Gould Ambroson Settles Racketeering Claim

FINRA Arbitration Attorneys

Jay Allan Ambroson of Garden City New York a former president and director of Gould Ambroson Associates Ltd. is the subject of a customer initiated investment related arbitration claim which was settled for $107,991.00 in damages based upon allegations including fraud and the violation of California Securities Act by Ambroson as it pertained to private securities transactions. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-01090 (Aug. 27, 2019).

According to the claim, unsuitable transactions had been effected in the customer’s account by the stockbroker. An investment agreement and a fiduciary duty owed to the customer were both allegedly breached by Ambroson. The claim also alleges that transactions effected in the customer’s account were negligently supervised by the securities broker dealer and that the customer’s funds had been converted after purchasing unregistered securities through Ambroson at Gould Ambroson Associates.

FINRA Public Disclosure confirms that Ambroson has been identified in nine more customer initiated investment related disputes concerning accusations of his misconduct while registered with securities broker dealers including Gould Ambroson Associates. On August 27, 2019, a customer initiated investment related arbitration claim concerning Ambroson’s activities was resolved for $129,997.00 in damages founded on accusations that the customer had been defrauded by Ambroson. FINRA Arbitration No. 19-00993. According to the claim, Ambroson’s private securities transactions were illegal and unsuitable for the customer. The claim alleges breach of fiduciary duty and breach of contract and that the customer’s funds were converted by Ambroson while he was associated with Gould Ambroson Associates.

On August 27, 2019, another customer initiated investment related arbitration claim pertaining to Ambroson’s conduct was settled for $57,881.00 in damages supported by allegations that the customer’s funds were converted by the stockbroker. FINRA Arbitration No. 19-01367. A fiduciary duty that was owed to the customer had allegedly been breached by Ambroson and the stockbroker’s transactions purportedly failed to be monitored by the securities broker dealer. The claim also alleges fraud and violation of Racketeer Influenced and Corrupt Organizations Act.

Ambroson is also referenced in a customer initiated investment related arbitration claim which was resolved for $54,131.00 in damages based upon accusations that transactions failed to be suitable for the customer. FINRA Arbitration No. 19-01404 (Aug. 27, 2019). According to the claim, the customer’s funds had been converted in reference to private securities transactions. These transactions allegedly failed to be suitable for the customer and had resulted in the customer being defrauded. The claim also alleges breach of fiduciary duty and breach of contract in regard to Ambroson’s actions at Gould Ambroson Associates.

Ambroson’s employment with Gould Ambroson Associates was terminated on July 23, 2018.