Michael Barry Stern of Boca Raton Florida is a stockbroker formerly registered with Herbert J. Sims and Co. Inc. who is the subject of a customer initiated investment related arbitration claim that settled for $4,000.00 in damages supported by accusations of failure to supervise, breach of contract, misrepresentation, and fraud pertaining to the customer’s structured products investments. Financial Industry Regulatory Authority (FINRA) Arbitration No. 16-03400 (Jan. 17, 2018).
FINRA Public Disclosure reveals that Stern has been identified in nine additional customer initiated investment related disputes that pertain to accusations of his misconduct while employed with Herbert J. Sims & Co. Inc., Newbridge Securities Corporation, Ladenburg Thalmann & Co. Inc., and JWGenesis Securities. Specifically, a customer initiated investment related arbitration claim involving Stern’s conduct was settled for $150,000.00 in damages based upon allegations that Stern effected unsuitable transactions in the customer’s account, committed fraud, made misrepresentations to the customer, breached his fiduciary duties and negligently serviced the customer’s over-the-counter equities account. National Association of Securities Dealers (NASD) Arbitration No. 01-04655 (Jan. 2, 2003).
On April 2, 2008, three customer initiated investment related written complaints involving Stern’s conduct were settled for a total of $20,000.00 in damages founded on accusations of misrepresentation relating to the customers’ private placement investments. Thereafter, a customer initiated investment related arbitration claim regarding Stern’s activities was resolved for $17,500.00 in damages supported by allegations of negligent supervision, breach of fiduciary duty, suitability, misrepresentation and fraud concerning corporate debt transactions placed in the customer’s account. FINRA Arbitration No. 13-02782 (Oct. 20, 2014).
Further, a customer initiated investment related arbitration claim involving Stern’s conduct was settled for $15,000.00 in damages based upon accusations that Stern made misrepresentations and unsuitable investment recommendations to the customer concerning the customer’s investments in unit investment trust, mutual fund, stock, over-the-counter equity and corporate debt products. FINRA Arbitration No. 13-02048 (Feb. 25, 2015). The customer also claimed that Newbridge Securities breached its fiduciary duties to the customer and failed to supervise the activities that transpired in the customer’s account.
Moreover, a customer initiated investment related arbitration claim pertaining to Stern’s activities was resolved for $6,500.00 in damages founded on allegations that real estate investment trust, penny stock and corporate debt transactions were executed in the customer’s account that were not suitable for the customer. FINRA Arbitration No. 14-02647 (Feb. 17, 2015). Afterward, a customer initiated investment related arbitration claim concerning Stern’s conduct was settled for $70,350.00 in damages supported by accusations including negligent supervision, breach of contract, breach of fiduciary duty and negligence in the handling of the customer’s investments in real estate investment trusts, options, mutual funds, over-the-counter equities as well as municipal and corporate debt investments. FINRA Arbitration No. 15-01400 (Aug. 15, 2016).
Even further, a customer initiated investment related arbitration claim pertaining to Stern’s conduct was settled for $6,500.00 in damages based upon allegations of breach of fiduciary duty, misrepresentation and fraud relating to corporate debt transactions placed in the customer’s account between 2013 and 2016. FINRA Arbitration No. 16-01384 (Mar. 10, 2017).
Stern’s registration with Herbert J. Sims & Co. Inc. was terminated on January 27, 2016. Since October 16, 1992, Stern has been associated with seven different broker dealers, two of which are defunct or have otherwise been expelled by securities regulators for violation of federal securities laws.
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