Stoltmann Law Offices is investigating Andrew Scott Corbman, who recently entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). Corbman is accused of allegedly making unsuitable investment recommendations that were inconsistent with the customers’ investment objectives and risk tolerances and resulted in over-concentration of their liquid net worth in these investments from April 2009 through June 2009. Corbman also allegedly recommended to customers who were a married couple to purchase unsuitable highly risky leveraged, inverse Exchange-Traded Funds (Non-Traditional ETFs). And in March 2010, Crobman recommended to an elderly customer with a conservative risk tolerance to purchase an unsuitable and risky alternative mutual fund with no operational history. He also allegedly distributed a sales brochure for an alternative mutual fund to at least 10 of his customers that contained information that was misleading. These are all against securities rules and regulations.
A broker has a duty to recommend suitable investments for his clients, based on the client’s age, net worth and investment objective, among other factors. If he does not, his brokerage firm can be held liable for investment losses because it is responsible for supervising him. If you lost money with Andrew Scott Corbman, please call our securities law firm in Chicago to speak to an attorney about your losses. The call is free. We may be able to help you sue his firm, Newbridge Securities, in the Financial Industry Regulatory Authority (FINRA) arbitration forum.
According to Corbman’s online FINRA BrokerCheck report, he was registered with RAF Financial Corporation in Denver, Colorado from July 1994 until October 1997, A.G. Edwards & Sons in St. Louis, Missouri from October 1997 until May 2000, Morgan Stanley in Purchase, New York from May 2000 until December 2002, ING Financial Partners in Des Moines, Iowa from December 2002 until June 2004, ING Financial Partners in Ashburn, Virginia from July 2004 until March 2008, FSC Securities Corp in Ashburn from February 2008 until January 2011 and Kovack Securities in Lansdowne, Virginia from January 2011 until November 2015. He is currently registered with Newbridge Securities in Landsdowne and has been since November 2015. He has seven customer disputes against him, one of which is currently pending.
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