Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Iris Israel (Israel), previously associated with Oppenheimer & Co. Inc., has at least 7 disclosable events. These events include 7 customer complaints, alleging that Israel recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a pending customer complaint on October 07, 2024.
Violation of FINRA rules; Violations of Georgia & NC Blue Sky Laws and RICO; Breach of Fiduciary Duty; Breach of the Duty of Good Faith & Fair Dealing; Breach of Contract; Respondeat Superior/Agency by Estoppel Liability; Ponzi Scheme. From 2013 to 2016.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $1,500,000.00 on January 09, 2024.
Claimant alleges John Woods, James Woods, Michael Mooney and Iris Israel conducted a Ponzi Scheme. From 2008-2021
FINRA BrokerCheck shows a settled customer complaint with a damage request of $500,000.00 on August 08, 2023.
Claimant alleges John Woods, James Woods, Michael Mooney and Iris Israel conducted a Ponzi Scheme. From 2008-2021.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $500,000.00 on August 07, 2023.
Claimant alleges John Woods, James Woods, Michael Mooney and Iris Israel conducted a Ponzi Scheme. From 2008-2021.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $2,000,000.00 on June 05, 2023.
Claimant alleges John Woods, James Woods, Michael Mooney and Iris Israel conducted a Ponzi Scheme. From 2012-2021.
FINRA BrokerCheck shows a settled customer complaint on April 24, 2023.
Claimant alleges John Woods, James Woods, Michael Mooney and Iris Israel conducted a Ponzi Scheme. From 2008-2016
FINRA BrokerCheck shows a settled customer complaint on March 28, 2023.
Claimant alleges John Woods, James Woods, Michael Mooney and Iris Israel conducted a Ponzi Scheme. From 2008 to 2016.
Brokers are required to adhere to the SEC’s Regulation Best Interest (Reg BI) standard of care under the Securities Exchange Act of 1934 which establishes a ‘best interest’ standard for broker-dealers and associated persons. This Reg BI standard of care applies to registered representatives making recommendations to customers in the purchase, sale, or exchange of securities or the implementation of investment strategies involving securities and non-securities. The rule also applies to the handling of opening accounts such as account transfers and types of accounts being recommended to be opened. Reg BI is drawn from fiduciary principles that include an obligation to act in the retail investor’s best interest and the broker is prohibited from placing their own interests ahead of the investor’s interest.
There are several different aspects of the rule that brokers must comply with. One of which is the care obligations which requires brokers to form a reasonable belief that their investment advice and recommendations are in the retail investor’s best interest. The care obligations includes three components. First, the advisor must have an understanding of the potential risks, rewards, and costs associated with a product, investment strategy, account type, or series of transactions. Next, the advisor must have a reasonable understanding of the specific retail investor’s investment profile. The customer’s profile information generally includes an investor’s financial situation and needs; investments; assets and debts; marital status; tax status; age; investment time horizon; liquidity needs; risk tolerance; investment experience; investment objectives and financial goals; and any other information the retail investor may disclose in connection with the recommendation or advice. Finally, the advisor must use their knowledge of the first two elements to consider reasonably available investment option alternatives and come to the conclusion that there is a reasonable basis to believe that the recommendation or advice being provided is in the retail investor’s best interest.
Finally, an advisor must also analyze the specific account features offered and determine whether their client can benefit from them in order to meet their care obligations. While securities and investments come with costs that must be considered, the type of securities account also has changes the cost equation for the investor and can change the retail customers’ future investment returns. The associated person must consider the different types of securities accounts for their client and determine whether or not the cost or features are reasonably needed for the client or if the customer’s current account costs and features are superior to solutions available to the advisor. In any event, the type of account and services recommended must be in the investor’s best interest.
Israel has been in the securities industry for more than 28 years. Israel has been registered as a Broker with Oppenheimer & Co. Inc. since 2003.
Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.
