Lawrence Michael Margolin (also known as Lawrence Maroglin), of Boca Raton, Florida, a stockbroker registered with Ameriprise Financial Services LLC, was the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim that was settled for $14,900.00 in damages based upon alleged gross negligence, fraud, breach of fiduciary duty, unsuitable investment recommendations, and breach of contract in connection with the sale of stocks and variable annuities when Margolin was associated with Oppenheimer Co. Inc. The stockbroker’s activities reportedly occurred from April 1, 2014, to September 30, 2020. FINRA Arbitration No. 20-03979 (Settled May 30, 2023).
This is not the first time that Margolin has been referenced in a customer initiated investment related dispute concerning Margolin’s conduct in the securities industry. FINRA Public Disclosure shows that Margolin is also referenced in a customer initiated investment related complaint filed on January 11, 2005, in which the customer’s attorney alleged that Margolin failed to disclose material facts about an annuity exchanged in July of 2002 during the time that Margolin was associated with Prudential Securities Inc. The complaint was denied.
On October 24, 2005, Margolin was fined $10,000.00 and ordered to cease and desist violating securities laws by Florida Office of Financial Regulation because Margolin engaged in frequent trading in mutual funds resulting in customers paying substantial sales charges.
Margolin has been associated with Ameriprise Financial Services LLC in Boca Raton, Florida since November 22, 2019. Margolin was associated with Oppenheimer Co. Inc. in Boca Raton, Florida from March 21, 2014, to December 2, 2019.
