Broker from Miami Barred, Held Liable for Unsuitable Investment Recommendations
Mark Sam Kolta (CRD #5324620) is a previously registered broker and previously registered investment adviser (RIA). Mr. Kolta is currently listed by the Financial Industry Regulatory Authority (FINRA) as a resident of Miami, Florida. Earlier this year, FINRA’s Office of Hearing Officers (OHO) issued a decision against his broker. Here, our Miami unsuitable investment lawyer provides a more detailed overview of the decision and explains four steps to take if you suffered losses due to unsuitable investment recommendations.
OHO Decision: Mark Sam Kolta Formerly of National Securities Corporation
In August 2024, FINRA’s Office of Hearing Officers barred broker Mark Sam Kolta from associating with any FINRA member in any capacity. The decision followed findings that between June 2014 and August 2015 Mr. Kolta made unsuitable recommendations to at least 16 clients. During this time, Mr. Kolta was a representative of National Securities Corporation in New York City. Notably, the 16 investors in question collectively invested nearly $5 million in a high-risk, non-traded real estate investment trust (REIT). In order to facilitate these investments, Mr. Kolta also reportedly falsified clients’ financial information, overstating their income, net worth, and investment experience. The OHO ordered Mr. Kolta to pay disgorgement of nearly $300,000. Additionally, it barred him from the securities industry. The decision is being appealed by the broker.
Four Steps to Take If You Suffered Losses Due to Unsuitable Investment Recommendations
Do you believe that you suffered investment losses due to unsuitable investment recommendations by your broker or brokerage firm? You may be entitled to compensation for your damages. A proactive approach is key. Here are four steps to take to protect your rights:
- Protect Yourself for Further Investment Losses: The best way to deal with investment losses is to stop them from happening in the first place. Cease making any additional investments with the broker or financial advisor involved in making unsuitable investment recommendations. You should review your portfolio to identify any other issues.
- Document the Unsuitable Investment Recommendations: Documentation is key. You should father all relevant documents, including account statements, emails, and marketing materials. It is also best to note specific instances where the broker made recommendations inconsistent with your financial goals, risk tolerance, or overall needs.
- Notify Your Brokerage Firm: You should inform your brokerage firm about the unsuitable recommendations and prepare to file a formal complaint.
- Seek Professional Legal Representation: You do not have to take on the investment fraud claims process alone. A lawyer who has experience handling unsuitable investment cases can review your case, answer questions, and help you develop a strategy to get full and fair financial compensation.
Contact Our Miami, FL Unsuitable Investment Losses Lawyer Today
At Carlson & Associates, P.A., our Miami unsuitable investment attorney has extensive experience handling unsuitable investment cases. If you suffered losses due to unsuitable investment recommendations, we are here to help. Contact us today for a case review. From our Miami office, our law firm handles unsuitable investment cases throughout South Florida.
Source:
brokercheck.finra.org/individual/summary/5324620