodman & Nekvasil, P.A. May Recover Investor Losses
Paul Weiss was a previously licensed financial advisor/broker with Mora WM Securities. According to FINRA, Paul Weiss was fined $20,000 and suspended from the securities industry for ten months in May 2020.
According to FINRA Allegations:
Paul Weiss consented to the sanctions and to the entry of findings that Paul Weiss engaged in undisclosed outside business activities. The findings stated that Paul Weiss became a principal in a limited liability company in order to market and raise funds for the purchase of a property. To effect the purchase of the property, Paul Weiss arranged for a loan of $800,125 from a fund that customers of his member firm were invested in. After the purchase of the property, Paul Weiss obtained $119,000 in connection with the purchase and remained an indirect owner of the entity that purchased the property. Paul Weiss also facilitated and processed payments for a nursing home that a firm customer owned. For this activity, Paul Weiss received monthly compensation totaling approximately $14,664. Weiss did not provide any notice of these outside business activities to his firm, even though he received the firm’s annual certification. The findings also stated that Weiss, in connection with one of his outside business activities, sent a promotional email to a potential investor that failed to comply with FINRA’s content standards for member communications with the public. Paul Weiss sent an email to an investment advisor, in an effort to have the investment advisor invest or raise funds to purchase the property. The email did not provide a fair and balanced discussion of potential risks arising from the potential investment. It also contained unwarranted and/or promissory claims. Further, in the email, Paul Weiss claimed that investors would receive a particular level of distributions on a monthly basis after the sixth month of the investment. However, according to the offering memorandum that Paul Weiss attached to the email, distributions would only be made from available cash flow. Paul Weiss’ email also contained a projection of the amount of profit participation investors could expect to earn and the total cash return to investors. The investment advisor who received Paul Weiss’ email did not invest himself or obtain any other investments for the purchase of the property.
Goodman & Nekvasil P.A. May Recover Investor Losses
If you lost money on investments with Paul Weiss and believe 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 concerning Paul Weiss’ 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 $180 million on behalf of victimized investors. If you lost money on investments with Paul Weiss 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.
Some of the information in this blog post was obtained on 4/30/2020 directly from FINRA BrokerCheck, without any changes. If you believe this information was reported incorrectly, please contact our firm at 1-800-500-4442.
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