Andrew Bennett Kramer, of Brooklyn, New York, a stockbroker formerly registered with Capital Securities Management, Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate in a FINRA investigation into allegations of Kramer’s wrongdoing referenced in a customer complaint. Letter of Acceptance, Waiver and Consent, No. 20160520920-01 (Apr. 17, 2017).
According to the AWC, FINRA became aware from Capital Securities Management that Kramer was terminated on May 16, 2016. The AWC stated that on December 12, 2016, a letter was sent from FINRA to Kramer, based on Rule 8210, in which Kramer was asked to provide information and documentation in reference to the customer’s complaint. The AWC indicated that Kramer was expected to comply with FINRA by December 26, 2016.
Apparently, on December 21, 2016, Kramer was given additional time to cooperate. Yet, Kramer ultimately failed to provide FINRA with a response by the January 2017 due date. FINRA was later made aware that Kramer would at no point provide information and documentation requested by FINRA. Consequently, Kramer’s conduct was found by FINRA to be violative of FINRA Rules 2010 and 8210.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Kramer has been named in six customer initiated investment related disputes containing allegations of Kramer’s wrongdoing while associated with M.J. Whitman LLC, Northeast Securities, Inc., and Kramer Capital Management. In particular, on May 11, 2015, a customer filed an investment related arbitration claim involving Kramer’s conduct, in which the customer requested $635,000.00 in damages based upon allegations that Kramer breached his contractual and fiduciary obligations to the customer, effected unsuitable transactions in the customer’s account, made misrepresentations to the customer, and committed fraud in reference to exchange traded funds, exchange traded notes and stock transactions effected in the customer’s account.
Further, on December 1, 2016, a customer filed an investment related written complaint regarding Kramer’s activities, where the customer requested $1,000,000.00 in damages based upon allegations that Kramer effected stock and over-the-counter equity transactions in the customer’s account which were not suitable for the customer.
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