Steven Joel Shmulewitz, of Garden City, New York, a stockbroker with Craft Capital Management LLC, has been named in a customer initiated investment related complaint, which settled for December 21, 2016 for $30,000.00 in damages. The customer’s complaint was based upon allegations that Shmulewitz failed to execute the customer’s October 2016 stop loss orders pertaining to equity investments.
FINRA Public Disclosure reveals that Shmulewitz has been named in nine additional customer initiated investment related disputes regarding allegations of Shmulewitz’s misconduct while employed with Woodstock Financial Group, Inc., Raike Financial Group, Inc., and Monroe Parker Securities Inc. Specifically, on January 17, 1997, a customer initiated investment related arbitration claim involving Shmulewitz’s conduct was settled for $32,500.00 in damages based upon allegations that Shmulewitz effected unsuitable investments in the customer’s account, breached his fiduciary duty, and made misrepresentations to the customer pertaining to over-the-counter equities.
Subsequently, on January 27, 1998, another customer initiated investment related complaint regarding Shmulewitz’s actions was settled for $27,000.00 in damages based upon allegations that Shmulewitz misrepresented over-the-counter equities and effected unsuitable equity transactions in the customer’s investment account. On November 24, 2000, another customer initiated investment related arbitration claim was resolved for $16,500.00 in damages based upon allegations that Shmulewitz made fraudulent misrepresentations to the customer concerning equity investments.
Further, on June 13, 2002, a customer initiated investment related complaint concerning Shmulewitz’s actions was resolved for $5,000.00 in damages based upon allegations that Shmulewitz utilized high pressure sales tactics with the customer concerning investments in preferred and common stock. Additionally, on September 14, 2006, a customer initiated investment related complaint involving Shmulewitz’s conduct was settled for $3,100.00 in damages based upon allegations that Shmulewitz failed to follow the customer’s stop loss instructions concerning Jones Apperal Group Inc. stock, causing the customer to sustain investment losses.
On January 19, 2016, another customer initiated investment related arbitration claim concerning Shmulewitz’s activities was resolved for $129,000.00 in damages based upon allegations that Shmulewitz effected equity trades in the customer’s investment account without authorization, and churned the customer’s account. On the same day, a second customer initiated investment related arbitration claim regarding Shmulewitz’s conduct was settled for $125,000.00 in damages based upon allegations against Shmulewitz including conversion, breach of fiduciary duty, breach of contract, misrepresentations and omissions, excessive trading, unsuitability, and fraud.
On June 15, 2015, a customer initiated investment related complaint involving Shmulewitz was settled for $20,000.00 in damages based upon allegations that Shmulewitz charged the customer with excessive commissions, made misrepresentations concerning equities, and mishandled the customer’s account. Further, on June 13, 2016, a customer initiated investment related complaint regarding Shmulewitz’s activities was settled for $52,800.00 in damages based upon allegations that between 2011 and 2014, Shmulewitz utilized margin in the customer’s account without authorization.
Since 1994, Shmulewitz has been associated with five different broker dealers, four of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct. #cockroach
Guiliano Law Group
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