Shimshon Plotkin (also known as Shim Plotkin), of Chevy Chase, Maryland, a stockbroker currently registered with Independent Financial Group LLC, is the subject of a customer initiated investment related FINRA Securities Arbitration claim in which the customer requested compensatory damages supported by allegations that they were sold unsuitable investments including real estate investment trusts (non-traded REITs) and direct investments including direct participation program interests or limited partnership interests when Plotkin was registered with Independent Financial Group. Financial Industry Regulatory Authority (FINRA) Arbitration No. 21-01592 (June 23, 2021).
FINRA Public Disclosure shows that Plotkin has been identified in eight more customer initiated investment related disputes regarding accusations of his harmful activities during the time that he was employed by securities broker dealers, including Royal Alliance Associates Inc., Pacific West Securities, and Independent Financial Group. Plotkin is identified in a customer initiated investment related NASD arbitration claim where the customer was awarded $55,391.08 in damages based upon Plotkin being found liable on the customer’s claims. The Statement of Claim alleges violation of Maryland Securities Act, negligence, omissions, and misrepresentation.
Another customer filed an investment related complaint concerning Plotkin’s activities in which the customer sought $90,000.00 in damages founded on allegations of unsuitable investment recommendations and misrepresentation by Plotkin as it pertained to the mutual fund trades in the customer’s account at Royal Alliance Associates.
Plotkin is also referenced in a customer initiated investment related arbitration claim which was resolved for $70,000.00 in damages supported by accusations that Plotkin had the customer invest in an unsuitable mutual fund portfolio while Plotkin was employed by Royal Alliance Associates.
On January 14, 2016, another customer filed an investment related complaint regarding Plotkin’s conduct where the customer requested compensatory damages based upon allegations of a breach of fiduciary duty relating to the customer’s investments in unit investment trusts (UITs) and direct investments (DPPs and LPs). The claim also alleges that the customer’s account was mismanaged when Plotkin was associated with Pacific West Securities.
Plotkin is also the subject of a customer initiated investment related arbitration claim which was settled for $250,000.00 in damages founded on accusations of a breach of fiduciary duty and breach of contract concerning direct participation programs and REITs. FINRA Arbitration No. 16-01689 (February 12, 2018). According to the claim, Plotkin misrepresented information regarding alternative investments. The claim also alleges negligence and unsuitable investments during the time that he was registered with Pacific West Securities and Independent Financial Group.
On July 16, 2021, another customer initiated investment related arbitration claim involving Plotkin’s activities was resolved for $145,000.00 in damages supported by allegations that the customer’s account was overconcentrated in alternative investments, including real estate investment trusts sold by Plotkin while he was employed by Independent Financial Group. FINRA Arbitration No. 19-01767.
Plotkin has been associated with Independent Financial Group as a stockbroker since October 31, 2011, and registered with Plotkin Financial Advisors LLC as an investment adviser representative since October 3, 2003.
