Patrick Brian Horsman of Bay Harbor Islands Florida a stockbroker registered with Blue Sand Securities LLC has been terminated by the securities broker dealer on October 9, 2020 based upon allegations of fraud and misrepresentation as well as unjust enrichment by the stockbroker as referenced in a compliant.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Horsman is the subject of a civil action brought in the Superior Court of the State of Arizona where the investor requested damages supported by accusations that the investor had been defrauded by placing funds in an outside business activity through Horsman. Civil Action No. CV2020-012256 (Oct. 6, 2020). The lawsuit alleges unjust enrichment and breach of good faith in addition to misrepresentation and fraud.
Horsman has also been sanctioned twice for misconduct in the securities industry. He was fined $20,000.00 and suspended from associating with any FINRA member in any capacity founded on findings of him concealing from Blue Sand Securities his purchases of eleven initial public offerings through accounts at Fidelity, Morgan Stanley and Merrill Lynch in violation of FINRA Rules 2010 and 5130. Letter of Acceptance Waiver and Consent No. 2016048854001 (Mar. 1, 2017). The stockbroker also neglected to disclose outside accounts in violation of FINRA Rule 2010 and NASD Rule 3050(c).
Horsman was also sanctioned by Massachusetts Securities Division according to an Order based upon allegations of Horsman’s violative actions as referenced by FINRA. Case No. R-2017-0101 (Mar. 27, 2018). The regulator prohibited Horsman from managing transactions relating to Massachusetts customers.
Horsman was registered with Blue Sand Securities between May 17, 2007 and October 9, 2020.