Investors Sue TD Ameritrade For Failure to Liquidate
Alex Shvartsman (also known as Alex Shuartsman) of Smithtown New York a stockbroker employed by TD Ameritrade Inc. has been identified in a customer initiated investment related arbitration claim where the customer sought $1,700,000.00 in damages founded on accusations that the customer was provided with bad investment advice and inappropriately advised not to liquidate an investment account during the time that Shvartsman was employed by TD Ameritrade. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-01867 (Aug. 5, 2019).
Absent an affirmative recommendation to hold, such a claim is generally not actionable, and appears to be misguided. However, Shvartsman is the subject of two more customer initiated investment related disputes pertaining to allegations of his bad business practices while employed with Glenn Michael Financial Inc. FINRA Public Disclosure indicates that a customer filed an investment related complaint pertaining to Shvartsman’s conduct in which the customer requested $8,500.00 in damages supported by allegations that the customer’s investment instructions were not followed which led to the decline of the customer’s investment portfolio value and which led to the customer tending to margin calls.
Shvartsman is also referenced in a customer initiated investment related complaint where the customer sought unspecified damages based upon accusations of the stockbroker’s failure to execute sales of securities according to the Glenn Michael customer’s instructions.
Both of these complaints have been denied by his prior employers.
Shvartsman has been registered with TD Ameritrade since February 26, 2018.