November 12, 2014 Comments (0) Publications

Wall Street Journal: How Troubled Brokers Cluster, Often Among Elderly Investors

At Burt & Max’s Bar and Grille one day this summer, stockbroker Rafael Golan gave a group of elderly people a financial seminar. After his hourlong talk on topics from real estate to annuities, the free food arrived.

Dinners like this have landed him clients before. Some later lodged complaints against him, making him part of a cluster of brokers with troubled regulatory records that a Wall Street Journal analysis identified in this corner of Florida.

Among those clients were Pinny and Rebecca Slotnick, octogenarians who became Mr. Golan’s customers in 2003 after a dinner and later filed a complaint with regulators alleging he mishandled their accounts. He paid them a $125,000 settlement this year. He denies any wrongdoing in this or any other case.

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