Westpark Capital Broker, Philip Rosenweig, Has Ten Reported Customer Complaints
Philip Rosenweig is a Financial Advisor at Westpark Capital in Boca Raton, FL. Philip Rosenweig has been in the securities industry since 1983 and previously worked at Laidlaw & Company.
In June 2017, Reuters published a report analyzing data issued by the Financial Industry Regulatory Authority (FINRA). In describing Westpark Capital, Reuters reported that “about half of the firm’s 95 brokers have FINRA flags on their records” and that “more than 47% of Westpark brokers once worked at firms that were later expelled by FINRA.”
A link to the Reuters article is at https://www.reuters.com/investigates/special-report/usa-finra-brokers/.
Separately, FINRA has fined Westpark Capital for failure to supervise its Financial Advisors’ sales practices, many of whom have multiple customer complaints, judgments, liens, or regulatory events disclosed on the FINRA BrokerCheck.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Philip Rosenweig has ten reported customer complaint, alleging sales practice violations, including the following:
- March 2016—”CLIENT ALLEGES BREACH OF FIDUCIARY DUTY, NEGLIGENCE, FRAUD AND BREACH OF CONTRACT FROM 2014 TO 2016.” The matter was settled for $45,000
- March 2016—” CLIENT ALLEGES BREACH OF FIDUCIARY DUTY, NEGLIGENCE, FRAUD AND BREACH OF CONTRACT FROM 2015 TO 2016.” The matter was settled for $45,000.
- May 2003—Client alleged “mismanagement of account.” Alleged damages were $500,000.
For a copy of the Philip Rosenweig’s CRD, click https://brokercheck.finra.org/individual/summary/1125274#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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