Disputes & Complaints: Allan Katz
The controversies and objections in question are frequently masked by paid PR articles. Because of this, it is much simpler for those who work in finance to persuade their customers that they are a legitimate business. It is unethical to withhold information from a customer, and doing so frequently results in significant monetary losses.
The following is a list of all the complaints and disputes from customers:
History Of Allan Katz
Allan Katz started working in the securities business in August 1991 when he signed up as a General Securities Representative with a FINRA member company. Katz was listed as a General Securities Representative or a General Securities Principal from 1991 to 2004. This was because he was a member of other member firms. Katz was registered as a General Securities Representative and General Securities Principal from April 2004 to May 2020. From April 2008 to May 2020, he was also registered as a Municipal Securities Principal through his work for Royal Alliance Associates, Inc. In May 2020, Royal Alliance fired Katz because of the following actions.
Katz has been working for another member company since June 2020. He is registered as a General Securities Representative, General Securities Principal, Municipal Securities Principal, and Municipal Securities Representative, so FINRA still has control over him.
Allan Katz Report
This problem started when Royal Alliance sent Katz a Form U5 cancellation.
Rule 2010 of FINRA says that people who work with them must follow “high standards of commercial honor and just and equitable principles of trade” when doing business.
“Falsifying documents is a prime example of misconduct” that goes against Rule 2010.1FINRA Rule 2010 says that it is wrong to put customer signatures on account transfer forms or change them in any other way.
Around February 20, 2019, Katz suggested, among other things, that his elderly client move the mutual funds he held straight into two accounts managed by Katz. The customer signed two account transfer forms to move two mutual funds for retirement and nine mutual funds for other types of investments into an IRA and an individual managing investment account, respectively.
The mutual fund company then told Katz that each mutual fund, needed a different form to move the account. Around March 5, 2019, Katz took the original signature page from the account transfer form for the IRA managing an investment account and put it on two new account transfer forms, which he then sent to the mutual fund company.
He used the original signing page from the account transfer form for the investment account under individual management on nine new account transfer forms. Katz used the customers’ original signature pages 11 times in order to speed up the way the deals were handled.
Katz broke FINRA Rule 2010 because of these things.
Penalties, Punishments & Sanctions
Around March 5, 2019, Katz used the signature pages of an older customer on 11 account transfer forms. These forms were needed for one customer to move directly-held mutual funds into two managed investment accounts. By doing these things, Katz broke FINRA Rule 2010.
How To Spot A Fraud Finance Advisor
Help For Victims Of Allan Katz
If you lost money because Allan Katz lied to you, sold you bad investments, or gave you bad advice about how to spend, you can get your money back. Then you can go to court and get what’s right. Fraud, bad behavior, and not doing what you’re supposed to do should not be taken easily, especially in this business. If your financial advisor or brokerage company doesn’t follow FINRA’s rules and regulations, you should tell the authorities or go to court.
Financial advisors are required by law and regulation to suggest to their clients the best investments and investment plans. Their suggestions should be in the best interest of their clients and fit with their goals and wants. In the same way, the brokerage company that hires financial advisors has a legal and regulatory duty to keep a close eye on and oversee their practices and behavior.
They need to make sure that the financial expert isn’t trying to trick them or isn’t favoring certain investments for no good reason. If the financial advisor or brokerage company doesn’t do these things, the client or customer may be able to get all or some of their money back.
When they give advice about investments and investment plans, financial advisors need to think about what is best for their clients. Reasonable basis suitability means that the advisor should do their best to analyze and point out the risks and benefits of the investment or investment plan they recommend.
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