- September 30, 2018
- FSG Advisors
- Broker Discipline
The Wolper Law Firm, P.A. is currently investigating claims against Michael Bressman, a former Financial Advisor at FSG Advisors in Chatham, NJ. Michael Bressman has been in the securities industry since 1970s and previously worked at Merrill Lynch.
According to publicly available records released by the Securities and Exchange Commission (SEC), on September 24, 2018, the SEC commenced an enforcement proceeding against Michael Bressman for allegedly facilitating a fraudulent cherry picking scheme in which he made trades in a brokerage firm house account and waited to see how the stock performed before assigning gains and losses to particular accounts, including his own. It is alleged that Michael Bressman placed winning trades in his own account while placing losing trades in customer accounts. The SEC action remains pending. This same conduct led to Michael Bressman’s termination from FSG in May 2018.
In addition, Michael Bressman has four prior customer complaints, alleging, among other things, unauthorized trading and unsuitable investment recommendations. These matters were all settled with monetary compensation being paid to the customer.
For a full copy of Michael Bressman’s FINRA disclosure report, click https://brokercheck.finra.org/individual/summary/873973#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.
If you or someone you know was a customer of Michael Bressman and you experienced investment losses, please contact the Wolper Law Firm, P.A. at 800.931.8452 or by email at email@example.com to discuss your specific situation and the legal options available. The Wolper Law Firm, P.A. represents investors nationwide in securities litigation and arbitration.
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.