Rafael Golan (also known as Rafi Golan), of Delray Beach, Florida, a stockbroker registered with Crystal Bay Securities Inc., was the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer was awarded $1,300,803.00 in compensatory damages and $50,000.00 in punitive damages because Crystal Bay Securities Inc. was held liable for sales practice violations. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-02820 (November 11, 2020). The Statement of Claim alleged violation of FINRA rules, negligence, misrepresentation, omissions, and breach of fiduciary duty in connection with the recommendation and sale of alternative investments during the time that Golan was associated with Crystal Bay Securities Inc.
FINRA Public Disclosure shows that Golan is referenced in eight other customer initiated investment related disputes concerning Golan’s conduct while associated with securities broker dealers, including Crystal Bay Securities Inc. On January 18, 2018, a customer filed an investment related FINRA securities arbitration claim seeking compensation based upon allegations that Golan made unsuitable recommendations and breached a contract. FINRA Arbitration No. 18-00014.
On March 15, 2018, another FINRA securities arbitration claim involving Golan’s conduct was settled for $5,000.00 in damages resulting from the customer’s purchase of two variable annuities. FINRA Arbitration No. 16-03742.
Golan is also referenced in a FINRA securities arbitration claim in which the customer requested $1,585,895.00 in damages based upon allegations that Golan committed sales practice violations in connection with the recommendation and sale of real estate securities, direct investments, and annuities. FINRA Arbitration No. 18-03487 (October 9, 2018).
On December 10, 2018, an additional FINRA securities arbitration claim involving Golan’s conduct resulted in the customer being awarded $136,201.82 in statutory damages and $25,000.00 in punitive damages because Golan and Crystal Bay Securities Inc. were held liable for sales practice violations. FINRA Arbitration No. 18-00218. The Statement of Claim alleged that Golan breached his fiduciary duties, committed customer exploitation, was negligent, failed to supervise certain registered representatives’ recommendations of REITs, and violated state securities laws.
FINRA Public Disclosure also shows that Golan has been barred from associating with any FINRA member in any capacity because Golan failed to respond to FINRA’s request for information. FINRA Case No. 2019060635701 (May 3, 2019). FINRA provided Golan with a Notice of Suspension on January 31, 2019, and a Suspension from Association letter on February 25, 2019. The regulator automatically barred Golan on May 3, 2019, as the stockbroker failed to request the termination of his suspension or otherwise comply with the regulator’s requests.
Golan was associated with Crystal Bay Securities Inc. in Delray Beach, FL, as a stockbroker from March of 2007 to January of 2019.
