FINRA Reportedly Bars Jeffrey Broten after Allegations of Unsuitable Investments & Unauthorized Trades
According to the Financial Industry Regulatory Authority (FINRA) on October 14, 2020, the regulator has reportedly barred former financial advisor Jeffrey Broten from associating with any FINRA member at any time.
Without admitting or denying the findings, Broten consented to the sanction and to the entry of findings that he refused to provide on-the-record testimony requested by FINRA in connection with its investigation into his potentially unsuitable and unauthorized trading while associated with a member firm.
According to his broker profile, Broten was reportedly registered with National Securities Corp. in Tinton Falls, NJ from 2009 until 2018. He has reportedly been affiliated with eight firms during his 38 year career in the securities industry.
Broten reportedly has 6 customer complaints filed against him during his career in the securities industry, with one still pending from May 2020. Allegations include unsuitable investments and excessive trades, misrepresentation and churning, among others. Broten’s broker record also indicates he has two judgment/liens and two regulatory disclosures.
In February 2020, the New Jersey Bureau of Securities sanctioned Broten with $100,000 fine and revocation after allegations of fraud and that among other things he purportedly “engaged in dishonest or unethical practices in the securities business.”
Investigating Potential Lawsuits
National Securities Corp. and all brokerage firms have a responsibility to adequately supervise its employees. They must ensure the necessary procedures and systems to detect misconduct.
If you are concerned about your investments with Jeffrey Broten and National Securities Corp., please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois.
For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.