Former Benjamin & Jerold Brokerage I, LLC Client Wins FINRA Arbitration for $950,000 for Apollo Global Management LLC Stock Losses
Posted on Thursday, March 21st, 2019 at 1:46 pm
In February 2019, a former client of Benjamin & Jerold Brokerage I, LLC won an award in a FINRA arbitration for compensatory damages for $957,598.77 plus 1.5% interest per annum for losses sustained from losses sustained from investments in Apollo Global Management LLC stock. The investors were clients of financial advisor Terence Dolan, Jr. (CRD# 2352516).
The causes of action included breach of contract, gross negligence, fraudulent concealment, negligent misrepresentation, failure to supervise, and negligence. The causes of action relate to Apollo Global Management LLC stock. The FINRA arbitration hearing was conducted in New York, New York.
Dolan has been registered with Benjamin & Jerold Brokerage I, LLC in New York, New York since 2008.
In July 2002, the New York Stock Exchange Division of Enforcement sanctioned Dolan to a $50,000 monetary fine. According to Dolan’s BrokerCheck profile, “**03/31/2003** stipulation of facts and consent to penalty filed by NYSE division of enforcement and pending consented to findings: engaged in conduct inconsistent with just and equitable principles of trade in the he: 1.Pursued a claim against a specialist firm in connection with a dispute regarding a significant trade error when he should have known that the claim was without a reasonable basis; and 2. Made statements to exchange members in connection with a dispute with a specialist firm regarding a significant trade error when he should have known that the statements were without a reasonable basis. Violated exchange rule 401 in that he failed to adhere to the principle of good business practice in the conduct of his business affairs in that he pursued a claim against a specialist firm in connection with a dispute regarding a significant trade error when he should have known that the claim was without a reasonable basis. Stipulated sanction: censure and $50,000 fine.”
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, Benjamin & Jerold Brokerage I, LLC may be liable for investment or other losses suffered by Dolan’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and 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.