Shaun Paul Golden, of New York, a director of Golden Wealth Management, Inc., has been permanently barred in all securities registration capacities and subject of cease and desist sanctions imposed by Florida’s Office of Financial Regulation pursuant to an Order containing findings that Golden applied for securities registration in the State of Florida by making falsified statements, and had already been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity for failing to cooperate in a FINRA investigation. Case No. 68851-S (Feb. 8, 2017).
FINRA Public Disclosure reveals that Golden was barred by FINRA on December 1, 2011, founded upon allegations that he obstructed a FINRA investigation into allegations of his faulty business activities by failing to provide documentation and information to FINRA staff upon request. Letter of Acceptance, Waiver and Consent, No. 2010025157701 (Dec. 1, 2011). FINRA found that Golden’s conduct in that regard was violative of FINRA Rules 2010 and 8210.
Moreover, Golden has been identified in twelve additional customer initiated investment related disputes containing allegations of his misconduct while employed with Next Financial Group, Inc., and Merrill Lynch, Pierce, Fenner & Smith Inc. Particularly, on February 21, 2001, a customer initiated investment related written complaint involving his conduct was settled for $6,000.00 in damages based upon allegations that he effected unauthorized options trades in the customer’s account.
Subsequently, on March 31, 2003, a customer initiated investment related written complaint regarding Golden’s activities was resolved for $24,000.00 in damages based upon allegations that Golden failed to abide by the customer’s instructions as it pertained to mutual fund transactions effected in the customer’s account. Moreover, on February 28, 2006, a customer initiated investment related arbitration claim involving Golden’s conduct was settled for $1,150,000.00 in damages supported by allegations that Golden effected unsuitable stock transactions in the customer’s account and utilized the customer’s margin without authorization.
Additionally, on June 20, 2013, a customer initiated investment related arbitration claim regarding Golden’s activities was resolved for $125,000.00 in damages, wherein the customer’s claim was founded upon allegations against Golden of committing violations of FINRA rules, misrepresentation, negligence, breach of fiduciary and contractual obligations, and suitability. The customer also alleged that Golden made unsuitable investment recommendations concerning real estate investment trusts and oil & gas investments.
Furthermore, on March 1, 2013, a customer filed an investment related arbitration claim regarding Golden’s activities, wherein the customer requested $250,000.00 in damages based upon allegations that Golden negligently handled the customer’s account, breached his fiduciary obligations, made misrepresentations to the customer, churned the customer’s investment portfolio and effected unsuitable variable annuity transactions. On October 16, 2015, another customer filed an investment related written complaint involving Golden’s conduct, in which the customer sought $10,000.00 in damages based upon allegations against Golden of making unsuitable investment recommendations.
Since June 30, 1995, Golden has been associated with seven different broker dealers, three of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct.
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