Eric Alan Zakarin of Cranford New Jersey a stockbroker formerly registered with Lombard Securities Corporation has been barred by Financial Industry Regulatory Authority (FINRA) from associating with any FINRA member in any capacity based upon allegations that the stockbroker neglected to provide information to the regulator. FINRA Case No. 2018060108301 (Mar. 2, 2020).
FINRA Public Disclosure reveals that Zakarin was uncooperative beginning in 2019 when the regulator sought information from him. He was initially issued a Notice of Suspension by FINRA on November 26, 2019 and then issued a Suspension from Association letter by FINRA on December 20, 2019. The stockbroker was made aware that he would be barred if he did not request termination of the suspension by March 1, 2020. Zakarin failed to correspond with the regulator by the deadline.
Zakarin has been identified in six customer initiated investment related disputes concerning accusations of his misconduct while employed by securities broker dealers including Shearson Lehman Brothers Inc., Wells Fargo Advisors LLC and Lombard Securities. FINRA Public Disclosure confirms that a customer initiated investment related arbitration claim concerning Zakarin’s activities resulted in the customer being awarded compensatory damages founded on Zakarin and Shearson Lehman Brothers being found liable for breaching a fiduciary duty to the customer. FINRA Arbitration No. AHL-03053.
On June 28, 2016, a customer initiated investment related complaint pertaining to Zakarin’s conduct was settled to resolve allegations that mutual fund shares were purchased in the customer’s account by Zakarin without consent from the customer during the period in which the stockbroker was employed by Wells Fargo Advisors.
Zakarin is also referenced in a customer initiated investment related arbitration claim which was resolved for $125,000.00 in damages based upon accusations that the customer’s account was mismanaged by Zakarin at Lombard Securities. FINRA Arbitration No. 18-03870 (Oct. 25, 2019).
According to the claim, transactions lacked appropriate supervision from the securities broker dealer. The customer was allegedly subject to the stockbroker’s negligence and breach of a fiduciary duty. The claim also alleges that bad mutual fund, stock and bond transactions were effected by Zakarin and that the customer was defrauded.
On April 1, 2015, Zakarin was discharged by Wells Fargo based upon allegations of Zakarin’s failure to provide documentation to the Bureau of Customs and Border Protection in regard to a customer’s foreign currency transaction. On October 10, 2018, Zakarin’s registration was terminated by Lombard Securities founded on accusations that trades were effected by the stockbroker without permission in two of the securities broker dealer customers’ accounts and that unwarranted commissions were charged to customers by Zakarin.
