Stoltmann Law Offices is investigating former Western International Securities broker Jorey Bernstein. A customer alleged that Mr. Bernstein participated in illegal interactions and outside business activities with a third party. This can create conflict of interest within the firm. Another customer alleged that Bernstein excessively traded his account and requested damages of $3,000,000. The dispute is currently pending. Excessively trading is also referred to as “churning,” and is when a broker trades in and out of a customer’s account, sometimes daily. This is a tactic used by brokers to generate large commissions for themselves and typically results in the customer paying unnecessary fees. It is against securities laws and internal firm rules. A brokerage firm has a duty to oversee its employees so they do not violate securities laws. If the firm does not, it may be liable for investment losses in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis.
According to his online, FINRA BrokerCheck report, Jorey Bernstein was previously registered with Citigroup Global Markets in Los Angeles, California from October 2005 until June 2009 and Morgan Stanley in Beverly Hills, California from June 2009 until December 2015. He is currently registered with Western International Securities in Pasadena, California and has been since December 2015. He has one customer dispute against him alleging excessive trading with respects to trades in accounts and one employment separation after allegations.
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