FINRA announced in July 2013 that it has barred former Oppenheimer stockbroker Alan Jay Davidofsky from working for any FINRA brokerage firm. FINRA found that Davidofsky made unauthorized

and excessive trades in a customer’s IRA account. FINRA’s findings that Davidofsky churned the customer’s account is particularly disturbing because FINRA also found that Oppenheimer had warned Davidofsky to increase his commission generation, which presumably prompted him to abuse at least one of his customers by making unnecessary trades for the purpose of generating commissions. It is disturbing to see brokerage firm supervisors stand by while brokers are engaging in obvious stockbroker fraud, such as churning. Again, it is good to see FINRA take definitive action by barring a stockbroker from working for a brokerage firm, but customer abuses will continue until and unless brokerage firms take their supervisory roles more seriously.

EN   ES   PT     

Miami Office
Grand Bay Plaza
2665 S. Bayshore Drive
Penthouse 2B
Miami, FL 33133
Telephone: 786.628.8236

Los Angeles Office
Available by Appointment
2029 Century Park East
Century Plaza Tower
Suite 400N
Los Angeles, CA 90067
Telephone: 424.544.7930

New York City Office
Available by Appointment
14 Wall St, 20th Floor
New York, NY 10005
Telephone: 917.382.5217

West Palm Beach Office
Northbridge Centre
515 N. Flagler Drive, Suite P-300
West Palm Beach, FL 33401
Telephone: 561.475.2887

Detroit Office
41000 Woodward Avenue,
Suite 350 East
Bloomfield Hills, Mi 48304
Telephone: 248.368.0182