Former Beverly Hills, California-based Stockcross Financial Services broker Herbert Voss was permanently barred from the financial services industry by the Financial Industry Regulatory Authority (FINRA). This is according to a recent Letter of Acceptance, Waiver and Consent (AWC) signed by Mr. Voss, he consented to a permanent bar because he refused to answer questions levied by FINRA in connection with an ongoing investigation against him. Pursuant to his publicly available FINRA BrokerCheck report, prior to being employed by Stockcross, Voss was a registered representative with UBS Financial Services, also in Beverly Hills, until 2009.
Herbert Voss has eight customer complaints on his record, one of which is currently pending. These customer complaints allege excessive and inappropriate trading in various mutual funds, recommendation of unsuitable corporate bonds, mutual fund switching, unauthorized and excessive trading, churning, breach of fiduciary duty, breach of contract, negligent misrepresentation, suitability, and fraud, among other industry violations. Excessive trading, also referred to as “churning,” is when a broker trades in and out of securities, sometimes on a daily basis. This is a tactic used to generate large commissions for the broker. Churning causes the investor to pay excessive fees and commissions, and usually results in substantial account losses.
Please call our Chicago-based securities law firm today for a free, no-obligation consultation with an attorney if you suffered losses with Herbert Voss. We take cases on a contingency fee basis only which means we only make money if you recover yours.
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