Shimshon Plotkin (also known as Shim Plotkin) of Chevy Chase Maryland a stockbroker currently registered with Independent Financial Group is the subject of a customer initiated investment related arbitration claim in which the customer sought as much as $1,000,000.00 in damages based upon accusations that the customer had been placed in alternative investments including real estate investment trusts which failed to be suitable for the customer. FINRA Arbitration No. 19-01767 (June 20, 2019).
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Plotkin is referenced in seven additional customer initiated investment related disputes pertaining to allegations of the stockbroker’s misconduct when he was associated with Royal Alliance Associates, Pac West Securities and Independent Financial Group. Specifically, Plotkin is referenced in a customer initiated investment related complaint where the customer requested damages estimated to exceed $5,000.00 supported by accusations that the customer’s account was over-concentrated in technology sector equities and mutual funds which conflicted with the customer’s objectives for investing.
Plotkin is the subject of a customer initiated investment related arbitration claim in which the customer was awarded $55,391.08 in damages founded on Plotkin having been found liable on the customer’s claims of negligence; false or misleading statements being made concerning a variable annuity sold to the customer; and Plotkin’s transactions failing to be appropriate for the customer. In addition, Plotkin is the subject of a customer initiated investment related arbitration claim in which the customer was awarded $25,000.00 in damages based upon the stockbroker being found liable on the customer’s claims including unsuitable investments; breach of fiduciary duty; and fraud in reference to the customer’s purchases of mutual funds concentrated in technology stocks which generated losses for the customer’s account.
Another customer filed an investment related complaint regarding Plotkin’s conduct where the customer sought $90,000.00 in damages founded on allegations of bad investment advice being provided by Plotkin; and false or misleading statements being made concerning mutual funds sold to the customer. Another customer initiated investment related arbitration claim in regard to Plotkin’s conduct was resolved for $70,000.00 in damages based upon accusations of the customer being placed into an unsuitable mutual fund portfolio when Plotkin was associated with Royal Alliance Associates.
Plotkin is additionally referenced in a customer initiated investment related complaint on January 14, 2016 in which the customer requested unspecified damages supported by allegations that during the period in which Plotkin was employed by Pac West Securities, the customer’s account was improperly managed; fiduciary duties failed to be complied with; and omissions had been made concerning the terms, conditions or performance of unit investment trusts and direct investments including direct participation programs.
Also, Plotkin is the subject of a customer initiated investment related arbitration claim which was settled for $250,000.00 in damages based upon accusations of unsuitability, breach of fiduciary duty, breach of contract, misrepresentation and negligence pertaining to direct participation programs and real estate investment trusts sold to the customer during the time that Plotkin was associated with Independent Financial Group and Pacific West Securities. FINRA Arbitration No. 16-01689 (Feb. 12, 2018).
Plotkin has been registered with Independent Financial Group LLC since October 31, 2011.
