William Martin Ornstein of Fairfield, Connecticut, a stockbroker registered with GMS Group, was the subject of a customer initiated investment related FINRA securities arbitration claim that was settled for $28,500.00 in damages based upon allegations that Ornstein was negligent, made misrepresentations of material fact, and breached his fiduciary duties in connection with the recommendation and sale of municipal bonds during the time that Ornstein was associated with GMS Group. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-00532 (August 17, 2021).
FINRA Public Disclosure shows that Ornstein is referenced in ten other customer initiated investment related disputes concerning Ornstein’s conduct while associated with securities broker dealers, including First Interregional Equity Corp. and GMS Group. On August 15, 2002, a civil action involving Ornstein’s conduct was settled for $10,000.00 in damages based upon allegations that Ornstein made misrepresentations and omissions of material fact, breached his fiduciary duties, and committed fraud in connection with the sale of municipal bonds and equipment leasing products during the time that Ornstein was associated with First Interregional Equity Corp. Civil Action No. 8886-01.
Ornstein is also referenced in a FINRA securities arbitration claim that was settled for $675,000.00 in damages based upon allegations that Ornstein engaged in unauthorized trading, breached his fiduciary duties, made misrepresentations of material fact, and made unsuitable recommendations of closed end funds and corporate bonds during the time that Ornstein was associated with GMS Group. FINRA Arbitration No. 09-02862 (May 9, 2011).
On September 15, 2011, another FINRA securities arbitration claim involving Ornstein’s conduct was settled for $5,000.00 in damages based upon allegations that Ornstein made unsuitable recommendations of corporate bonds to the GMS Group customer. FINRA Arbitration No. 09-06246.
Ornstein is also referenced in a FINRA securities arbitration claim that was settled for $36,750.00 in damages based upon allegations that Ornstein had overconcentrated the customer’s account in MLPs. FINRA Arbitration No. 15-02961 (January 11, 2019).
On May 13, 2020, an additional FINRA securities arbitration claim involving Ornstein’s conduct was settled for $9,500.00 in damages based upon allegations that Ornstein was negligent and breached his fiduciary duties in connection with the recommendation and sale of municipal bonds during the time that Ornstein was associated with GMS Group. FINRA Arbitration No. 19-00553.
Ornstein was associated with GMS Group in Boca Raton, FL, as a stockbroker from October of 2001 to December of 2021.
