Frank Hamrak of New York New York a stockbroker formerly registered with Beech Hill Securities Inc. and Beech Hill Advisors Inc. is referenced in a customer initiated investment related arbitration claim where the customer sought $195,271.67 in damages supported by allegations that (1) fiduciary duties owed to the customer had been breached (2) contract obligations had been violated (3) the customer’s account was handled in a negligent manner (4) the firm failed to supervise Hamrak’s equity trading and (5) equities were not appropriate for the customer given the customer’s financial profile and tolerance for taking risk. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-02007 (June 12, 2018).
FINRA Public Disclosure confirms that Hamrak has been identified in five more customer initiated investment related disputes containing accusations of his violative conduct while employed with Beech Hill and Smith Barney. In particular, on March 10, 2016, a customer initiated investment related complaint involving Hamrak’s activities was resolved for $40,000.00 in damages founded on allegations that the customer was inappropriately placed into a speculative investment strategy by Hamrak when the customer requested that his managed account be invested on a conservative basis.
On February 1, 2017, another customer initiated investment related claim concerning Hamrak’s conduct was settled for $127,000.00 in damages based upon accusations that the trades effected in the customer’s account between March of 2014 and November of 2016 were not suitable for the customer. Then, a customer initiated investment related arbitration claim regarding Hamrak’s activities was resolved for $310,000.00 in damages supported by allegations that between January of 2011 and January of 2018, fiduciary and contractual obligations to the customer had been violated; and bad exchange traded funds were held in the customer’s investment account. FINRA Arbitration No. 16-01356 (May 4, 2017).
Hamrak’s registration with Beech Hill Securities Inc. has been terminated as of June 14, 2010.
