Paul Vincent Blum of West Palm Beach Florida a stockbroker formerly employed by RBC Capital Markets LLC is the subject of a customer initiated investment related arbitration claim which was settled for $70,000.00 in damages supported by allegations that (1) transactions executed by the stockbroker were unsuitable and (2) the customer’s energy-sector corporate bond transactions were negligently supervised by RBC Capital Markets LLC resulting in the customer’s losses. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-02919 (Feb. 15, 2019).
FINRA Public Disclosure confirms that Blum has been identified in twenty-five additional customer initiated investment related disputes that concern accusations of Blum’s misconduct during the period in which he was associated with RBC Capital Markets. Specifically, a customer initiated investment related arbitration claim regarding Blum’s activities was resolved for $15,000.00 in damages based upon allegations that investment recommendations were not suitable given the customer’s objectives for investing, risk tolerance or overall circumstances. FINRA Arbitration No. 16-02355 (May 3, 2018).
Another customer initiated investment related arbitration claim involving Blum’s behavior was settled for $117,500.00 in damages founded on accusations that the customer’s assets had been placed in municipal and corporate debt investments including energy bonds which was inappropriate given the excess concentration of the customer’s assets in those investments. FINRA Arbitration No. 17-01375 (June 12, 2018). Blum is referenced in another customer initiated investment related arbitration claim which was resolved for $50,000.00 in damages supported by allegations of bad investment advice being provided by him. FINRA Arbitration No. 17-02585 (Jan. 23, 2019).
Also, a customer initiated investment related arbitration claim concerning Blum’s conduct was settled for $250,000.00 in damages based upon accusations of the customer being inappropriately advised to invest copious amounts of money in municipal debt and corporate debt products through 2016, which led the customer to experience unwarranted losses. FINRA Arbitration No. 17-03252 (Aug. 15, 2018). Also, Blum is the subject of a customer initiated investment related arbitration claim which was resolved for $35,000.00 in damages founded on allegations of Blum giving wholly unsuitable advice. FINRA Arbitration No. 18-01768 (Dec. 18, 2018).
FINRA Public Disclosure additionally reveals that Blum has been barred from associating with any FINRA member in any capacity based upon findings that Blum obstructed a FINRA investigation into accusations of him effecting unsuitable trades in RBC Capital Markets customers’ brokerage accounts. Letter of Acceptance Waiver and Consent No. 2016048384802 (Aug. 14, 2017).
