Independent Financial Group, LLC Broker Shimshon Plotkin Accused of Over-Concentration in Alternative Investments
Posted on Tuesday, October 8th, 2019 at 7:34 am
Were you the victim of Independent Financial Group, LLC broker Shimshon Plotkin (CRD# 2431863)? Plotkin has been registered with Independent Financial Group, LLC in Chevy Chase, Maryland since 2011.
Plotkin has been the subject of eight customer complaints between 2001 and 2019, three of which were denied, according to his CRD report. Recent cases are regarding:
June 2019. “Allege over-concentration in alternative investments and lack of diversification.” The customer is seeking $500,000 in damages and the case is currently pending. The case is regarding real estate investment trusts (REITs) losses.
June 2016. “Statement of claim alleged negligence; misrepresentations; breach of contract; breach of fiduciary duty; unsuitable investments in connection with reits and direct participation programs purchased through 2 broker-dealers from approximately 2007-2014.” The customer sought $1 million in damages and the case was settled for $250,000. The case was regarding REITs and direct investments losses.
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, Independent Financial Group, LLC may be liable for investment or other losses suffered by Plotkin’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.