Marc Neil Kalter of New York New York a stockbroker formerly registered with Dawson James Securities Inc. has been discharged by the firm on July 20, 2018 based upon allegations that (1) Kalter solicited investment transactions from investors residing in states in which Kalter was not registered as a securities person and (2) Kalter utilized unauthorized correspondence channels in communicating with customers of the firm.
As a general matter, broker-dealers are strictly liable for the activities of unregistered persons under state blue sky laws.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Kalter has been identified in five customer initiated investment related disputes containing accusations of Kalter’s misconduct while employed with Dawson James and Woodstock Financial Group. Particularly, on March 18, 2013, a customer initiated investment related complaint regarding Kalter’s activities was resolved for $46,500.00 in damages founded on allegations that stock purchases were effected in the customer’s investment account without Kalter having secured the customer’s authorization; and unsuitable over-the-counter equities and options recommendations had been made by Kalter.
Subsequently, on November 7, 2014, a customer filed an investment related complaint involving Kalter’s conduct where the customer requested $396,148.00 in damages supported by accusations that unauthorized over-the-counter equities trades were executed in the customer’s account; misrepresentations had been made to the customer; fiduciary obligations had been breached; the customer’s account was mismanaged; trades had been excessively effected in the customer’s account; the customer’s investment portfolio was churned; and the customer had been defrauded.
On February 19, 2015, another customer filed an investment related complaint concerning Kalter’s activities in which the customer sought $227,632.90 in damages based upon allegations including fraud; breach of fiduciary duty; excessive commissions; unsuitable over-the-counter equities; unauthorized exchange traded fund trades; and churning of the customer’s investment portfolio.
Subsequently, on May 18, 2018, a customer filed an investment related complaint involving Kalter’s conduct where the customer requested $11,400.00 in damages founded on accusations that the customer’s private placement investment was not appropriate given the customer’s status as a non-accredited investor and the customer’s tolerance for risk or objectives for investing.
Since January 24, 1990, Kalter has been associated with eight different broker dealers, six of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct. #cockroach
