Independent Financial Group Broker, Shimshon Plotkin, Has Seven Customer Complaint Disclosures, Alleging Sales Practice Violations
Shimshon Plotkin is a Financial Advisor at Independent Financial Group, LL in Chevy Chase, Maryland. Shimshon Plotkin has been in the securities industry since 1994 and previously worked at Cambridge Investment Research.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Shimshon Plotkin has been the subject of seven customer complaint disclosures, alleging sales practice misconduct. Among the complaints filed against Shimshon Plotkin include the following:
- June 2016—”STATEMENT OF CLAIM ALLEGED NEGLIGENCE; MISREPRESENTATIONS; BREACH OF CONTRACT; BREACH OF FIDUCIARY DUTY; UNSUITABLE INVESTMENTS IN CONNECTION WITH REITS AND DIRECT PARTICIPATION PROGRAMS PURCHASED THROUGH 2 BROKER-DEALERS FROM APPROXIMATELY 2007-2014.” The matter was settled for $250,000.
- May 2005—”ALLEGES UNSUITABLE MUTUAL FUND PORTFOLIO FROM 2000 TO JULY 2002.” The matter was settled for $70,000.
- October 2002—”ALLEGE UNSUITABLE INVESTMENTS AND BREACH OF FIDUCIARY DUTY.” The matter went to a final arbitration hearing, where damages of $25,000 were awarded.
- January 2002—”ALLEGE MISREPRESENTATION, NEGLIGENCE, UNSUITABILITY FOR PURCHASE OF VARIABLE ANNUITY IN 1995 AND IRA ROLLOVER IN 2000.” The matter went to a final arbitration hearing, where damages of $55,391 were awarded.
For a copy of Shimshon Plotkin’s CRD, click https://brokercheck.finra.org/individual/summary/2431863#disclosuresSection.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
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