WARNING! Impending Investigation: LUCIAN D. HODGMAN and NEWPORT COAST SECURITIES, INC.
Israels & Neuman, PLC investigates LUCIAN D. HODGMAN (CRD# 1546902) and NEWPORT COAST SECURITIES, INC. of New York, New York
Have you lost money with financial advisor LUCIAN D. HODGMAN (CRD# 1546902) or NEWPORT COAST SECURITIES, INC. (CRD# 16944) of New York, New York? We are investigating allegations made by various state and independent regulatory agencies related to the conduct of Lucian Hodgman. Lucian Hodgman’s CRD report, a public record maintained by FINRA, the Financial Industry Regulatory Authority, states that:
Without admitting or denying the findings, Hodgman consented to the sanctions and to the entry of findings that he caused approximately 40,000 copies of an advertisement postcard to be sent out by mail through a third-party marketing company without approval of a registered principal at his member firm. The findings stated that he submitted a proposal for the advertisement postcard to the firm’s compliance office and it responded describing the changes required before the advertisement postcard could be approved. Hodgman did not make the required changes, instead, he caused the marketing company to send the advertisement postcards to prospective customers. The advertisement postcards contained information about investing in fixed annuities that failed to provide a sound basis for evaluating an investment in fixed annuities. The findings also stated that Hodgman falsely represented to the firm that the marketing company had mailed the advertisement postcards prematurely, without his knowledge or authorization. To bolster this story, Hodgman made a telephone call to a firm compliance officer in which he impersonated a representative of the marketing company and made additional false statements regarding the mailing of the advertisement postcards.
Hodgman was fined $5,000.00 and suspended from FINRA for 18 months due to the above conduct. The same conduct also caused Hodgman to be banned from selling securities in the state of Maine and could possibly cause him to be banned in Massachusetts.
Hodgman has been the subject of several FINRA arbitration lawsuits and numerous customer complaints that allege that he made unauthorized trades, failed to execute trades, and traded excessively. He was also previously fined $5,000.00 by FINRA for unauthorized trading.
Lucian Hodgman was registered at Newport Coast Securities, Inc. from October of 2014 to February of 2015. Prior to that, he was registered with White, Weld & Co. Securities, LLC from September of 2013 to March of 2014, Investor’s Capital Corp. from September of 2013 to March of 2014, and Moors & Cabot, Inc. from February of 2001 to September of 2013.
Brokerage firms 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 the Seattle area. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in New York. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including AXA Advisors, LPL Financial, Merrill Lynch, Morgan Stanley, Smith Barney, Stifel Nicolaus & Company, UBS Financial Services, Oppenheimer, Charles Schwab, Wells Fargo Advisors, Ameriprise Financial Services, Raymond James, ProEquities, Securities America, National Securities Corp., and many others.
If you lost money with Lucian Hodgman or Newport Coast Securities, Inc., please Contact Us at 720-599-3505 for a free evaluation of your case.
Click to view: Hodgman Consent Order
Click to view: hodgman brokercheck
FREE CASE EVALUATION
DENVER: (720) 599-3505
SEATTLE: (206) 795-5798