Stephen Lee Wolferman of Montvale New Jersey a stockbroker currently registered with Merrill Lynch Pierce Fenner Smith Inc. is referenced in a customer initiated investment related arbitration claim in which the customer requested $500,000.00 in damages supported by allegations that between 2010 and 2016, the customer was placed in annuities that were not suitable for the customer. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-02722 (Dec. 27, 2017).
FINRA Public Disclosure reveals that Wolferman is referenced in six more customer initiated investment related disputes pertaining to accusations of his violative conduct during the time that he was associated with Merrill Lynch. In particular, on October 10, 2002, a customer filed an investment related complaint involving Wolferman’s activities where the customer sought $150,000.00 in damages founded on allegations that the customer’s account had been mismanaged, and that the customer’s assets had been overconcentrated in over-the-counter equities.
Then, a customer initiated investment related arbitration claim concerning Wolferman’s conduct was resolved for $25,000.00 in damages based upon allegations that the liquidity of auction rate securities had not been represented accurately to the customer at the time that the investments were purchased. FINRA Arbitration No. 08-00720 (Oct. 30, 2008). On April 13, 2009, another customer initiated investment related complaint concerning Wolferman’s activities was settled for $175,000.00 in damages based upon accusations that misrepresentations had been made to the customer concerning the liquidity and risks of closed-end funds; and that auction rate securities recommendations were not suitable for the customer.
Moreover, a customer initiated investment related complaint regarding Wolferman’s conduct was resolved on April 13, 2009, for $75,000.00 in damages founded on allegations of unwarranted losses on auction rate securities. Thereafter, on March 5, 2013, a customer filed an investment related complaint involving Wolferman’s conduct in which the customer requested unspecified damages supported by accusations of poor investment advice pertaining to over-the-counter equities.
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