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Former Gould, Ambroson & Associates Ltd. President and Chief Compliance Officer Jay Ambroson Has Six Pending Customer Complaints

Posted on Wednesday, July 24th, 2019 at 8:58 pm    

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Erez Law is currently investigating former president and chief compliance officer of Gould, Ambroson & Associates Ltd. Jay Ambroson (CRD# 859012). Ambroson was registered with Gould, Ambroson & Associates Ltd. in Garden City, New York from 1986 to 2018.

Ambroson has been the subject of eight customer complaints between 2018 and 2019, according to his CRD report:

May 2019. “Customer filed a FINRA arbitration alleging claims against Mr. Ambroson for unsuitability, common law fraud, breach of contract, negligent supervision, breach of fiduciary duty, violations of the racketeer influenced and corrupt organizations act, and conversion.” The case is currently pending.

May 2019. “Customer filed a FINRA arbitration alleging claims against Mr. Ambroson for unsuitability, common law fraud, breach of contract, negligent supervision, breach of fiduciary duty, violations of the racketeer influenced and corrupt organizations act, and conversion.” The case is currently pending.

April 2019. “Customer filed a FINRA arbitration claim alleging claims against Mr. Ambroson for unsuitability, common law fraud, breach of contract, negligent supervision, breach of fiduciary duty, violation of the racketeer influenced and corrupt organizations act, conversion, violation of California Securities Act, and sale of unregistered securities.” The case is currently pending.

April 2019. “Customer filed a FINRA arbitration alleging claims against Mr. Ambroson for unsuitability, common law fraud, breach of contract, negligent supervision, breach of fiduciary duty, violations of the racketeer influenced and corrupt organizations act, and conversion.” The case is currently pending.

August 2018. “Customer filed a FINRA arbitration claim alleging claims against Mr. Ambroson for unsuitability, misrepresentation and omission, breach of fiduciary duty, breach of duty of good faith & fair dealing, breach of contract, fraud, churning, violations of NASD/FINRA Conduct Rules, and control person liability. Mr. Ambroson intends to defend these claims insofar as they relate to him individually.” The customer is seeking $111,255 in damages and the case is currently pending. The case is regarding private securities.

July 2018. “Customers filed a FINRA arbitration claim alleging claims against Mr. Ambroson for misrepresentations, claims under New Jersey, Pennsylvania and North Carolina securities and consumer laws, Violations of Rule 10b-5 and Control Person Liability, violations of NASD/FINRA Conduct Rules and SEC Rules, negligence, failure of supervision, and breach of contract. Mr. Ambroson intends to defend these claims insofar as they relate to him individually.” The customer is seeking $999,000 in damages and the case is currently pending.

June 2018. “Customers filed a FINRA arbitration claim alleging claims against Mr. Ambroson for negligent supervision, RICO and conversion. Mr. Ambroson intends to defend these claims insofar as they relate to him individually.” The customer sought $970,000 in damages and the case was settled for $350,000. The case was regarding private securities.

June 2018. “Customer filed a FINRA arbitration claim alleging claims against Mr. Ambroson for unsuitability, breach of contract, negligent supervision, failure to implement a reasonable compliance program, breach of fiduciary duty, and claims under New Jersey securities and consumer laws. Mr. Ambroson intends to defend these claims insofar as they relate to him individually.” The customer sought $850,000 in damages and the case was settled for $312,500. The case was regarding private securities.

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, Gould, Ambroson & Associates Ltd. may be liable for investment or other losses suffered by Ambroson’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.