Securities Arbitration Investment Fraud Lawyers » Investment and Regulatory News » Investors File FINRA Arbitration Claim Against SW Financial For Breach Of Fiduciary Duty

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Michael Christopher Blumer (also known as Christopher Blumer), of Melville, NY, a stockbroker registered with SW Financial, is the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer requested $45,405.00 in damages based upon allegations that Blumer was negligent, made unsuitable recommendations, and breached his fiduciary duties in connection with the sale of stocks and over-the-counter equities when Blumer was associated with SW Financial. Financial Industry Regulatory Authority (FINRA) Arbitration No. 21-02978 (December 6, 2021).

FINRA Public Disclosure shows that Blumer has been referenced in two other customer initiated investment related disputes concerning Blumer’s conduct while associated with First Standard Financial Company LLC. On February 15, 2019, a customer filed an investment related complaint involving Blumer’s conduct in which the customer requested $50,000.00 in damages based upon allegations that Blumer engaged in unauthorized trading in stocks.

Blumer was also the subject of a FINRA securities arbitration claim in which the customer was awarded $48,000.00 in compensatory damages because Blumer was held liable for sales practice violations. FINRA Arbitration No. 21-01256 (October 7, 2021). The Statement of Claim alleged that Blumer breached his fiduciary duties, churned the customer’s accounts, committed fraud, made misrepresentations of material fact, made omissions of material fact, engaged in unauthorized trading, and was negligent in connection with the sale of Novavax Inc. and NewAge Inc. stocks.

Blumer was associated with First Standard Financial Company LLC in Red Bank, NJ, as a stockbroker from October of 2015 to July of 2019. Blumer has been associated with SW Financial in Melville, NY, as a stockbroker since December 13, 2019.