Michael Gary Solomon of New York New York a stockbroker currently registered with Maxim Group LLC is the subject of a customer initiated investment related arbitration claim where the customer sought $50,000.00 in damages supported by allegations that (1) commissions or fees charged to the customer for stock trades had not been disclosed by Solomon and (2) stock and over-the-counter equities transactions were inappropriate for the customer. FINRA Arbitration No. 19-01359 (May 30, 2019).
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Solomon is referenced in seven additional customer initiated investment related disputes that concern accusations of Solomon’s misconduct during the period in which he was associated with Prime Charter Ltd., Maxim Group LLC, Oppenheimer Co. Inc. and Joseph Gunnar Co. LLC. In fact, a customer initiated investment related complaint concerning Solomon’s activities was resolved for $85,000.00 in damages founded on allegations that when Solomon was employed by Prime Charter Ltd., over-the-counter equities transactions executed in the customer’s account failed to be suitable for the customer; contractual obligations were not complied with; fiduciary duties had been violated; and the customer’s account was administered negligently.
Another customer filed an investment related complaint in regard to Solomon’s conduct in which the customer requested damages estimated to exceed $5,000.00 based upon accusations that trades effected in the customer’s account were unsuitable, and unauthorized transactions were executed in the customer’s account during the time that Solomon was associated with Oppenheimer. Solomon is also the subject of a customer initiated investment related arbitration claim where the customer was awarded $848,248.20 in damages according to Oppenheimer being found liable on the customer’s claims including breach of contract, breach of fiduciary duty and fraud as it pertained to the over-concentration of the customer’s assets in speculative and unsuitable investments which failed to comport with the customer’s risk tolerance level, investment objectives or overall circumstances; and churning of the customer’s accounts generating unwarranted commissions for Solomon.
Also, a customer initiated investment related arbitration claim regarding Solomon’s conduct was settled for $200,000.00 in damages supported by allegations that when Solomon was associated with Maxim Group LLC, stock and over-the-counter equities trades failed to be suitable for the customer, and trades were executed in the customer’s account in excessive amounts. FINRA Arbitration No. 18-01207 (July 7, 2018).
Solomon has been employed by Maxim Group LLC since August 8, 2011.
