Nathan Gersteen Katz, of Largo, Florida, a stockbroker formerly registered with American Independent Securities Group, is referenced in a customer initiated investment related written complaint on October 28, 2021, in which the customer sought damages supported by allegations of an unsuitable annuity rider being placed on the customer’s annuity, which was intended for the benefit of their beneficiaries.
Katz has been identified in five more customer initiated investment related disputes regarding accusations of his wrongdoing while employed by UBS PaineWebber and American Independent Securities Group. FINRA Public Disclosure shows that a customer initiated investment related complaint involving Katz’s activities was resolved for $7,500.00 in damages founded on allegations of Katz buying securities for the customer’s account without authorization. The complaint alleges that misrepresentations were made to the customer about bonds, and the customer’s instructions were not followed at UBS.
Katz is identified in a different customer initiated investment related arbitration claim which was settled for $17,500.00 in damages based upon accusations of unauthorized over-the-counter equities trades by Katz when he was employed by UBS PaineWebber. Another customer initiated investment related complaint concerning Katz’s conduct was resolved for $23,636.09 in damages supported by allegations that unauthorized trades were effected in the customer’s UBS account.
On February 23, 2021, an additional customer filed an investment related complaint regarding Katz’s conduct. The customer requested $450,000.00 in damages founded on accusations of their account being mismanaged by Katz while he was registered with American Independent Securities Group.
FINRA Public Disclosure shows that Katz has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that he obstructed FINRA’s investigation concerning his trading in customer accounts. Letter of Acceptance, Waiver, and Consent No. 2018057352601 (June 25, 2021).
According to the AWC, a Form U5 (Uniform Termination Notice for Securities Industry Registration) was filed by American Independent Securities Group (AISG) on January 25, 2021, showing that the securities broker dealer terminated Katz supported by allegations of Katz making unauthorized trades in customer accounts and engaging in activities that did not align with company policies. An investigation by FINRA ensued. On May 17, 2021, Katz was asked by FINRA to hand over any documents and information relative to the accusations made by AISG. Katz’s lawyer told FINRA that Katz refused to cooperate. Katz violated FINRA Rules 2010 and 8210.
