Alan Zelig Appelbaum a stockbroker formerly registered with Aegis Capital Corp is referenced in a customer initiated investment related FINRA securities arbitration claim where the customer sought $550,000.00 in damages supported by allegations that they had been sold unsuitable structured products when Appelbaum was registered with Aegis Capital Corp. Financial Industry Regulatory Authority (FINRA) Arbitration No. 21-01306 (May 19, 2021).
Appelbaum has been identified in 14 additional customer initiated investment related disputes regarding accusations of his harmful actions while he was employed by securities broker dealers, including Aegis Capital Corp and Herbert J. Sims Co. FINRA Public Disclosure shows that Appelbaum is the subject of a customer initiated investment related written complaint in which the customer requested $500,000.00 in damages based on allegations that they were recommended investments which were not appropriate given their objectives and goals at Herbert J. Sims. The complaint alleges that the customer sustained damages on municipal and corporate debt investments.
Another customer initiated investment related FINRA securities arbitration claim concerning Appelbaum’s activities was resolved for $25,000.00 in damages founded upon accusations that FINRA and NASD rules had been violated in reference to private placement and high-yield bond transactions involving Appelbaum when Herbert J. Sims employed him. According to the claim, Herbert J. Sims failed to supervise, resulting in the customer being defrauded. The claim also alleges breach of contract and breach of fiduciary duty by Appelbaum.
Appelbaum is referenced in a different customer initiated investment related FINRA securities arbitration claim which was settled for $20,000.00 in damages supported by allegations that the customer was placed into bad proprietary investments and structured products because of Appelbaum. FINRA Arbitration No. 15-03085 (December 7, 2016). The claim alleges that the customer was not invested in a conservative and low-risk investment strategy.
On November 30, 2018, another customer filed an investment related complaint concerning Appelbaum’s conduct. They sought $1,800,000.00 in damages based on accusations of Appelbaum’s unsuitable recommendations of corporate bonds between July of 2015 and August of 2018 during the time that he was registered with Aegis Capital Corp.
A different customer initiated investment related FINRA securities arbitration claim involving Appelbaum’s activities was resolved for $35,000.00 in damages founded upon allegations that the customer’s account was churned, and transactions were not suitable for their Herbert J. Sims account. FINRA Arbitration No. 19-00947 (August 10, 2020).
Appelbaum is the subject of a customer initiated investment related FINRA securities arbitration claim which was settled for $1,650,000.00 in damages supported by accusations of unauthorized structured product transactions by Appelbaum when he was associated with Aegis Capital Corp. FINRA Arbitration No. 19-02773 (January 27, 2021). According to the claim, Appelbaum engaged in unsuitable trading between July of 2015 to September of 2019.
Appelbaum was registered with Aegis Capital Corp between July 8, 2015, and May 10, 2021. Aegis Capital Corp permitted him to resign based on allegations of Appelbaum exercising discretion in customer accounts without having authorization. He was also accused of failing to comply with the securities broker dealer’s procedures.
