What Can Be Done About Preferred Note Losses with Stuart Horowitz and Securities America

According to a Financial Industry Regulatory Authority (FINRA) Letter of Acceptance, Waiver and Consent (AWC), Stuart Horowitz was accused of recommending and engaging in unsuitable trading in Preferred Notes of CSMIF, an unregistered limited partnership investment between February 2009 and July 2009. Allegedly, his recommendations lacked a reasonable basis because he failed to adequately investigate red flags that the Fund was not a viable investment. A broker has a duty to recommend only suitable investments for his clients, and, if he does not, his firm or former firm, in this case, Securities America, can be held liable for investment losses. For his transgressions, he was suspended from the industry for one year and fined $100,000. According to his FINRA BrokerCheck report, he was registered with LPL, Investacorp, Commonwealth Financial Network, NFP Securities and Securities America in Coral Springs, Florida from February 2009 until January 2016. He is not currently licensed within the industry. He has 36 customer complaints against him, four of which are currently pending.

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