Ignoring FINRA In Customer Loan Investigation

Ziv Ohel (also known as Zir Ohel) of Long Grove Illinois a stockbroker formerly associated with CFD Investments Inc. has been barred by Financial Industry Regulatory Authority (FINRA) from associating with any FINRA member in any capacity supported by allegations that the stockbroker neglected to respond to FINRA’s request for information. FINRA Case No. 2016051838401 (July 22, 2019).

After failing to cooperate, Ohel was issued a Notice of Suspension letter from FINRA on January 14, 2019 and a Suspension from Association letter on April 17, 2019. At this time, Ohel had an opportunity to provide FINRA with the outstanding information or otherwise seek termination of his suspension. He failed to do so by the July 21, 2019 deadline which resulted in him being automatically barred by the regulator the following day.

FINRA Public Disclosure confirms that Ohel has been identified in eleven total customer initiated investment related disputes concerning accusations of his misconduct during the time that he was employed by securities broker dealers including CFD Investments and Ameriprise Financial Services.

On September 26, 2017, a customer initiated investment related complaint concerning Ohel’s activities was resolved for $15,540.63 in damages founded on accusations that mutual fund transactions were unsuitable for the customer in view of the customer’s objectives and risk tolerance, a fiduciary duty was breached, and purchases or sales of mutual funds had been executed in excessive amounts which led the customer to suffer undue investment losses.

Another customer initiated investment related arbitration claim involving Ohel’s conduct was settled for $30,000.00 in damages based upon allegations that when Ohel was associated with Ameriprise Financial Services, he borrowed money from the customer and then failed to repay at least $43,560.00 by the repayment deadline. FINRA Arbitration No. 17-02849 (Feb. 22, 2018).

Ohel is also referenced in a customer initiated investment related arbitration claim which has been settled for $30,000.00 in damages supported by allegations that investments which the stockbroker sold failed to be suitable given the customer’s investment circumstances, equity trades were effected without the customer’s consent, and unwarranted losses had been incurred by the customer because of Ohel’s securities transactions at Ameriprise Financial. FINRA Arbitration No. 17-03150 (Feb. 28, 2018).

FINRA Public Disclosure reveals that Ameriprise Financial Services discharged Ohel on October 25, 2016 founded on accusations that he failed to comply with its procedures and policies as the stockbroker entered into an unauthorized loan arrangement with a customer.

CFD Investments discharged Ohel on September 6, 2017 based upon a customer complaint alleging that bad advice was provided by the stockbroker, fiduciary duties had been breached, and trades were effected in the customer’s account on an excessive basis resulting in unwarranted losses.

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