Michael Harry Applebaum of Marlton New Jersey a stockbroker currently employed by Janney Montgomery Scott LLC is referenced in a customer initiated investment related written complaint on July 30, 2018 in which the customer sought $15,000.00 in damages supported by accusations that the customer’s risk tolerance was not considered when Applebaum made over-the-counter equities recommendations for the customer’s account.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Applebaum has been identified in nine customer initiated investment related disputes pertaining to allegations of his misconduct while employed with Citigroup Global Markets Inc., Citigroup GMI and Salomon Smith Barney Inc. Specifically, on April 16, 2001, a customer filed an investment related complaint concerning Applebaum’s conduct where the customer requested $30,000.00 in damages founded on accusations that unauthorized unit investment trust trades were effected in the customer’s account, and the customer was placed in investments that were not suitable for the customer given the customer’s tolerance for risk.
On December 16, 2002, another customer filed an investment related complaint regarding Applebaum’s activities in which the customer sought $196,280.00 in damages based upon allegations that Applebaum placed trades in the customer’s account that failed to conform to the customer’s objectives for investing, and the customer’s account had been negligently serviced. Subsequently, on June 4, 2003, a customer filed an investment related complaint involving Applebaum’s activities where the customer requested unspecified damages supported by accusations against Applebaum of unauthorized trading of over-the-counter equities, mutual funds and unit investment trust products.
Then, on July 9, 2007, a customer initiated investment related complaint concerning Applebaum’s conduct was settled to resolve allegations that Applebaum failed to abide by the customer’s instructions regarding municipal debt investments. Another customer initiated investment related arbitration claim regarding Applebaum’s activities was settled for $7,500.00 in damages founded on accusations that fiduciary duties owed to the customer had been breached based upon the failure of stop loss orders to be placed in the customer’s account. FINRA Arbitration No. 16-00363 (Aug. 13, 2016).
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