Benjamin Glasser Aibel of New York New York a stockbroker formerly employed by Wunderlich Securities Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by accusations that Aibel failed to cooperate with a request from FINRA for his information. Case No. 2016052510801 (Mar. 15, 2018).
According to FINRA Public Disclosure, Aibel was initially suspended by FINRA for failing to cooperate with its inquiry in regards to his activities potentially referenced in customer disputes. Particularly, Aibel was issued a Notice of Suspension from FINRA on December 12, 2017, and then issued a Suspension from Association letter from the regulator on January 5, 2018. FINRA reportedly warned Aibel that his failure to formally seek the termination of his suspension could result in further sanctions up to and including a bar from the securities industry. Apparently, Aibel failed to correspond with the regulator to resolve the suspension so he was barred March 15, 2018.
FINRA Public Disclosure reveals that Aibel has been identified in six customer initiated investment related disputes pertaining to allegations of his misconduct during the time that he was employed by Wunderlich Securities Inc. and Salomon Smith Barney Inc. Particularly, a customer initiated investment related complaint concerning Aibel’s conduct was settled for $82,500.00 in damages founded on accusations that while Aibel was associated with Salomon Smith Barney, the customer’s assets were placed into inappropriate investments, and the customer’s equity positions had been churned causing the customer losses.
Thereafter, three customer initiated investment related complaints involving Aibel’s conduct were resolved for a total of $162,440.00 in damages based upon allegations that when Aibel was employed by Salomon Smith Barney Inc., false or misleading statements had been made to the customers concerning a corporate debt investment held in their accounts. Further, a customer filed an investment related complaint regarding Aibel’s activities in which the customer requested damages estimated to exceed $5,000.00 supported by accusations that Aibel failed to follow the customer’s investment instructions; and Aibel executed bad stock and over-the-counter equities trades for the customer’s account between 2014 and 2015.
Moreover, a customer initiated investment related arbitration claim concerning Aibel’s activities was settled for $157,500.00 in damages founded on allegations that between December of 2012 and July of 2015, while Aibel was employed by Wunderlich Securities Inc., the customer’s account was administered negligently; fiduciary duties were violated; and stock and over-the-counter equities trades were effected in the customer’s investment account on an unauthorized and unsuitable basis. FINRA Arbitration No. 15-02698 (Oct. 7, 2016).
Aibel, whose CRD No. is 1994, meaning that he was the 1994th stockbroker to become registered with CRD in 1968, was terminated by Wunderlich Securities Inc. on December 7, 2015.
