Former First Allied Securities Rep. Accused of Inappropriate REIT Recommendations
Our investor lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm) are looking into claims by clients of former First Allied Securities stockbroker Shlomo Strugano. Strugano was barred by the Financial Industry Regulatory (FINRA) earlier this month.
Strugano, also known as Shlomy Strugano, is based in California. He has been the subject of at least four customer disputes, two of which are still pending. The ex-stockbroker is accused, among other things, of making inappropriate recommendations involving real estate investment trusts (REITS) to customers.
Customer Claims Strugano Forged Signatures
During the 16 years he was in the industry, Strugano worked at 12 firms. Aside from First Allied Securities, he also has been a registered broker with Kovack Securities, Western International Securities, Essex National Securities, Citigroup Global Markets, Linsco/Private Ledger Corp., WM Financial Services, Galleon Merchant Banking, LH Ross & Co., which FINRA expelled from the industry in 2005, Discovery Capital Group, and WMA Securities.
In 2009, Essex allowed Strugano to resign amidst allegations that he engaged in unauthorized communications with the public. After his employment with First Allied ended in 2018, the brokerage firm submitted a Form U5 amendment stating that it was looking into allegations that Strugano had forged or falsified customer signatures.
Allegations against Strugano in the customer disputes have also included:
- Unauthorized transactions
- Poor investment performance
- Poor investment advice
- Omissions related to variable annuities
- Misrepresentations
Two of the client claims noted on his BrokerCheck record include statements made by relatives of Strugano’s former customers, which may mean that the latter were elderly investors.
Brokerage Firm Negligence
Broker-dealers are responsible for making sure that they don’t hire financial representatives with a history of fraud or negligence. It is also their job to properly supervise their stockbrokers and look out for any signs of misconduct that could cause losses for clients. Failure to do so can be grounds for an inadequate supervision claim.
SSEK Law Firm are Broker Fraud Attorneys
At SSEK Law Firm, we represent investors throughout the US who have sustained losses due to brokerage firm misconduct and stockbroker fraud. Please contact our brokerage firm negligence attorneys today so that we can help you explore your legal options. At SSEK Law Firm, we have gone up against the largest firms on Wall S treet on our clients’ behalf and won.