Juergen Weber of New York New York a stockbroker formerly registered with Benjamin Jerold Brokerage LLC is the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer was awarded $150,000.00 in compensatory damages based on Weber being found liable on the customer’s claims including the violation of California Elder Abuse Dependent Adult Civil Protection Act. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-02108 (Nov. 20, 2020). The claim alleges breach of fiduciary duty and the violation of FINRA rules regarding the suitability of securities transactions effected in the customer’s Benjamin Jerold account.
This is not the first time that Weber has been subject of a customer dispute regarding allegations against him. FINRA Public Disclosure confirms that another customer filed an investment related complaint involving Weber’s conduct where the customer sought $120,000.00 in damages based upon accusations that the customer was not adequately notified about the trades effected by the stockbroker. According to the claim, mutual fund trades were effected on an excessive basis by Weber while he was registered with Wachovia Securities LLC.
Weber has also been sanctioned on three occasions by securities regulators. He was suspended from associating with any FINRA member in any capacity supported by findings of Weber effecting unauthorized purchases and sales in the accounts of a customer while he was registered with AG Edwards and Wachovia Securities.
According to the AWC, a closed end value fund had been sold and the proceeds were used for the purchase of a closed end mutual fund. Both transactions were unauthorized. The AWC stated that ten additional trades were placed by Weber on an unauthorized basis in the accounts of two customers. There was no written authorization provided to him by the securities broker dealer or customers to warrant his discretionary trading. Weber violated NASD Rules 2510(b) and 2110.
Weber was subsequently denied registration from the State of Virginia Division of Securities and Retail Franchising given his sales practice violations that resulted in FINRA’s suspension of the stockbroker’s registration.
On September 5, 2018, Weber was barred from associating with any FINRA member in any capacity founded on findings that he obstructed a FINRA investigation into accusations of his unauthorized trading and unsuitable recommendations to customers of Benjamin Jerold. Letter of Acceptance Waiver and Consent No. 2017056035501. According to the AWC, Weber did not furnish recorded testimony in response to the allegations of his sales practice violations. His refusal to cooperate with FINRA’s June 12, 2018 request constituted the violation of FINRA Rules 2010 and 8210.
Weber was registered with Benjamin Jerold between August 29, 2011 and July 25, 2018.
