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Florida FINRA Arbitration Panel Awards Investor More than $500,000 in Financial Relief

On April 15th, 2019, a FINRA arbitration panel in Boca Raton, Florida awarded more than $500,000 in financial compensation to an investor. The decision to do so came after finding that a brokerage firm and a financial advisor were both liable for the claimant’s investment losses. Full details regarding this decision can be found by referencing Case Number: 16-01153.

This arbitration claim was filed against licensed brokerage firm Herbert J. Sims & Co (CRD#: 3420) and a South Florida-based financial advisor named Larry C. Wolfe (CRD#: 502361). While Herbert J. Sims & Co is still an actively registered broker-dealer, Mr. Wolfe has been barred from the securities industry. Here, our Miami investment fraud attorneys review the findings of the FINRA arbitration panel and the additional claims that were filed against Mr. Wolfe.

FINRA Arbitration Award: Herbert J. Sims & Co and Financial Advisor Larry Wolfe  

The underlying legal action in this case relates to investments in a number of different bonds. Some of the most notable bond investments implicated in this proceeding include Lehman Brothers Holdings, Black Elk Energy, and the Burnet County Texas bond. The investor raises six different causes of action against Herbert J. Sims & Co and former financial advisor Larry Wolfe:

  • Common law fraud;
  • Breach of fiduciary duty;
  • Gross negligence;
  • Breach of contract;
  • Violation of Florida securities law; and
  • Financial exploitation of an elderly person.

After reviewing the evidence presented by the parties, the FINRA arbitration panel determined that the brokerage firm and the financial advisor were jointly liable for $510,000 in investment losses. Notably, the financial advisor named as a respondent in this proceeding — Larry C. Wolfe — served as a representative for Herbert J. Sims & Co in Boca Raton, Florida from 2000 to 2016. He is no longer associated with the brokerage firm in any capacity.

Barred Florida Broker: Larry C. Wolfe

Former registered financial advisor Larry C. Wolfe was barred from the securities industry in 2017 after he failed to cooperate with an official investigation into allegations of misconduct. Under FINRA rules, brokers must submit to testimony and produce relevant documents when requested to do so by the regulatory agency. Mr. Wolfe failed to comply with these requirements.

In recent years, several different investor complaints have been filed against this broker. According to FINRA’s Brokercheck tool, four investor complaints are still listed as pending against Mr. Wolfe as of April of 2019. These investors are raising a wide array of different allegations against this broker, including broker negligence, unsuitable investment advice, unauthorized trades. and investment fraud. 

Speak to Our Miami, FL Investment Fraud Lawyers Right Away

At Carlson & Associates, P.A., we fight to protect the financial interests of investors. Our investment fraud lawyers have extensive experience representing victims of the full range of securities fraud cases, including elder financial exploitation claims. To arrange a fully confidential initial review of your FINRA arbitration case, please do not delay in reaching out to our Miami law office today.

Resources:

finra.org/sites/default/files/aao_documents/16-01153.pdf

brokercheck.finra.org/individual/summary/502361

brokercheck.finra.org/firm/summary/3420

https://www.carlson-law.net/sec-florida-man-accused-of-insider-trading-at-seaworld/

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