Investment Loss Options for Clients of Former Folger Nolan Fleming Douglas Broker Marc Lippman
Posted on Monday, August 2nd, 2021 at 7:01 pm
There are options for clients of former Folger Nolan Fleming Douglas broker Marc Lippman (CRD# 1575995) who suffered investment losses. Lippman has been registered with Folger Nolan Fleming Douglas Incorporated in Washington, D.C. from 2009 to 2021, when he was terminated regarding, “The Firm learned that statements made by Mr. Lippman regarding the date he became aware of a client’s death were inconsistent with an email he had written prior to making such statements.”
In June 2021, FINRA barred Lippman after he, “consented to the sanction and to the entry of findings that he provided false information to FINRA during on-the-record testimony regarding whether he was aware that his customer was deceased at the time of entering a securities transaction in the customer’s account. The findings stated that Lippman falsely stated that he was unaware of his customer’s death at the time of entering the securities transaction in the customer’s account. The findings also stated that Lippman effected an unauthorized transaction in a deceased customer’s account. Lippman was aware that the customer had died and placed a trade in the customer’s account, selling approximately $80,000 in securities. Despite knowing that the customer died, Lippman effectuated this transaction without permission or consent. Following the transaction, Lippman distributed the funds to one of the customer’s family members.”
Lippman has been the subject of two customer complaints between 2009 and 2020, one of which was denied, according to his CRD report:
February 2020. “Breach of Fiduciary Duty.” The customer sought $686,000 in damages and the case was settled for $326,500. The complaint was regarding corporate debt, municipal funds, and breach of fiduciary duty.
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, Folger Nolan Fleming Douglas may be liable for investment or other losses suffered by Lippman’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.