Michael B. Stern, of Boca Raton, Florida, a stockbroker formerly registered with Herbert J. Sims & Co. Inc., has been named in a customer initiated investment related arbitration claim on May 18, 2016, in which the customer requested $50,000.00 in damages based upon allegations that Stern made unsuitable investment recommendations, breached his fiduciary duty, and made misrepresentations to the customer concerning investment products.
FINRA Public Disclosure reveals that Stern has been previously named in eight customer initiated investment related arbitration claims. Specifically, on June 17, 2001, Stern resolved a customer initiated investment related arbitration claim for $150,000.00 in damages based upon allegations against Stern of breaching his fiduciary duty, effecting unsuitable trades in the customer’s account, misrepresenting investment products to the customer, and committing fraud.
On October 3, 2007, Stern settled two customer initiated investment related arbitration claims for $12,000.00 in damages in the aggregate based upon allegations that Stern misrepresented a private placement investment to the customer. Additionally, on October 3, 2007, Stern resolved a third customer initiated investment related arbitration claim for $8,000.00 in damages based upon allegations that he misrepresented an investment in an initial public offering, breached his fiduciary duty to the customer, and effected an unsuitable investment transaction in the customer’s account.
On October 3, 2013, Stern settled a customer initiated investment related arbitration claim for $17,500.00 in damages based upon allegations that Stern breached his fiduciary duty, effected unsuitable investment transactions, made misrepresentations to the customer, and committed fraud. On September 2, 2014, Stern settled a customer initiated investment related arbitration claim for $6,500.00 in damages based upon allegations that Stern breached his fiduciary duty and made unsuitable investment recommendations.
On June 22, 2015, Stern settled a customer initiated investment related arbitration claim for $70,350.00 in damages based upon allegations customers that Stern was negligent, breached his contractual and fiduciary obligations to the customers, and negligently supervised the customers’ accounts.
Since 1992, Stern has been associated with eight different broker dealers, three of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct.
Since January 2016, Stern has not been associated with any member in any capacity.
Guiliano Law Group
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