Frank Hamrak, of New York, New York, a stockbroker currently registered with Beech Hill Securities, Inc., has been named in a customer initiated investment related written complaint on November 21, 2016, in which the customer requested $185,000.00 in damages based upon allegations that from March 20, 2014, to November 9, 2016, Hamrak effected unsuitable transactions in the customer’s account.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Hamrak has been named in four additional customer initiated investment related disputes regarding allegations of Hamrak’s misconduct while employed with Beech Hill Securities, Shearson Lehman Brothers, and Salomon Smith Barney. Specifically, on November 1, 1993, a customer initiated investment related arbitration claim involving Hamrak’s conduct was settled for $40,000.00 in damages based upon allegations that Hamrak effected unsuitable transactions in the customer’s account.
Subsequently, on February 23, 2004, a customer was awarded $24,056.00 in damages according to an investment related arbitration claim regarding Hamrak’s activities, based upon allegations that Hamrak breached his contractual and fiduciary duties, effected unauthorized equity trades in the customer’s account, and ultimately defrauded the customer. The customer additionally alleged that Salomon Smith Barney failed to supervise Hamrak’s activities.
On March 10, 2016, a customer initiated investment related written complaint involving Hamrak’s conduct was settled for $40,000.00 in damages based upon allegations that Hamrak effected exchange traded fund transactions in the customer’s account that were not suitable, wherein Hamrak was responsible for the customer’s investment losses.
Further, on May 24, 2016, a customer filed an investment related arbitration claim regarding Hamrak’s activities in which the customer requested $750,000.00 in damages based upon allegations that Hamrak negligently handled the customer’s investment portfolio, breached his fiduciary and contractual duties to the customer, and effected exchange traded fund transactions in the customer’s account which were not suitable.
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