• June 11, 2020
• National Securities Corp.

Troy Goldberg (CRD # 2342989) is a Financial Advisor at National Securities Corp. in Boca Raton, FL. Troy Goldberg has been in the securities industry since 1993 and previously worked at Brookshire Securities Corp. and Newbridge Securities Corp.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Troy Goldberg has been the subject of thirteen (13) customer complaints, including six since 2019, alleging sales practice misconduct. The 2019 and 2020 complaints all related to the sale of alternative investments. The complaints against Troy Goldberg allege the following:

• January 2020—”Unsuitable recommendation with regard to a private placement.” Alleged damages are $125,000 and the matter remains pending.
• November 2019- “Unsuitable recommendation with regard to a private placement.” Alleged damages are $200,000 and the matter remains pending.
• November 2019 – Unsuitable recommendation with regard to a private placement.” Alleged damages are $75,000 and the matter remains pending.
• November 2019 – Unsuitable recommendation with regard to a private placement.” Alleged damages are $75,000 and the matter remains pending.
• November 2019 – Unsuitable recommendation with regard to a private placement.” Alleged damages are $100,000 and the matter remains pending.
• November 2019 – Unsuitable recommendation with regard to a private placement.” Alleged damages are $65,000 and the matter remains pending.
• December 2008 – “NEGLIGENCE, CHURNING, UNAUTHORIZED TRADING, UNSUITABILITY, AND BREACH OF CONTRACT.” The matter settled for $11,500.
• May 2007 – “UNAUTHORIZED AND UNSUITABLE TRADING, NEGLIGENCE, BREACH OF CONTRACT AND OF FIDUCIARY DUTY, VIOLATION OF FLORIDA SECURITIES LAWS AND NASD RULES FOR TRADING FROM AUG. 2004 THROUGH APRIL 2005.” The matter settled for $60,000.
• February 2007 – “UNSUITABLE RECOMMENDATIONS, CHURNING, NEGLIGENCE, BREACH OF FIDUCIARY DUTY, BREACH OF CONTRACT, FAILURE TO SUPERVISE” The matter settled for $70,000.
• August 2004 – “BREACH OF FIDUCIARY DUTIES RELATED TO TRADING IN CUSTOMER ACCOUNT.” The matter settled for $165,000.
• October 1998 – “MISREPRESENTATION SUITABILITY $200,000.00 FRAUD” The matter settled for $62,500.
• September 1998- “EXCESSIVE TRADING.” The matter settled for $100,000.

For a copy of Troy Goldberg’s CRD, click https://brokercheck.finra.org/individual/summary/2342989#disclosuresSection

private placement investments are considered alternative investments. Private placements are generally only suitable and appropriate for customers with a high risk tolerance and who are willing to accept the risk of a complete loss of their investment.

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.

Reasonable basis suitability requires that a recommended investment or investment strategy be suitable or appropriate for at least some investors. Reasonable basis suitability requires an advisor to conduct adequate due diligence so that he or she can determine the risks and rewards of the investment or investment strategy.

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.

Customer-specific suitability requires that a member or associated person have a reasonable basis to believe that the recommendation is suitable for a particular customer based on that customer’s investment profile. Among the criteria that a financial advisor must evaluate to satisfy his or her customer-specific suitability obligations include the investor’s:
• Age
• Other investments
• Financial situation and needs
• Tax status
• Investment objectives
• Time horizon
• Liquidity needs
• Risk tolerance
• Any other information disclosed by the customer
In addition, unauthorized trading is a serious allegation based upon a belief that the customer did not approve the purchase or sale of a security prior to execution of the trade. Financial Advisors who engage in unauthorized trading often do so to increase commissions earned from their clients’ accounts.

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 mwolper@wolperlawfirm.com.