Rafael Golan of Delray Beach Florida a president and chief compliance officer currently employed by Crystal Bay Securities Inc. is referenced in a Financial Industry Regulatory Authority (FINRA) investigation launched on November 30, 2017 pertaining to allegations that Golan committed violations of FINRA rules and federal securities laws.
FINRA Public Disclosure reveals that Golan potentially defrauded customers in violation of Securities Act of 1934 Section 10(b), Securities Exchange Commission (SEC) Rule 10b-5, Securities Act of 1933, as well as FINRA Rules 2010 and 2010. Golan is also alleged to have possibly violated: FINRA Rules 2010 and 2111 for making unsuitable investment recommendations to customers; FINRA Rule 2010 for converting customer funds; FINRA Rules 2010 and 8210 for falsifying testimony in a FINRA investigation and failing to provide FINRA personnel with documentation; and FINRA Rule 2010 for failing to abide by customers’ instructions.
This is not the first time that Golan has been investigated by a securities regulator for misconduct. In particular, on June 26, 2017, Golan was referenced in a New Jersey Bureau of Securities investigation in which Golan’s activities were reviewed for sales practice violations relating to alternative investment sales. Golan is also subject of a State of Ohio Department of Commerce investigation into a customer’s accusations of Golan’s misconduct.
FINRA Public Disclosure additionally confirms that Golan has been identified in seven customer initiated investment related disputes containing allegations of his misconduct during the time that he was registered with Sentra Securities Corporation, Independent Financial Group, LLC, AIG Advisors, RSG Capital Corp, Crystal Bay Securities, Inc. and Prime Capital Servcies, Inc. Specifically, on June 6, 2003, a customer filed an investment related complaint involving Golan’s conduct in which the customer sought $7,000.00 in damages based upon accusations that the customer’s mutual fund portfolio was mismanaged.
Golan then became subject of a customer initiated investment related civil action where the customer obtained a $240,000.00 judgment based upon Golan having been found liable on the customer’s claim of breach of fiduciary duty concerning an equity indexed annuity. Civil Action No. 502007CA0004760 (Aug. 31, 2010). Thereafter, a customer initiated investment related arbitration claim involving Golan’s activities was resolved for $125,000.00 in damages founded on allegations including breach of fiduciary duty, negligence, suitability and violation of state law concerning real estate investment trust and annuity transactions. FINRA Arbitration No. 13-02031 (May 16, 2014).
Moreover, a customer filed an investment related civil action involving Golan’s activities in which the customer requested $171,686.00 in damages supported by accusations that the customer’s account was handled in a negligent fashion; the customer’s funds had been converted; and fiduciary duties had been breached concerning the customer’s real estate investment trust holdings. Civil Action No. 502016CA005299XXXXMB (May 17, 2016). Then, a customer brought an investment related arbitration claim concerning Golan’s conduct alleging negligence, breach of fiduciary duty and suitability pertaining to the customer’s fixed annuity investments. FINRA Arbitration No. 16-03742 (June 14, 2016).
On June 20, 2017, another customer filed an investment related complaint regarding Golan’s conduct where the customer requested unspecified damages based upon allegations that between March 15, 2017 and June 20, 2017, the customer was not provided information concerning the terms and conditions of her variable annuity investment.
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