WARNING! Michael Rubel of Capitol Securities SUSPENDED – Red Bank, NJ
Michael Rubel, formerly of Capitol Securities Management, Suspended from Securities Industry
Have you lost money with financial advisor Michael Rubel of Red Bank, New Jersey? We are investigating allegations made by FINRA, the Financial Industry Regulatory Authority, against Michael Rubel. FINRA suspended Rubel from the securities industry for 45 days after he was alleged to have engaged in short-term trading of Unit Investment Trusts (or UITs) in customer accounts.
UITs are not designed for short-term trading because of their commissions and costs of trading. Between June 2015 and March 2017, Michael Rubel recommended on about 276 occasions that his customers sell their UITs and then purchase new, different UITs within a 100-day period. FINRA alleged this to be unsuitable in view of the frequency and costs of trading, which can be as high as 3.95%.
Michael Rubel was a financial advisor and registered representative of Capitol Securities Management from June 2015 to February 2020. Rubel was also affiliated with B. Riley Wealth Management from February 2020 to the present. He worked at branch offices in Red Bank, New Jersey. Rubel has also been the subject of five tax and civil liens.
Brokerage firms like Capitol Securities Management 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; Ann Arbor, Michigan; Seattle, Washington; and Phoenix Arizona. We represent investors in FINRA arbitration in all 50 states, including New Jersey. Our attorneys have represented over one thousand investors against many firms.
IF YOU LOST MONEY WITH MICHAEL RUBEL OR CAPITOL SECURITIES MANAGEMENT, PLEASE CONTACT US AT 720-599-3505 FOR A FREE EVALUATION OF YOUR CASE.
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