Maxim Group Just Settled A Complaint For $200,000 Based On Alleged Misconduct Of Broker, Michael Solomon

• August 30, 2018
• Excessive Trading/Churning
• Maxim Group
• Michael Solomon

The Wolper Law Firm is currently investigating claims against Michael Solomon, a Financial Advisor at Maxim Group in New York, NY.  Michael Solomon has been in the securities industry since the 1990s and previously worked at HFP Capital Markets and Joseph Gunnar & Co.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on April 10 2018, a customer filed a complaint against Michael Solomon, alleging “RR engaged in excessive and unsuitable transactions.”   Maxim Group settled the claim for $200,000 of the $246,000 requested.

In addition, Michael Solomon has had six (6) additional complaints filed against him since 2006, including the following:

• September 2009—Customer alleged “breach of fiduciary duty…fraud…related to…concentration of claimant in various unspecified highly speculative stocks.” The alleged damages were $4 million.
• November 2007—Customer alleged “negligence, breach of fiduciary duty, breach of contract, unsuitability…” The matter was settled for $85,000.

To review a full copy of Michael Solomon’s FINRA disclosure report, click https://brokercheck.finra.org/individual/summary/2024161#disclosuresSection

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives.  Trading long-term investment vehicles in short duration is per se improper as it presents very little benefit to the customer and only benefits the Financial Advisor, who earns commissions.  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 Solomon’s and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at mwolper@wolperlawfirm.com to discuss your specific situation and the legal options available.  The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.

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.