Can I recover losses from investments with former BCG Securities, Inc. broker Mark Cohen (CRD# 4534879) due to unsuitable investment recommendations? He was registered with BCG Securities, Inc. in New York, New York from 2014 to 2018. Previously, he was registered with Metlife Securities Inc. in New York, New York from 2011 to 2014, when he was terminated regarding, “registered representative admitted he did not follow firm policy with respect to business expense reimbursements.
In September 2018, Mark Cohen was barred by FINRA. He was named a respondent in a FINRA that alleged that he “converted at least $14,606.94 from his member firm by preparing several false expense reports and submitting them to the firm seeking reimbursement pursuant to the firm’s marketing reimbursement program. The complaint alleges that the expense reports were false because the corresponding preapproved client marketing events did not occur and, therefore, Cohen did not incur any costs for the events. Nonetheless, Cohen created false transaction records to evidence the preapproved expenses, submitted at least five of these false records to the firm, and requested reimbursement of approximately 50% of these phantom expenses. The complaint also alleges that Cohen’s preparation and submission of false transaction records, in support of false expense reports, cause the firm to maintain inaccurate books and records.”
Mark Cohen Customer Complaints
He has been the subject of six customer complaints between 2011 and 2021, two of which were denied, according to his CRD report. The most recent complaints were regarding:
August 2021. “Customer alleges unsuitable investments, churning and failure to properly supervise.” The customer sought $76,500 in damages and the case was settled for $55,000. The complaint was regarding common and preferred stocks and real estate investment trusts (REITs) and took place while he was registered with BCG Securities, Inc.
May 2021. “Customer alleges unsuitable sale of investment due to improper due diligence.” The case was settled for $165,000. The complaint was regarding direct investments and took place while he was registered with BCG Securities, Inc.
March 2020. “Customer alleges unsuitable sale of investment due to improper due diligence.” The customer sought $50,000 in damages and the case was settled for $200,000. The complaint was regarding direct investments and took place while he was registered with BCG Securities, Inc.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, BCG Securities, Inc. may be liable for investment or other losses suffered by Mark Cohen’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.