Barred Financial Advisor, Gabriel Block, Has Twelve Customer Complaints, Including Three Pending Complaints, Alleging Sales Practice Violations
Gabriel Block was a Financial Advisor at First Standard Financial Co. and National Securities Corp. in Red Bank, New Jersey. Gabriel Block entered the securities industry in 1990 and previously worked at Oppenheimer and Janney Montgomery Scott.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Gabriel Block has twelve customer complaints, alleging sales practice violatyions, including three pending complaints. In addition, Gabriel Block has been the subject of n\umerous regulatory actions, which has resulted in him being barred from the securities industry.
In January 2019, Gabriel Block failed to respond to a FINRA request for information, arising out of his failure to pay an arbitration award. In May 2019, the New Jersey Bureau of Securities levied its own sanction against Gabriel Block, alleging “Block engaged in dishonest or unethical business practices in the securities business. Block engaged in a device, scheme, or artifice to defraud. Block engaged in an act, practice, or course of business which operates or would operate as a fraud or deceit upon any person. Block is the subject of an order of a self-regulatory organization expelling him from a self-regulatory organization. Block is the subject of an order of a self-regulatory organization suspending him from a self-regulatory organization.” Gabriel Block was fined $750,000.
In addition to the regulatory events, Gabriel Block has been the subject of numerous customer complaints, including the following:
- April 2019—Customer alleged “SUITABILITY & EXCESSIVE TRADING.” Alleged damages are $2 million and the matter remains pending.
- February 2019—Customer alleged “Unauthorized trading and suitability.” Alleged damages are $668,000 and the matter remains pending.
- March 2018—Customer alleged “unauthorized and unsuitable purchases of Puerto Ricop bonds.” The matter was settled for $55,000.
- July 2015—Customer alleged “breach of fiduciary duty, suitability, negligence, breach of contract.” The matter was settled for $90,000.
- January 2011—Customer alleged that “account not handled in the customer’s best interest.” The matter was settled for $375,000.
For a copy of Gabriel Block’s CRD, click https://brokercheck.finra.org/individual/summary/2103543#disclosuresSection
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at 800.931.8452 or by email at firstname.lastname@example.org.
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