Laidlaw’s Bryan Mazliach Reportedly Barred for Allegations of Excessive & Unsuitable Trading
According to a default decision posted on FINRA’s website today, former broker Bryan Mazliach (CRD# 5518438) of Fort Lauderdale, FL, is reportedly barred from associating with any FINRA member firm in any capacity and has been ordered to pay $158,289 in restitution, plus interest, to five customers.
Mazliach allegedly recommended and effected an unsuitable investment strategy to five customers involving in-and-out, short-term, and excessive trading and purportedly executed unauthorized trades in the accounts of eight customers. Mazliach also allegedly failed to provide documents and information requested by FINRA.
According to FINRA’s findings, Mazliach, formerly registered with Laidlaw and Co., allegedly recommended and executed in a high-cost, in-and-out trading strategy that lost customers over $170,000, while reportedly generating commissions and fees for the firm and Mazliach of more than $187,000.
FINRA alleges that Mazliach affected 450 trades, hundreds of which were unauthorized, in these five customers’ accounts. Mazliach’s trading reportedly resulted in annualized cost-to-equity ratios ranging from 37% to 218% and annualized turnover rates ranging from 12 to 50. These trades, when taken together, were excessive and quantitatively unsuitable for the customers based upon their investment profiles, according to FINRA.
Mazliach also reportedly failed to have a reasonable basis to believe that his recommended investment strategy was suitable for anyone and he didn’t perform reasonable diligence to understand the potential risks associated with the investment strategy that he was recommending, according to the complaint.
FINRA further alleges that Mazliach “compounded his misconduct” by engaging in unauthorized trading in his customers’ accounts. In total, he purportedly placed 420 unauthorized trades in ten accounts, seven of which were also excessively traded.
Mazliach was reportedly registered with Laidlaw & Company in Fort Lauderdale, FL from 2015 until 2017 when he made the move to Westpark Capital until 2018, according to his broker profile. Two customer complaints have reportedly been filed against him for allegations of excessive trading, unsuitable trading and unauthorized trading. Both suits have reportedly settled, according to FINRA.
Filing a Complaint against your Brokerage Firm
The White Law Group is investigating potential securities claims involving Bryan Mazliach and the liability his employers may have for failure to properly supervise him.
Under FINRA rules and regulations, Broker-Dealers are responsible for supervising the actions of those advisors registered with their firm, and therefore may be held liable for the actions of their Broker(s).
If you are concerned about investments with former broker Bryan Mazliach and Laidlaw & Co., the securities attorneys at The White Law Group may be able to help you. For a free consultation with an attorney, please call (888) 637-5510.
The foregoing information, which is all publicly available, is being provided by The White Law Group.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois. For more information, please visit our website, www.whitesecuritieslaw.com.