10.0David P Neuman
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Losses Due to CAROLINE KORN of BRIGHTON SECURITIES? Can You Recover Your Money?

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26
Feb

Losses Due to CAROLINE KORN of BRIGHTON SECURITIES? Can You Recover Your Money?

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Losses Due to CAROLINE KORN of BRIGHTON SECURITIES?  Can You Recover Your Money?

Caroline Korn, formerly with Brighton Securities Corp., Suspended Four Months

 

Have you lost money with financial advisor Caroline Korn from Rochester, New York?  We are continuing our investigation into allegations made by FINRA (the Financial Industry Regulatory Authority) made against Caroline Korn and her former brokerage firm, Brighton Securities Corp.  In December 2017, FINRA alleged that Brighton Securities Corp. failed to adequately supervise Caroline Korn, when she made unsuitable recommendations to her customers to switch from Class “A” shares of one mutual fund to another.

 

In February 2018, FINRA also brought a complaint against Korn.   To settle these allegations, Korn was suspended from the securities industry for four months and ordered to disgorge $7,300 in commissions.  FINRA also considered fining Korn, but she alleged that she had “limited ability” to pay any fines, so FINRA waived such.

 

“A” shares of mutual funds typically have upfront commissions of 2% to 5%, and Korn was recommending that six of her clients exchange these shares between March 2013 and March 2014.  As such, these clients were paying 2% to 5% commissions on a short term basis, and FINRA alleged that this was excessive and unsuitable.  FINRA also previously brought a separate regulatory action against Korn for the same conduct.  As part of this investigation, Brighton Securities Corp. was ordered to pay restitution of $19,453 to six customers, and also ordered to pay a $50,000 fine.

 

Caroline Korn was a registered representative and financial advisor with Brighton Securities Corp. from December 2005 to March 2014.  She was also an advisor with Pinnacle Investments from April 2014 to the present.  She worked out of branch offices in Rochester, New York.  Korn has been the subject of at least three customer complaints, some alleging unsuitable and excessive trading with mutual funds.

 

Broker-dealers like Brighton Securities Corp. have a responsibility to adequately supervise all representatives who are registered through their firm, including investments sold by their registered representatives.  Broker-dealers also must take steps to ensure that their financial advisors follow all securities rules and regulations, such as to refrain from excessively trading a customer’s account or switching mutual funds.  When broker-dealers fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.

 

Our firm represents investors throughout the country who are victims of financial advisors’ negligence and fraud.  Our firm has offices in Denver and Seattle, but we continue to represent investors throughout the U.S., including New York.

 

Click to view:  Korn, Caroline FINRA AWC

Click to view:  Korn, Caroline BrokerCheck 12.29.17 (1)

Click to view:  Brighton Securities FINRA AWC (1)

 

If you have lost money with Caroline Korn and Brighton Securities Corp., and want to hear about ALL legal options, please visit https://www.israelsneuman.com/ or CONTACT ISRAELS & NEUMAN at 720-599-3505.

 

Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency.  Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency.  All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact.  This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice.  Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis.  In contingent representation, clients may still be liable for costs.

Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.
10.0David P Neuman

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