- May 31, 2023
- Equitable Advisors
Bryan Lubitz (CRD#: 4381244) is a registered Broker at Equitable Advisors, LLC in Woodbury, NY.
He entered the securities industry in 2001 and previously worked for Aegis Capital Corp.; Newbridge Securities Corp.; and Trident Partners, Ltd.
Current And Past Allegations Of Conduct Leading To Investment Loss
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in January 2023, a customer dispute was filed against Bryan Lubitz. The allegation states, “Time frame: March 2013 – August 2022. Claimant alleges suitability, churning, breach of fiduciary duty, breach of contract, unauthorized trading, negligence, misrepresentation, omission of material facts.” The customer dispute is pending.
In addition, Bryan Lubitz has been the subject of five other customer complaints, including the following:
- March 2022 — “Time frame: August 2018 – April 2021. Client alleges unsuitable recommendations and investments.” The customer dispute was denied.
- June 2021 — “Time frame: 07/01/2015 – present. Suitability.” The customer dispute was settled for $9,999.
- December 2014 — “CLAIMANTS ALLEGE BREACH OF FIDUCIARY DUTY, NEGLIGENCE, INCLUDING ITS FAILURE TO MAKE SUITABLE INVESTMENT RECOMMENDATIONS, FAILURE TO SUPERVISE AND BREACH OF CONTRACT.” The customer dispute was settled for $97,000.
- November 2013 — “CLIENT ALLEGES THAT RR’S FAILURE TO USE STOP LOSS ORDERS CAUSED HIM TO SUSTAIN LOSSES OF 120,609.24.” The customer dispute was settled for $65,000.
- May 2011 — “ARBITRATION CLAIM FOR CHURNING, UNSUITABLE USE OF MARGIN, BREACH OF FIDUCIARY DUTY.” Damages of $100,00 were requested, and the customer dispute was withdrawn.
For a copy of Bryan Lubitz’s FINRA BrokerCheck, click here.
We Help Investors Recover Investment Losses
FINRA regulations require that a customer’s written authorization is required before a broker-dealer can carry out transactions in the customer’s account. In addition, the broker-dealer’s member firm needs to approve the broker-dealer’s authorization. These measures are intended to protect the customer. Discretionary trading allows the broker-dealer to unilaterally decide to buy or sell securities at any price and not have to check with the client first. Exercising discretion without authorization can be costly to investors, and broker-dealers and their member firms, too.
In addition, excessive trading often occurs when a Financial Advisor puts his or her interests ahead of the clients and makes transactions solely for the purpose of generating commissions. Financial Advisors have a regulatory duty to recommend suitable investment strategies. One of the components of the suitability analysis is quantitative suitability.
Quantitative suitability requires a brokerage firm or financial advisor with actual or de facto control over a customer’s account to have a reasonable basis for believing that a series of recommended transactions – even if suitable when viewed in isolation – is not excessive and unsuitable for the customer when taken together in light of the customer’s investment profile. No single test defines excessive activity, but factors such as the turnover rate, the cost-equity ratio, and the use of in-and-out trading in a customer’s account may provide a basis for a finding that a member or associated person has violated the quantitative suitability obligation. 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, P.A. represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, P.A., 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.