Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker/advisor Robert Silverman (CRD # 4582993) was recently suspended from the securities industry by FINRA’s Department of Enforcement. The suspension occurred during the course of an investigation into unauthorized transactions in a customer account.
The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Silverman.
Registration Background for Robert Silverman
Mr. Silverman first became registered in the securities industry in 2003. He was most recently registered with Red Bank, NJ based Cetera Financial Specialists LLC (CRD # 10358) from June 2004 to July 2019. His prior registrations include Hochman & Baker Securities, Inc. (CRD #19949) from January 2003 to June 2004.
FINRA’s Allegations against Robert Silverman
According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated June 3, 2020, Mr. Silverman consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “During the Relevant Period, [Mr. Silverman] effectuated withdrawals from [a] customer’s accounts at the son-in-law’s instruction without receiving customer authorization”;
- “[Mr. Silverman] also facilitated the son-in-law’s own direct withdrawals from the customer’s accounts by providing to the son-in-law the withdrawal request form“;
- “Each withdrawal request caused sales of securities in the customer’s accounts in order to fund the withdrawal”;
- “[Mr. Silverman] effectuated or facilitated 18 unauthorized withdrawal requests totaling $228,679”; and
- “By virtue of the foregoing conduct, [Mr. Silverman] violated FINRA Rule 2010.”
FINRA Sanctions Robert Silverman
As a result of such violations and in addition to the above described findings and conclusions, FINRA’s June 1, 2020 AWC also indicates that Mr. Silverman consented to the following sanction(s):
- A suspension from association with any FINRA member firm in any and all capacities for four months; and
- A fine in the amount of $10,000.00.
If you or someone you know has or had a brokerage account with Mr. Robert Silverman 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.