Marc Neil Kalter, of Garden City, New York, a stockbroker formerly registered with Woodstock Financial Group, has been named in a customer initiated investment related arbitration claim on March 21, 2016, in which the customer requested $182,000.00 in damages based upon allegations that Kalter breached his fiduciary duty to the customer, excessively traded and churned the customer’s account, and committed fraud. The customer additionally alleged that Woodstock Financial Group negligently failed to supervise Kalter’s activities concerning the customer.
FINRA Public Disclosure reveals that Kalter has been named in four additional customer arbitration claims. Specifically, on October 19, 2012, a customer initiated investment related arbitration claim involving Kalter’s conduct was settled for $46,500.00 in damages based upon allegations that Kalter effected unauthorized purchases in the customer’s account, and made unsuitable recommendations to the customer concerning equity investments.
Subsequently, on November 7, 2014, a customer filed an investment related arbitration action pertaining to Kalter’s activities, in which the customer sought $396,148.00 in damages based upon allegations including unauthorized trading, breach of fiduciary duty, misrepresentation, unsuitable investment recommendations, churning, excessive trading, failure to follow instructions, and fraud.
Further, on January 8, 2015, another customer filed an arbitration claim regarding Kalter’s actions, in which the customer requested $167,383.05 in damages based on allegations that Kalter negligently managed the customer’s account and overly concentrated the customer’s assets in speculative investments.
On January 19, 2015, a customer brought an investment related arbitration claim involving Kalter’s conduct, where the customer demanded $227,632.90 in damages based upon allegations that from 2012 to 2014, Kalter breached his fiduciary duty to the customer, charged excessive commissions, effected unsuitable transactions, churned the customer’s account, and effected transactions in exchange traded funds which were not authorized by the customer.
Since 1990, Kalter has been associated with seven different broker dealers, four of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct.
Guiliano Law Group
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