Unsuitable Investment Recommendations by Herbert J. Sims & Co, Inc. Broker Shane Applebaum
Posted on Tuesday, October 20th, 2020 at 12:17 am
Erez Law is currently investigating Herbert J. Sims & Co, Inc. broker Shane Applebaum (CRD# 4772668), who is accused of unsuitable investment recommendations and the sale of structured products. Applebaum has been registered with Herbert J. Sims & Co, Inc. in Boca Raton, Florida since 2004.
Applebaum has been the subject of two customer complaints between 2018 and 2020, according to his CRD report:
February 2020. “Suitability of $75K Bank of America CD purchased in Oct. 2014, maturing 2030; & $240K Citibank CD purchased in Jan. 2014, maturing 2034 purchased for the partnership which is beneficially owned by an elderly husband & wife.” The customer is seeking $86,864.90 in damages and the case is currently pending.
June 2018. “Claimant alleged unsuitability, negligence, fraud, misrepresentation.” The case was settled for $40,000. The complaint was regarding Peurto Rico bonds.
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, Herbert J. Sims & Co, Inc. may be liable for investment or other losses suffered by Applebaum’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.