Garden State Stockbroker Barred For Failure To Pay Arbitration Award
Alexander Kibrik of New York New York a stockbroker registered with Garden State Securities Inc. has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations of Kibrik failing to comply with the terms of a FINRA Arbitration Award. Case No. 16-03304 (June 12, 2018).
FINRA Public Disclosure reveals that Kibrik was named in a customer initiated investment related arbitration claim in which the customer was awarded $413,045.11 in damages according to Kibrik being found liable on the customer’s claims of Kibrik, inter alia: engaging in market manipulation of the investments that the customer purchased; negligently transacting in the customer’s account; breaching his contractual obligations; effecting unauthorized trades in the customer’s account; making misrepresentations and omissions regarding the terms and conditions of investments in Cleantech stock; and breaching his fiduciary duties to the customer when Kibrik had been associated with Garden State Securities. FINRA Arbitration No. 16-03304 (Feb. 27, 2018).
Kibrik is also the subject of a customer initiated investment related arbitration claim in which the customer requested $21,125,000.00 in damages based upon allegations that contractual duties had been breached; the customer’s account was mishandled; and fiduciary obligations were violated with regard to the customer’s Regulation D private placement investment effected while Kibrik was associated with Global Emerging Capital Group LLC. FINRA Arbitration No. 16-02890 (Jan. 31, 2017).
Kibrik’s registration with Garden State Securities Inc. was terminated on August 23, 2017.