Stoltmann Law Offices is investigating Lucian D. Hodgman and his firm, Newport Coast Securities, in New York, New York. Hodgman was accused of sending 40,000 copies of an advertisement postcard to be send out by mail through a third party marketing company without the approval of his member firm. He also allegedly made a phone call to a firm compliance officer in which he impersonated a representative of the marketing company and made false statements regarding the mailing of the postcards. Previously, he was fined $5,000 and suspended from the Financial Industry Regulatory Authority (FINRA) for unauthorized trading, failure to execute trades and excessive trading.
Hodgman was registered with Painewebber Inc. in Weehawken, New Jersey from October 1991 to January 2001, Moors & Cabot Inc. in Boston, Massachusetts from February 2001 until September 2013, Investors Capital Corp in Exeter, New Hampshire from September 2013 until March 2014, White, Weld & Co. Securities in Boston from April 2014 until August 2014 and Newport Coast Securities in Boston from October 2014 until February 2015. He has four customer disputes against him. He is not currently licensed within the industry.
Because brokerage firms have a responsibility to adequately supervise their representatives, and must take steps to ensure their representatives follow rules and regulations, they can be sued in the FINRA arbitration forum if they do not. Stoltmann Law Offices sues firms such as Newport Coast Securities for not adequately supervising their representatives, so please call us at 312-332-4200 for a free consultation with an attorney. There is no obligation and we take cases on a contingency fee basis only.