Michael Gary Solomon of New York New York a stockbroker currently registered with Maxim Group LLC is referenced in a customer initiated investment related arbitration claim where the customer requested $246,928.64 in damages founded on allegations that between January 1, 2015 and December 31, 2015, Solomon placed over-the-counter equities and stock transactions in the customer’s account that were unsuitable and excessive. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-01207 (Apr. 10, 2018).
FINRA Public Disclosure reveals that Solomon has been identified in six additional customer initiated investment related disputes containing accusations of Solomon’s misconduct while employed with Prime Charter, Ltd., Oppenheimer & Co. Inc., and Joseph Gunnar & Co., LLC. Particularly, on May 24, 2006, a customer filed an investment related complaint regarding Solomon’s conduct in which the customer sought $130,000.00 in damages supported by allegations including suitability, poor investment performance, and abnormal turnover of over-the-counter equities investments in the customer’s investment account.
Thereafter, on October 11, 2006, a customer initiated investment related complaint involving Solomon’s conduct was resolved for $5,746.00 in damages based upon accusations that the customer was not made aware of margin-based over-the-counter equities purchases effected in the customer’s account. Subsequently, a customer initiated investment related arbitration claim involving Solomon’s activities was settled for $85,000.00 in damages founded on allegations that Solomon negligently transacted in the customer’s account, breached his fiduciary duties to the customer, and breached his contractual obligations concerning over-the-counter equities.
On November 20, 2008, another customer filed an investment related complaint concerning Solomon’s activities where the customer requested $10,000.00 in damages supported by accusations of poor performance pertaining to the customer’s over-the-counter equities portfolio. Then, on February 24, 2009, a customer filed an investment related complaint regarding Solomon’s conduct in which the customer alleged that over-the-counter equities transactions were executed in the customer’s account that were neither suitable nor authorized.
Moreover, a customer initiated investment related arbitration claim concerning Solomon’s conduct resulted in the customer being awarded $848,248.20 in compensatory damages based upon Oppenheimer having been found liable on the customer’s claim of negligent supervision, breach of contract, fraud, omission, misrepresentation, violation of Texas Securities Act, and breach of fiduciary duty. FINRA Arbitration No. 09-05596 (Jan. 17, 2003). Evidently, the customer’s assets had been concentrated in penny stock and other speculative equities, wherein margin was utilized to effect transactions that failed to conform with the customer’s financial circumstances, tolerance for risk and objectives for investing.
Solomon has been employed by Maxim Group LLC since August 8, 2011.
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