South Florida Arbitration & Litigation Lawyer Blog
FINRA Arbitration Fraud and Broker Misconduct Attorney, Russell L. Forkey, Esq.
FINRA complaint issued against the below described account executive:
Please keep in mind that the issuance of a disciplinary complaint represents FINRA’s initiation of a formal proceeding in which findings as to the allegations in the complaint have not been made, and does not represent a decision as to any of the allegations contained in the complaint. Because these complaints are unadjudicated, you may wish to contact the respondents before drawing any conclusions regarding the allegations in the complaint.
Alan Jay Davidofsky (CRD #1389312, Registered Representative, Delray Beach, Florida, formerly licensed with ICM Capital Markets, LTD.) was named as a respondent in a FINRA complaint alleging that he executed transactions in a firm customer’s IRA without the customer’s prior knowledge, authorization or consent, and the account incurred losses of $108,206 during the unauthorized trading. The complaint alleges that Davidofsky’s trading was unsuitable and excessive in size and frequency in view of the customer’s financial situation and needs. The complaint also alleges that Davidofsky executed, or caused the execution of the transactions with the intent to defraud, in that he knew, or was reckless in failing to recognize, that the trading in the customer’s IRA account resulted in substantial commission income for him, but could not reasonably be expected to benefit the customer. (FINRA Case #2008015934801).
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