Herbert Voss Jr. of Beverly Hills California a stockbroker registered with StockCross Financial Services Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate with FINRA in an investigation into accusations of his unauthorized trading in customer accounts. Letter of Acceptance Waiver and Consent No. 2017053435501 (May 23, 2018).
According to the AWC, on April 25, 2018, Voss was sent a letter from FINRA personnel which called upon him to provide recorded testimony on May 9, 2018, according to Rule 8210. The investigation into Voss’ activities concerned a customer complaint containing allegations against Voss of unauthorized trading. Voss’ counsel reportedly contacted FINRA on April 25, 2018, revealing that Voss understood FINRA’s request but would not be cooperating in the investigation at any point. FINRA found that Voss’ lack of cooperation was violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure confirms that Voss has been identified in eight customer initiated investment related disputes pertaining to accusations of his wrongdoing while employed with StockCross, UBS Financial Services Inc. PaineWebber, Waterhouse Securities, Inc. and Kennedy, Cabot & Co. Specifically, on December 27, 1999, a customer initiated investment related complaint regarding Voss’ activities was settled for $64,000.00 in damages supported by allegations that Voss placed mutual fund transactions in the customer’s account on an excessive and unauthorized basis.
Thereafter, a customer initiated investment related arbitration claim concerning Voss’ conduct was resolved for $950,000.00 in damages based upon accusations including suitability, unauthorized trading, excessive commissions, misrepresentation, breach of contract, breach of fiduciary duty and fraud in regard to equities trades executed in the customer’s account. FINRA Arbitration No. 10-01389 (Feb. 25, 2011). On April 22, 2011, another customer filed an investment related complaint involving Voss’ conduct in which the customer sought $120,000.00 in damages founded on allegations that mutual fund transactions were effected in the customer’s account that were not suitable for the customer.
On December 10, 2017, a customer initiated investment related complaint concerning Voss’ activities was settled for $900,000.00 in damages supported by accusations that unsuitable options and equity transactions were placed in the customer’s account. Further, a customer filed an investment related arbitration claim regarding Voss’ activities where the customer requested $550,000.00 in damages based upon allegations including breach of fiduciary duty and poor performance of the customer’s option and stock holdings. FINRA Arbitration No. 17-03505 (Dec. 15, 2017).
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