The Wolper Law Firm is currently investigating claims against Charles Bloom, a former Financial Adviser at International Asset Advisory and Chelsea Financial Services in Palm Beach County, Florida. Charles Bloom has been in the securities industry since 2000 and worked at myriad brokerages during that period of time.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on July 17, 2018, Charles Bloom was sanctioned by FINRA, barring him from the securities industry. The FINRA order alleges that Charles Bloom recommended unsuitable securities to clients and refused to cooperate in a FINRA investigation regarding same. The FINRA sanction states:
“Without admitting or denying the findings, Bloom consented to the sanction and to the entry of findings that he refused to appear for testimony as requested by FINRA in connection with an investigation into allegations that Bloom engaged in an unsuitable pattern of trading in at least three customer accounts.”
For a full copy of the FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2017056067501%20Charles%20Lewis%20Bloom%20CRD%204144108%20AWC%20jm.pdf
This is not Charles Bloom’s first regulatory infraction. In 2008, Charles Bloom was sanctioned by FINRA for allegedly paying off a customer to avoid the filing of a customer complaint and, in 2009, he was sanctioned by the Florida Division of Securities for violating the terms of his securities registration.
For a full copy of Charles Bloom’s CRD, click https://brokercheck.finra.org/individual/summary/4144108#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. Part of the suitability analysis requires that the trades are quantitatively suitable, meaning that the broker cannot execute excessive trades or engage in churning.
The Wolper Law Firm is interested in speaking with clients of Charles Bloom as part of its investigation. We can be reached at 800.931.8452 or by email at firstname.lastname@example.org. 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.