Charles Lewis Bloom, of Royal Palm Beach, Florida, a stockbroker formerly registered with Chelsea Financial Services and International Assets Advisory, is identified in a customer initiated investment related FINRA arbitration claim which was settled for $40,000.00 in damages based upon allegations that the customer was defrauded by investing in direct investments including direct participation programs and limited partnerships during the time that Bloom was registered with Chelsea Financial Services and International Assets Advisory. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-00771 (September 2, 2021). The claim alleges negligent supervision and breach of fiduciary duty in regard to these alternative investment transactions.
Bloom has been identified in two additional customer initiated investment related disputes regarding accusations of his wrongdoing while he was employed by securities broker dealers. FINRA Public Disclosure shows that a customer initiated investment related arbitration claim concerning Bloom’s conduct was resolved for $50,000.00 in damages founded on allegations of the customer sustaining losses on over-the-counter equities because of Bloom’s discretionary trading at 1st Discount Brokerage Inc.
On October 25, 2021, a different customer filed an investment related arbitration claim regarding Bloom’s activities where the customer sought $75,000.00 in damages supported by accusations of negligence and unsuitable recommendations concerning the customer’s direct participation program interests and limited partnership interests. FINRA Arbitration No. 21-02652. The claim also contains allegations of breach of fiduciary duty resulting in damages to the IAA Financial customer.
Bloom has been barred from associating with any FINRA member in any capacity based upon findings that he hindered an investigation into accusations of his unsuitable trading. Letter of Acceptance, Waiver, and Consent No. 2017056067501 (July 17, 2018). According to the AWC, Bloom was investigated for purportedly making an unsuitable pattern of trades in three customer accounts. Bloom was asked by FINRA to testify regarding his activities. Bloom informed the regulator that he received its request but would not comply with the investigation at any point. FINRA found that Bloom violated Rules 2010 and 8210 because of this.
Bloom’s registration with Chelsea Financial Services was terminated on July 5, 2018.
