Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker/advisor, Douglas Blake Solinsky (CRD # 4715268) was recently suspended from the securities industry by FINRA’s Department of Enforcement after an investigation into excessive and unsuitable trading (churning).
The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Solinsky.
Registration Background for Douglas Blake Solinsky
Mr. Solinsky first became registered in the securities industry in 2003. He is currently registered with New York, NY based Kingswood Capital Partners, LLC (CRD # 288898). His prior registrations include Benchmark Investments, LLC. (CRD # 103792) from February 2019 to May 2023, Cape Securities Inc. (CRD # 7072) from March 2019 to April 2019, and Newbridge Securities Corporation (CRD # 104065) from November 2008 to February 2019.
FINRA’s Allegations Against Douglas Blake Solinsky
According to the FINRA Letter of Acceptance, Waiver and Consent (AWC) dated June 29, 2023 (No. 2019064511203), Mr. Solinsky consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “Between January 2017 and February 2019, while he was registered through Newbridge, [Mr.] Solinsky engaged in excessive and unsuitable trading in the account of Customer A and the account of Customers B and C, a married couple”;
- “Between January 2017 and November 2017, [Mr.] Solinsky engaged in excessive and unsuitable trading in the account of Customer A, a 71-year-old from Texas. During the relevant period, Customer A routinely followed [Mr.] Solinsky’s recommendations”;
- “As a result of [Mr.] Solinsky’s unsuitable recommendations, Customer A paid $16,593 in commissions and fees”;
- “Between April 2018 and February 2019, [Mr.] Solinsky engaged in excessive and unsuitable trading in the account of Customers B and C, a married couple from Wisconsin”;
- “Customer B is a 63-year-old plumber and Customer C is a 63-year-old teacher’s assistant. During the relevant period, Customers B and C routinely followed [Mr.] Solinsky’s recommendations”;
- “As a result of [Mr.] Solinsky’s unsuitable recommendations, Customer B and C paid $11,029 in commissions and fees”; and
- By virtue of his actions, Mr. Solinsky violated FINRA Rule 2111 regarding suitability, and FINRA Rule 2010 regarding standards of commercial honor and principles of trade.
FINRA Suspends Douglas Blake Solinsky from Securities Industry
As a result of such violations and in addition to the above-described findings and conclusions, FINRA’s June 29, 2023 AWC also indicates that Mr. Solinsky consented to the following sanction(s):
- A four-month suspension from association with any FINRA member in all capacities;
- A fine in the amount of $10,000.00; and
- Restitution in the amount of $27,622.00 plus interest.
Douglas Blake Solinsky Has A Prior History of Securities Industry Customer Complaints
In addition to Douglas Blake Solinsky being suspended by FINRA from the securities industry regarding excessive and unsuitable trading, FINRA BrokerCheck for Mr. Solinksy reveals that he has a history of customer complaints and/or customer-initiated arbitrations including but not necessarily limited to the following:
- On April 22, 2016 a customer initiated a written complaint against Mr. Solinsky regarding alleged actions that occurred while he was associated with Newbridge Securities Corporation. The customer’s allegations included unreasonable commissions, suitability, fraud, churning and negligent misrepresentation. The customer further alleged damages in the amount of $90,000.00. On June 6, 2016 the written complaint evolved into a customer-initiated arbitration with alleged damages in the amount of $400,000.00. On April 12, 2018, the arbitration was settled in the amount of $90,000.00 with Mr. Solinsky required to pay $25,500.00 of the settlement amount.
Have You Lost Money with Douglas Blake Solinsky?
If you or someone you know has or had a brokerage account with Mr. Douglas Blake Solinsky and have concerns regarding losses in your investments or possible sales practice violations including fraud, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.