Charles Lewis Bloom of Royal Palm Beach Florida a stockbroker formerly registered with Chelsea Financial Services has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he refused to comply with FINRA’s requests for his testimony in the course of a FINRA investigation into accusations of Bloom’s unsuitable trading. Letter of Acceptance Waiver and Consent No. 2017056067501 (July 17, 2018).
According to the AWC, FINRA launched an investigation in October of 2017 concerning allegations that Bloom executed inappropriate trades in the accounts of three Chelsea Financial Services customers. Evidently, Bloom was sent a request from FINRA on June 21, 2018, which called upon Bloom to provide recorded testimony regarding his trading activities.
The AWC revealed that Bloom spoke with FINRA personnel on July 3, 2018, where he confirmed to have received FINRA’s request but declined to testify in FINRA’s investigation into his alleged misconduct. FINRA found Bloom’s failure to cooperate in its investigation to be violative of FINRA Rules 2010 and 8210. He was barred by FINRA as a consequence.
This is not the first time that Bloom has been subject of a regulatory action concerning his misconduct in the securities industry. Particularly, he has been fined $5,000.00 and suspended from associating with any FINRA member in any capacity based upon Bloom’s consent to findings that he attempted to settle a customer’s complaint away from the firm. Letter of Acceptance Waiver and Consent No. 2006007507001 (July 14, 2008). According to the AWC, Bloom consented to paying $33,000.00 to a customer, RL, after RL complained about Bloom having been responsible for RL’s poor investment performance while Bloom was associated with 1st Discount Brokerage, Inc. Bloom pursued a resolution of RL’s complaint while concealing his activities from the firm; conduct FINRA found to be violative of National Association of Securities Dealers (NASD) Rule 2110.
Moreover, Florida Office of Financial Regulation fined Bloom $5,000.00, suspended his registration and ordered him to cease and desist committing infractions of Florida Statutes Chapter 517 according to a Stipulation and Consent Agreement containing findings that while Bloom was associated with U.S. Brokerage Inc., he violated his registration agreement dated March 2008 as well as Florida Statutes Chapter 517. Case No. 0400-S-9/08 (Feb. 6, 2009).
FINRA Public Disclosure confirms that Bloom is referenced in two more customer initiated investment related disputes pertaining to accusations of Bloom’s violative conduct during the period that he had been employed with 1st Discount Brokerage, Inc. and International Assets Advisory. Specifically, a customer initiated investment related arbitration claim regarding Bloom’s conduct was settled for $50,000.00 in damages based upon allegations that Bloom actively traded in the customer’s over-the-counter equities portfolio resulting in the customer incurring substantial investment losses. NASD Arbitration No. 06-04783 (Aug. 27, 2007).
Subsequently, a customer filed an investment related arbitration claim concerning Bloom’s activities in which the customer sought $99,326.84 in damages founded on accusations that misrepresentations had been made to the customer, and the customer was poorly advised with respect to a real estate investment trust purchase effected in the customer’s account. FINRA Arbitration No. 18-00771 (Mar. 6, 2018).
Bloom was terminated from 1st Discount Brokerage supported by allegations that he executed a day-trading strategy in a customer’s account without authorization. His registration with Chelsea Financial Services was terminated on July 5, 2018.
The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us. Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts. All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source.
This posting and the information on our website is for general information purposes only. This content should be not considered legal advice, and any responses, comments, e-mails, other communications do not form any attorney client relationship. Attorney Advertisement. See Important Disclaimer
Guiliano Law Group
Our practice is limited to the representation of investors. Over the last three decades, we have recovered tens of millions of dollars for more than 1,000 injured investors from all over the United States and from all over the World. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a confidential consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.
For more information concerning common claims against stockbrokers and investment professionals, please visit us at securitiesarbitrations.com
To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com
