Shimshon Plotkin is a Chevy Chase, Maryland broker. Plotkin is currently registered with Independent Financial Group (IFG) and was previously registered with Pacific West Securities, Cambridge Investment Research, Royal Alliance Associates, and Sun Investment Services Company. Dobbertin currently has 7 FINRA Brokercheck Disclosures, including Awards, Judgements, and Settlements for selling unsuitable variable annuities, unsuitable mutual funds, and REITs.
Peiffer Wolf Carr & Kane is currently investigating claims against Shimshon Plotkin, a registered broker at Independent Financial Group and Plotkin Financial Advisors in Chevy Chase, MD.
According to FINRA’s BrokerCheck website for Public Disclosures, Shimshon Plotkin has been the subject of 7 disclosures. Some of the more notable disclosures are as follows:
2016: Customer Dispute – Settled for $250,000: “STATEMENT OF CLAIM ALLEGED NEGLIGENCE; MISREPRESENTATIONS; BREACH OF CONTRACT; BREACH OF FIDUCIARY DUTY; UNSUITABLE INVESTMENTS IN CONNECTION WITH REITS AND DIRECT PARTICIPATION PROGRAMS PURCHASED THROUGH 2 BROKER-DEALERS FROM APPROXIMATELY 2007-2014.”
2005: Customer Dispute – Settled for $70,000: STATEMENT OF CLAIM ALLEGED “UNSUITABLE MUTUAL FUND PORTFOLIO FROM 2000 TO JULY 2002.”
2002: Customer Dispute – Award/Judgment for $25,000: STATEMENT OF CLAIM ALLEGED “UNSUITABLE INVESTMENTS AND BREACH OF FIDUCIARY DUTY.”
2002: Customer Dispute – Award/Judgment for $55,391.8: STATEMENT OF CLAIM ALLEGED “MISREPRESENTATION, NEGLIGENCE, UNSUITABILITY FOR PURCHASE OF VARIABLE ANNUITY IN 1995 AND IRA ROLLOVER IN 2000.”
Financial advisors (brokers) have a legal obligation and regulatory obligation to recommend only suitable investments that are appropriate for their individual clients. Their broker-dealer (employing brokerage firm) has a legal obligation and regulatory obligation to supervise the financial advisor’s sales practices and dealings with clients. To the extent that any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
Shimshon Plotkin has worked at multiple firms over the years, including Independent Financial Group, Pacific West Securities Group, Cambridge Investment Research, Royal Alliance Associates, and Sun Investment Services Compnay. FINRA maintains a database of investor complaints and disciplinary and employment history for registered representatives and publishes some of this information on its BrokerCheck website, www.brokercheck.finra.org.
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