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KOVACK SECURITIES INC was ordered to pay $428,250 on behalf of Andrew Corbman in a customer dispute for Violations of the Virginia Securities Act, Common Law Fraud, Securities Fraud, Breach of Fiduciary Duty, Unsuitability, Negligence, and Breach of Contract.
Broker Andrew Corbman was suspended from FINRA in 2016. Corbman consented to the sanctions and to the entry of findings that he made recommendations that were unsuitable as they were over-concentrated and exposed customers to a risk of loss that exceeded each customer’s risk tolerance and investment objectives. The findings stated that Corbman also distributed a sales brochure for an alternative mutual fund to his customers that contained information that was misleading and failed to provide a sound basis for evaluating the alternative mutual fund referenced in it.
Andrew Corbman has worked at multiple firms over the years before Newbridge, including Kovack Securities Inc., FSC Securities Inc., ING Financial Partners Inc., Morgan Stanley DW INC., A. G. Edwards & Sons Inc., and RAF Financial co.
FINRA maintains a database of investor complaints and disciplinary and employment history for registered representatives and publishes some of this information on its BrokerCheck website, www.brokercheck.finra.org. According to Andrew Corbman’s BrokerCheck report, he has 22 disclosure events.
The following disclosures were reported:
- Regulatory Events: 2
- Customer Disputes: 16
- Terminations: 1
- Financial Events: 1
- Judgments/Liens: 2
Were You a Victim of Investment Fraud or Broker Misconduct?
If you believe you were a victim of investment fraud or broker misconduct, it is imperative to take action. Peiffer Wolf Carr Kane & Conway has represented thousands of victims, and we remain committed to fighting on behalf of investors.
Contact Peiffer Wolf Carr Kane & Conway today by filling out a Contact Form on our website or by calling 585-310-5140 to schedule a FREE Case Evaluation.
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Brokercheck®️ report
Information about this broker was obtained from FINRA’s BrokerCheck on October 31, 2018. You should always review the broker’s BrokerCheck report for updated information. If you believe some of the content on this page does not reflect the report, contact us.
Andrew Corbman Client?
Corbman was barred by FINRA in 2016. According to Andrew Corbman’s BrokerCheck report, without admitting or denying the findings, he consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony as requested by FINRA in connection with FINRA’s inquiry into the circumstances surrounding Corbman’s termination from his member firm, as well as allegations against him regarding unsuitable and unauthorized trading.
Based on our experience, we believe that there are more investors who have been the victim of broker misconduct or investment fraud. If you’ve worked with or invested with Andrew Corbman, you should contact Peiffer Wolf Carr Kane & Conway immediately. Peiffer Wolf Carr Kane & Conway is currently investigating Andrew Corbman’s practices, as well as the products he recommended to individual investors. Concerns about possible broker misconduct and investment fraud are serious, and we are committed to fighting on behalf of investors. Contact Us Today for a FREE Consultation. 585-310-5140
FREE Consultation | 585-310-5140
If you believe you were a victim of investment fraud or broker misconduct, it is imperative to take action. Peiffer Wolf Carr Kane & Conway has represented thousands of victims, and we remain committed to fighting on behalf of investors.
Contact Peiffer Wolf Carr Kane & Conway today by filling out a Contact Form on our website or by calling 585-310-5140 to schedule a FREE Case Evaluation.
