Former Pennsylvania-based First Allied Securities broker Theodore Rothman has been permanently barred from “engaging in certain activities.” He allegedly failed to disclose an outside business activity, which is against securities rules and regulations. In 2014, the Securities and Exchange Commission (SEC) sanctioned Rothman following allegations he failed to supervise a registered representative at his firm, who was also his son, inflated account statement to several investors and misappropriated funds from elderly and unsophisticated investors. He was barred from acting in a supervisory capacity and issued a fine of $40,000. He was also accused of recommending unsuitable mutual fund investments, and failing to supervise the handling of a portfolio, among other transgressions.
Rothman was registered with American Diversified Investors, Zenith American Securities Corp, Rothman Securities, and First Allied Securities in Southampton, Pennsylvania from January 2015 until June 2016. He has five customer disputes against him, one of which is currently pending. He is not licensed within the industry and the SEC has permanently barred him from engaging in certain activities.
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