Chelsea Financial Services FINED For Lack of Supervision of Advisor CHARLES BLOOM
Chelsea Financial Services Fined For Failing to Supervise Charles Bloom
Have you lost money with financial advisor Charles Bloom of Chelsea Financial Services in Royal Palm Beach, Florida? We are continuing to look into allegations made by FINRA, the Financial Industry Regulatory Authority, against Charles Lewis Bloom. In 2018, FINRA barred him from the securities industry after he failed to respond to a FINRA investigation. FINRA was investigating Bloom regarding allegations of unsuitable trading patterns in at least three customer accounts.
In 2019, FINRA brought an action against Chelsea Financial Services and Christopher Vetrano for failing to reasonably supervise Charles Bloom. FINRA alleged that Chelsea Financial failed to establish, maintain, and enforce procedures to supervise Bloom. To settle these allegations, Chelsea Financial paid a fine of $15,000 and was ordered to pay restitution of over $68,000 to three customers while Vetrano was fined $10,000.
Charles Bloom was a financial advisor and registered representative of Chelsea Financial Services from January 2016 to July 2018. Bloom also worked with International Assets Advisory (IAA) from April 2014 to December 2015. He worked at branch offices in Royal Palm Beach and West Palm Beach, Florida. Bloom has been the subject of two customer complaints, including one alleging the sale of a REIT (real estate investment trust).
Brokerage firms like Chelsea Financial Services have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; and Seattle, Washington. We represent investors in FINRA arbitration proceedings in all 50 states, including investors throughout Florida. Attorney David Neuman is licensed to practice law in Florida. Our attorneys have represented over one thousand investors against many brokerage firms in the past.
Click to view: Bloom, Charles FINRA AWC
Click to view: Chelsea Financial Services FINRA AWC