Garden State Securities Sued For Breach Of Fiduciary Duty

Jason Eric Zwibel (also known as Jay Bell Zwibel) of Wellington Florida stockbroker currently employed by Garden State Securities Inc. has been referenced in a customer initiated investment related arbitration claim where the customer sought unspecified damages founded on accusations that (1) a fiduciary duty was breached and (2) common or preferred stocks and mutual funds were unsuitable for the customer in view of the customer’s objectives for investing and tolerance for risk when Zwibel was employed by Garden State. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-02085 (Aug. 2, 2019).

FINRA Public Disclosure indicates that Zwibel is the subject of four more customer initiated investment related disputes pertaining to allegations of his bad business practices during the period in which the stockbroker was employed by securities broker dealers including Brookstreet Securities Corporation and Garden State Securities. Specifically, a customer filed an investment related complaint pertaining to Zwibel’s conduct in which the customer requested $65,000.00 in damages supported by allegations that when Zwibel was employed by Josephthal Co. Inc., over the counter equities transactions were effected in the customer’s account by the stockbroker without consent from the customer.

Also, a customer initiated related arbitration claim pertaining to Zwibel’s conduct has been settled for $50,000.00 in damages supported by allegations that when Zwibel was employed by Brookstreet Securities Corporation, transactions were not reasonably monitored by the securities broker dealer, misleading statements were made by the stockbroker pertaining to the risks of collateralized mortgage obligations, the customer’s account had been mismanaged, and fiduciary obligations were not complied with by the stockbroker. FINRA Arbitration No. 07-01346 (June 17, 2008).

Zwibel is also referenced in a customer initiated investment related arbitration claim which has been settled for $110,000.00 in damages supported by allegations that a fiduciary duty owed to the customer had been violated, the customer’s account was administered by the stockbroker in a negligent manner, and over the counter equities transactions that were facilitated in the customer’s account when Zwibel was employed by Garden State Securities failed to be suitable. FINRA Arbitration No. 17-02864 (Nov. 29, 2018).

Zwibel has been employed by Garden State Securities since January 22, 2010.