Philip Stainislav Rabinovich of New York, New York, a stockbroker currently associated with the Dinosaur Financial Group, L.L.C. has been disgorged of $109,695.00, fined $130,000.00, suspended from working as a broker dealer or investment advisor; and ordered by the Securities and Exchange Commission (SEC) to cease and desist violating Securities Act of 1933 Section 5(a), 5(c), and 17(a), as well as Securities and Exchange Act of 1934 Section 10(b). Initial Decision Release No. 745 (Feb. 25, 2015).
The Decision comes after SEC alleged that Rabinovich inappropriately effected several million dollars of private placements while registered with McGinn, Smith & Co., Inc. Case No. 3-15514 (Sept. 23, 2013). Particularly, SEC alleged that the policies by which Rabinovich was governed were not consistent with the offerings’ terms requiring the replacement of existing customers with new customers prior to honoring notes redemptions.
SEC alleged that Rabinovich sold notes that were not registered; conduct violative of Securities Act Sections 5(a) and 5(c). SEC also alleged that Rabinovich failed to adequately conduct due diligence prior to making investment recommendations, and made omissions and misrepresentations in reference to funds and trust offerings; conduct violative of Securities and Exchange Act of 1934 Section 10(b) and SEC Rule 10b-5.
FINRA Public Disclosure confirms that Rabinovich is the subject of a customer initiated investment related arbitration claim, where the customer requested $1,000,000.00 in damages based upon accusations that Rabinovich failed to timely execute the customer’s request to transfer shares, and neglected to execute the customer’s order to sell 78,125 Neurotrope, Inc. shares in a timely manner. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-02952 (Sept. 12, 2017). Apparently, the delay in the facilitation of the transfer and sale of shares led the customer to sustain investment losses.
Since May 27, 1999, Rabinovich has been associated with three different broker dealers, one of which has been expelled by securities regulators for violation of federal securities laws or is otherwise defunct.
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