Investors Accuse Securities America Of Annuity Misconduct
Leslie Benjamin Goldstein (also known as Les Benjamin Goldstein) of Park Ridge Illinois a stockbroker formerly registered with Securities America Inc. is the subject of a customer initiated investment related complaint on December 24, 2018 where the customer sought more than $5,000.00 in estimated damages based upon accusations of the customer not being apprised by Goldstein regarding a reduction of an annuity’s income benefits from early withdrawals.
Goldstein has been identified in three more customer initiated investment related disputes containing allegations of his misconduct while employed by Securities America, Dean Witter Reynolds Inc., ASA Investment Company and Sigma Financial Corporation. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that a customer filed an investment related complaint involving Goldstein’s conduct which was settled for $19,500.00 in damages based upon allegations that the Dean Witter customer’s account had been mishandled by Goldstein and that the customer had not been properly advised in regards to a rollover from the customer’s pension plan into an individual retirement account.
Goldstein has been identified in a customer initiated investment related civil action brought in a Lake County, Illinois Judicial Circuit Court which was resolved for $30,000.00 in damages founded on accusations that misrepresentations and omissions were made to the customer by Goldstein when he was employed by ASA investment Company.
On June 10, 2019, another customer initiated investment related arbitration claim pertaining to Goldstein’s conduct was settled for $90,000.00 in damages supported by allegations of an unsuitable investment portfolio being selected for the customer’s account between 2001 and 2018. The claim alleges that the customer was inappropriately placed into illiquid investments including real estate securities along with annuity and insurance products. According to the claim, the customer sustained substantial losses because of Goldstein’s actions at Sigma Financial Corporation.
Goldstein has been twice sanctioned by securities regulators for misconduct. He was fined $1,000.00 and censured by the State of Illinois based upon findings of him effecting unauthorized securities transactions when the stockbroker was registered with ASA Investment Company. He was subsequently censured and fined $50,000.00 by National Association of Securities Dealers (NASD) for selling away.
FINRA Public Disclosure also reveals that Goldstein has been discharged from prior employer, Private Ledger Financial Corp, for effecting unauthorized transactions. Goldstein’s registration with Securities America has been terminated as of March 12, 2020. Since then, the stockbroker has been registered with Arete Wealth Management LLC.