Securities Lawyers Blog
The securities attorneys at Gana Weinstein LLP are investigating claims against Coastal Equities, Inc. (Coastal Equities) broker Andrew Pravlik (Pravlik). According to BrokerCheck records, Pravlik has been subject to a regulatory matter in which the Financial Industry Regulatory Authority (FINRA) sanctioned Pravlik for various violations of the securities laws. In 2009, Pravlik falsely labeled 30 redemption requests as Required Minimum Distributions (RMDs) when he entered them into the firm’s mutual fund system. By doing so, he prevented a deferred sales charge that would have applied to the redemptions, and falsified the firms records. In May 2010, Pravlik was fined $5,000 and suspended for 90 days.
In addition, Pravlik also been subject to two customer complaints concerning unsuitable risky investments, one of which is still pending
In October 2017, customers alleged that Pravlik placed them in unsuitable investments that did not match with their investment portfolio. The customer has requested damages of $175,000. This dispute is still pending.