Bassam S. Salem of Birmingham Michigan a stockbroker formerly registered with Wunderlich Securities Inc. is the subject of a customer initiated investment related arbitration claim that settled for $50,000.00 supported by accusations that between January of 2011 and February of 2017: (1) poor investment recommendations were made to the customer concerning over the counter equities investments (2) trades had been placed in the customer’s account on an excessive basis and (3) fiduciary duties had been breached. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-00392 (Sept. 1, 2017).
FINRA Public Disclosure reveals that Salem is referenced in two more customer initiated investment related disputes pertaining to allegations of Salem’s violative conduct during the time that he was associated with Wunderlich Securities Inc. and UBS Financial Services Inc. In particular, a customer initiated investment related arbitration claim involving Salem’s activities was resolved for $92,500.00 in damages founded on accusations that Salem recommended the customer purchase over-the-counter equities investments that were not suitable given the customer’s tolerance for risk; and caused the customer’s account to be over-concentrated in speculative investments. FINRA Arbitration No. 09-02531 (Apr. 13, 2010).
Subsequently, a customer initiated investment related arbitration claim regarding Salem’s conduct was settled for $165,000.00 in damages supported by allegations of the violation of fiduciary duties owed to the customer; the firm’s failure to supervise Salem’s activities in the customer’s account; unauthorized trades being executed in the customer’s account; and unsuitable unit investment trust, oil & gas, over-the-counter equities and stock products being held in the customer’s investment portfolio. FINRA Arbitration No. 16-01161 (July 26, 2017).
