- December 1, 2019
- Western International Securities
Doron Kochavi (CRD #1011155) is a Financial Advisor at Western International Securities in Pasadena, California. Doron Kochavi has been in the securities industry since 1981 and previously worked at UBS Financial Services and JP Morgan Securities.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on October 17, 2019, a customer complaint was disclosed on Doron Kochavi’s CRD, in which the customer alleges “breach of fiduciary duty” and seeks damages of $4 million. The dispute remains pending. In addition to the foregoing complaint, Doron Kochavi has five other customer complaint disclosures reflected on his CRD, including the following:
• April 2007—”THE CUSTOMER ALLEGED THAT HIS ACCOUNT EXECUTIVE MADE UNSUITABLE INVESTMENTS IN SEVERAL ACCOUNTS. THE CUSTOMER FURTHER ALLEGED THAT THE ACCOUNTS DECLINED IN VALUE SINCE THE TIME THEY WERE OPENED IN 1999. WE HAVE MADE A GOOD FAITH DETERMINATION THAT THE DAMAGES FROM THE ALLEGED CONDUCT WOULD BE GREATER THAN $5,000.” The matter was closed with no action taken.
• August 2002—”THE CLAIMANT SOUGHT ACTUAL DAMAGES OF NOT LESS THAN $400,000, UNSPECIFIED PUNITIVE DAMAGES, COSTS AND ATTORNEYS’ FEES BASED UPON ALLEGATIONS THAT FOR THE PERIOD FROM MARCH 1999 THROUGH JULY 2002, THE BROKER BREACHED HIS FIDUCIARY DUTY, FAILED TO DISCLOSE MATERIAL INFORMATION REGARDING THE INVESTMENTS AND RECOMMENDED THE PURCHASE OF UNSUITABLE SECURITIES.” The matter proceeded to a final evidentiary hearing and resulted in an arbitration award in the amount of $35,000.
• May 1997—”THE CUSTOMER CLAIMS THAT THE TRADING IN HER ACCOUNTS AT BEAR STEARNS WAS EXCESSIVE AND UNSUITABLE FOR HER AND THAT SEVERAL TRADES WERE UNAUTHORIZED. THE CLAIMANT SEEKS TO RECOVER $75,000 ALLEGED TO BE THE COMMISSIONS CHARGED TO HER ACCOUNTS, PLUS $200,000.” The matter proceeded to a final evidentiary hearing and resulted in an arbitration award in the amount of $25,000.
In addition, in 2012, Doron Kochavi was dischared by JP Morgan. According to the disclosure, “the firm has concluded that the RR exercised discretion in certain client accounts without written authorization.”
Before executing a trade, the law requires that your financial advisor obtain prior authorization from the account owner or his or her written designee. Failure to obtain prior authorization may provide you with a claim to recover any attending losses and a return of all commissions charged. Financial advisors who engage in unauthorized trading often do so in order to generate a commission.
For a copy of Doron Kochavi’s CRD, click https://brokercheck.finra.org/individual/summary/1011155#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.
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. We can be reached at 800.931.8452 or by email at email@example.com.