Arthur Stewart Hoffman (also known as Art Hoffman) of Glendale Arizona a stockbroker formerly registered with Ameriprise Financial Services is referenced in a customer initiated investment related FINRA securities arbitration claim in which the customer requested $358,183.00 in damages founded upon accusations of them being placed into Zima Digital Assets because of Hoffman’s unsuitable investment recommendations at Ameriprise Financial Services. Financial Industry Regulatory Authority (FINRA) Arbitration No. 21-00998 (April 15, 2021).
FINRA Public Disclosure shows that Hoffman has been identified in two additional customer initiated investment related disputes containing allegations of his sales practice violations. On October 25, 2018, a customer initiated investment related FINRA securities arbitration claim regarding Hoffman’s conduct was resolved for $329,500.00 in damages supported by accusations of negligence and breach of fiduciary duty by Hoffman as it pertained to leveraged exchange traded fund transactions when he was registered with Wedbush Securities Inc. FINRA Arbitration No. 16-02367. The claim alleges misrepresentation and negligent supervision at Wedbush Securities. Accusations also include fraudulent concealment, fraud in the provision of investment advisory services, and violation of Arizona securities fraud laws.
Hoffman is also the subject of a customer initiated investment related FINRA securities arbitration claim where the customer sought $172,688.03 in damages based on allegations of a fraudulent Ponzi scheme relating to Zima Global Ventures LLC (also known as Zima Digital Assets) when Hoffman was associated with Ameriprise Financial Services. FINRA Arbitration No. 20-01955. The claim alleges that Hoffman advised the customer to invest in Zima, resulting in damages.
Hoffman has been barred from associating with any FINRA member in any capacity founded upon findings that he refused to cooperate with FINRA’s requests for his information and documents during the period that he was under investigation for allegedly selling away and engaging in undisclosed outside business activities. Letter of Acceptance Waiver and Consent No. 2020066342101 (May 13, 2020).
According to the AWC, Hoffman was investigated based on being suspended by Ameriprise Financial Services, who alleged that he violated its policies relating to outside business activities and selling away. The investigation led to FINRA asking Hoffman for documents and information on April 24, 2020. The stockbroker’s legal counsel phoned FINRA on May 4, 2020, to relay that Hoffman would not cooperate with the investigation. The stockbroker acknowledged receiving FINRA’s request and that he would not hand over any documents and information. Hoffman violated FINRA Rules 2010 and 8210.
Hoffman was registered with Ameriprise Financial Services between November 18, 2016, and May 13, 2020.
