Nathan Gersteen Katz of Largo Florida a stockbroker formerly registered with American Independent Securities Group LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings of Katz refusing to cooperate with FINRA when he was investigated for potentially making unsuitable recommendations and effecting trades without getting authorization from customers. Letter of Acceptance Waiver and Consent No. 2018057352601 (June 25, 2021).
According to the AWC, FINRA learned of accusations against Katz when it received a Form U5 (stockbroker termination notification) from American Independent Securities Group on January 25, 2021. Katz’s registration was terminated founded on allegations that he effected unauthorized trades and had engaged in other actions that went against the securities broker dealer’s policies.
On May 17, 2021, Katz received a request from FINRA regarding the investigation. Katz was asked to provide documents and information to the regulator so that it could evaluate the information provided by American Independent Securities Group. Katz’s attorney made FINRA aware that nothing would be provided by Katz in its investigation. The stockbroker violated FINRA Rules 2010 and 8210 because of his refusal to comply.
Katz has been identified in five customer initiated investment related disputes regarding accusations of his wrongdoing while employed by UBS PaineWebber Inc. and American Independent Securities Group. FINRA Public Disclosure reveals that a customer initiated investment related complaint involving Katz’s activities was resolved for $7,500.00 in damages supported by allegations that unauthorized transactions were executed in the customer’s account and that misrepresentations were made by the stockbroker regarding a corporate bond purchase at UBS.
Katz is also referenced in a customer initiated investment related FINRA securities arbitration claim which was settled for $275,000.00 in damages based upon accusations that Katz breached a fiduciary duty to the customer. According to the claim, Katz misrepresented options and equities transactions. The claim also alleges negligence which resulted in damages.
Another customer initiated investment related complaint concerning Katz’s conduct was resolved for $17,500.00 in damages founded on allegations that Katz effected unauthorized trades in the customer’s account at UBS. The stockbroker is also the subject of a customer initiated investment related written complaint which was settled for $23,636.09 in damages supported by accusations of unauthorized trading by Katz during the time that he was associated with UBS.
On February 23, 2021, a different customer filed an investment related complaint regarding Katz’s activities where the customer sought $450,000.00 in damages based upon allegations of the customer’s accounts and fixed annuity being mismanaged by Katz at American Independent Securities Group.
Katz has also been terminated by two other securities broker dealer employers. He was discharged by PaineWebber founded on accusations of his unauthorized trading. The stockbroker was then discharged by Triad Advisors LLC on August 20, 2018 supported by allegations of his use of a customer document containing a signature irregularity.