Robert Silverman – Financial Advisor/Broker Robert Silverman Suspended from the Securities Industry | Goodman & Nekvasil, P.A. May Recover Investor Losses
Robert Silverman CRD #4582993
Robert Silverman was a previously licensed financial advisor/broker with Cetera Financial Specialists LLC. FINRA reports that Robert Silverman was fined $10,000 and suspended from the securities industry for four months in June 2020.
According to the FINRA Allegations:
Robert Silverman consented to the sanctions and to the entry of findings that Robert Silverman effected transactions in a customer’s accounts based on instructions given to Robert Silverman by the customer’s son-in-law, who was not authorized to direct transactions in the accounts. The findings stated that Robert Silverman effectuated withdrawals from the customer’s accounts at the son-in-law’s instruction without receiving customer authorization. Robert Silverman also facilitated the son-in-law’s own direct withdrawals from the customer’s accounts by providing Robert Silverman the withdrawal request form. Each withdrawal request caused sales of securities in the customer’s accounts in order to fund the withdrawal. Robert Silverman effectuated or facilitated unauthorized withdrawal requests totaling $228,679. The findings also stated that Robert Silverman used an email account that was not disclosed to or approved by his member firm to communicate with the son-in-law regarding the customer. The communications included the son-in-law’s instructions to Robert Silverman to withdraw funds from the customer’s accounts. The firm was unaware of the electronic communications Robert Silverman sent or received regarding the customer’s account, and thus did not retain this communication.
According to Robert Silverman’s BrokerCheck Report, Robert Silverman was discharged from Cetera Financial Specialists LLC in July 2019. Robert Silverman allegedly violated the Firm’s policy by accepting account instructions, including withdrawal requests, form a non-client individual without written authority from the client.
According to Robert Silverman’s BrokerCheck Report, one customer dispute has been filed alleging sales practice violations against Robert Silverman.
Customer Dispute (9/24/2019): Client alleges that Robert Silverman failed to perform his fiduciary duty by accepting withdrawal paperwork from the client’s son-in-law, purportedly with her signature and on her behalf for deposit to a bank account in her name, which she had not signed. This customer dispute is currently pending and seeks $229,669.87 in damages.
Goodman & Nekvasil P.A. May Recover Investor Losses
If you lost money on investments with Robert Silverman 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 Robert Silverman’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 $180 million on behalf of victimized investors. If you lost money on investments with Robert Silverman 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 6/9/2020 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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