Larry Charles Wolfe of Boca Raton Florida a stockbroker formerly registered with Herbert J. Sims Co. Inc. (also known as HJ Simms) was named in a customer initiated investment related arbitration claim in which he was ordered by a Financial Industry Regulatory Authority (FINRA) Arbitration Panel to pay $480,000.00 in compensatory damages to a customer based upon being found liable on the customer’s claims including (1) exploitation of an elderly person (2) violation of Florida law (3) breach of contract (4) breach of fiduciary duty (5) negligence and (6) fraud is related to bonds that had been purchased or sold for the customer’s account when Wolfe was registered with Herbert J. Sims Co. FINRA Arbitration No. 16-01153 (Apr. 15, 2019).
FINRA Public Disclosure reveals that Wolfe is referenced in eight additional customer initiated investment related disputes concerning accusations of his misconduct when he was employed by Herbert J. Sims Co. Inc., Shearson Lehman Brothers Inc., The GMS Group LLC and Gruntal Co. Specifically, a customer field an investment related arbitration claim regarding Wolfe’s conduct where the customer requested $400,000.00 in damages supported by allegations of bad investment recommendations being made by Wolfe; false or misleading statements concerning fixed income investments; trades placed without authorization; and Herbert J. Simms’ failure to supervise the transactions placed in the customer’s account. FINRA Arbitration No. 17-00435 (Feb. 21, 2017).
Another customer filed an investment related arbitration claim involving Wolfe’s activities in which the customer sought $100,000.00 in damages founded on accusations that bad advice was provided to the customer; trades were placed without the customer’s permission; false or misleading statements had been made about the terms and conditions or performance of investments; and transactions lacked Herbert J. Simms’ supervision. FINRA Arbitration No. 17-03300 (Feb. 6, 2018). Wolfe is also subject of a customer initiated investment related arbitration claim where the customer requested $200,000.00 in damages based upon allegations that contractual obligations and fiduciary duties had been violated; the customer’s account was mismanaged and lacked supervision; and the customer was defrauded as it pertained to sub investment grade bonds and structured notes which had been sold to the customer. FINRA Arbitration No. 18-01510 (Apr. 25, 2018).
On June 6, 2018, another customer filed an investment related complaint involving Wolfe’s conduct in which the customer sought unspecified damages supported by accusations that between 2004 and 2016, structured notes trades had been executed without the customer’s consent. In addition, Wolfe is the subject of a customer initiated investment related arbitration claim that was resolved for $45,000.00 in damages founded on allegations that misrepresentations were made to the customer in regard to fixed income investments; trades failed to be suitable; transactions were effected in the customer’s account without authorization; and the customer’s investment portfolio was churned. FINRA Arbitration No. 16-02613 (Nov. 1, 2018).
On April 1, 2019, another customer filed an investment related arbitration claim concerning Wolfe’s activities where the customer requested more than $260,000.00 in damages based upon accusations that structured products notes and corporate debt investments were unsuitable for the customer; and unauthorized trades were executed in the customer’s account. FINRA Arbitration No. 19-00824 (Apr. 1, 2019).
FINRA Public Disclosure confirms that Wolfe has been barred from associating with any FINRA member in any capacity supported by allegations that he failed to respond to FINRA’s request for information about his business activities. Case No. 2017052731901 (Feb. 5, 2018). Wolfe was initially suspended by FINRA but failed to seek the termination of that suspension by the deadline imposed.
