Jeffrey Max Cohen is the focus of an investigation by Goldman Scarlato & Penny securities lawyer Alan Rosca. The Jeffrey Cohen investigation reveals that Cohen, a registered Investment Adviser and Broker is currently the subject of various pending customer disputes on the primary allegation of unsuitable investment recommendations to clients.
Goldman Scarlato & Penny PC securities lawyers Alan Rosca and Paul Scarlato are investigating conduct related to the various pending customer disputes instituted against broker Jeffrey Cohen on the primary allegation of unsuitable investment recommendations.
Jeffrey Cohen investigation shows that he is currently in the employment of a Financial Industry Regulatory Authority (FINRA) member firm, Moloney Securities as he was when the various customer disputes were instituted against him.
From the reports on his FINRA Brokercheck page, the investigation into Jeffrey Cohen reveals that there are currently two customers pending disputes against him.
The latest pending customer dispute was instituted in July 2020. The client sought $800,000 in damages on the allegations of unsuitable investments to the client. The 2nd pending customer dispute was instituted in August 2019. The dispute was on the allegations of recommending unsuitable investments to the client by recommending the investment into alternative investment. The client sought $2,000,000 in damages.
Unsuitable investment recommendation generally is a breach of the duty of a registered investment adviser and broker to provide suitable financial and investment advice to their clients. Brokers and Investment advisers are expected to offer investment recommendations that meet the specific needs and profile of their clients. In providing an investment recommendation, the broker is expected to evaluate such recommendation to ensure the appropriateness of such investment to any investor, after which the broker will examine the appropriateness to the specific investor. After carrying out the previous checks, the broker is then typically tasked to determine the appropriate quantity of the investment is suitable for this client. The appropriate quantity is determined by comparing the client’s financial health, tax status, age, risk tolerance and investment goals among others.
Jeffrey Cohen investigation into disclosures on his FINRA Brokercheck Page, reveals that Cohen previously settled several customer disputes.
The first customer dispute of 2020 was instituted against Jeffrey Cohen in February. The client sought $200,000 in damages based on the same allegation of unsuitable investment recommendation but the dispute was settled for $100,000.
In the next month of March, another customer sought $700,000 in damages from another customer dispute on the allegation of unsuitable investment recommendation. And the dispute was settled for $125,000.
Next customer dispute was instituted in April 2020. The customer sought $500,000 in damages on the same allegation but the dispute was settled for $95,000.
Another customer dispute was instituted in August 2019. The customer alleged that broker Jeffrey Cohen made an unsuitable investment recommendation to the client to invest in alternative investments. As a result, the customer sought $3,000,000 in damages but settled for $700,000.
That Jeffrey Cohen investigation also revealed that another customer dispute was instituted in 2001. The client alleged that Cohen was liable for intentional misrepresentation, negligent misrepresentation and breach of fiduciary duty related to financial advice provided in 1996. The client sought $400,000 in damages but the dispute was settled for $320,000.
Generally speaking, often times, financial advisers and brokers have a fiduciary duty to their clients. They are often in a position in which they are expected to provide complete and correct information to the client about any investment recommendation. Where the advisor provides false information to the client, or fails to provide the complete information to the client, the advisor’s conduct could potentially constitute misrepresentation or worse, depending on the facts of each specific case. Misrepresentation can lead to great financial losses for the investors and the broker could potentially be held liable for such losses.
Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints mentioned in this article, unless otherwise indicated.
The Goldman Scarlato & Penny PC law firm represents investors who lose money as a result of investment-related fraud or misconduct and is currently investigating conduct related to broker Jeffrey Cohen’s five pending customer disputes on the allegation of unsuitable investment recommendation.
The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.
Investors who believe they lost money as a result of conducts related to broker Jeffrey Cohen’s five pending customer disputes on the allegation of unsuitable investment recommendation may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at rosca@lawgsp.com, or through the contact form on this webpage.
