Securities Fraud Lawyer Blog
Bob Simons suspended over discretionary trading
In June, 2016 FINRA suspended International Assets Advisory broker Bob Simons for 45 days and fined him $5,000 over allegations that Simons used a private email account to conduct firm business and exercised discretion in customer accounts without complying with firm protocol for doing so. Simons consented to the findings without admitting or denying them, and agreed to the suspension and fine.
Simons, of Brooklyn, Connecticut was affiliated with International Assets Advisory from October, 2014 to May, 2016. Prior to that he was affiliated with Center Street Securities from September, 2011 to August, 2014. Before that he was with NY Life Securities.
Registration and disciplinary history
In order to lawfully sell investments to the public, a registered rep must either be registered or exempt from registration. Bob Simons terminated his affiliation with International Assets Advisory in May, 2016. Per FINRA rules he has two years to re-associate himself with another FINRA member to keep his license active.
According to FINRA’s CRD disclosure report, Bob Simons has been the subject of two customer complaints and one regulatory investigation.
The Law Office of David Liebrader practices exclusively in the field of investment loss recovery. For the past 23 years, we have dedicated our law practice to assisting investors who have been victims of investment fraud via fraudulent and unsuitable investment transactions. During that time we have recovered money for over one thousand individuals, pension plans, trusts and companies. The recoveries we have obtained via judgments, awards and settlements on behalf of our clients exceed $40,000,000.
When investors contact our firm they can expect prompt attention, and a detailed analysis of their issues. Typical claims that we are asked to review involve “unsuitability (where a financial advisor makes investment recommendations that are inconsistent with a customer’s investment objectives), claims for “churning” (where a broker enters into an excessive number of trades for the purpose of generating commissions), claims involving illiquid investments such as private placements (I.e., real estate investment trusts, limited partnerships, equipment leasing and oil and gas drilling programs) as well as claims for violations of state securities laws, which often provide investors remedies like attorney’s fees and interest, if they are successful on the claim.
If you suspect that you have been the victim of investment fraud, or had a financial advisor recommend unsuitable investments to you, call us today for a free, confidential consultation at (702) 380-3131.