Kerri Lynn Wasserman of New York New York a stockbroker and former President of Portfolio Advisors Alliance has been barred by Securities and Exchange Commission (SEC) from being a stockbroker or investment adviser representative or otherwise associating with any securities broker dealer or investment advisory according to an Order based on findings of Wasserman defrauding American Growth Funding II investors. In the Matter of Kerri L. Wasserman Administrative Proceeding File No. 3-19578 (Jan. 10, 2020).
According to the Order, Portfolio Advisors Alliance effected sales of American Growth Funding II LLC. Wasserman was made aware that the offering documents for AGF II contained false information regarding the isfile FINRA Securities Arbitration Claim’s auditing of its financial statements. SEC indicated that Wasserman took no steps to stop Portfolio Advisors Alliance stockbrokers from using false documents.
On May 15, 2019, a jury found Wasserman responsible for the securities broker dealer’s violations of Securities Exchange Act of 1934 Section 10(b) and SEC Rule 10b-5. The jury also found that Wasserman aided and abetted Portfolio Advisors Alliance’s and AGF II’s violations of Securities Act of 1933 Section 17(a), Securities Exchange Act Section 10(b) and Rule 10b-5. An October 1, 2019 judgement that SEC obtained against Wasserman permanently enjoined her from violating federal securities laws. SEC determined that Wasserman should be barred from the securities industry for these circumstances.
Wasserman has been referenced in a customer initiated investment related arbitration claim in which the customer sought $37,761.00 in damages based upon accusations that a fiduciary duty that was owed to the customer had been breached and that a contract was breached as it pertained to stock trades executed by Wasserman or her subordinate stockbrokers at Portfolio Advisors Alliance. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-02805 (Aug. 26, 2020).
According to the claim, the stockbroker was negligent with respect to common and preferred stock transactions. These transactions were allegedly made without authorization from the customer. The claim also alleges that misrepresentations had been made by the stockbroker and that the customer had been defrauded.
Wasserman was registered with Portfolio Advisors Alliance between January 27, 2009 and December 13, 2019.
