Garden State Securities Sued For Excessive Trading
Terry Lee Brodt Jr. of Red Bank New Jersey a stockbroker registered with Garden State Securities Inc. is referenced in a customer initiated investment related arbitration claim where the customer sought $500,00.00 in damages founded on accusations that (1) contractual obligations to the customer had been breached (2) trades were effected on an excessive basis (3) and exchange traded fund and over-the-counter equities transactions failed to be suitable for the customer. FINRA Arbitration No. 17-02793 (Nov. 20, 2017).
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Brodt is referenced in five additional customer initiated investment related disputes that concern allegations of his misconduct during the time that he was employed by securities broker dealers including Garden State Securities. Particularly, a customer initiated investment related arbitration claim involving Brodt’s activities has been settled for $24,900.00 in damages based upon accusations of unsuitable and unauthorized equities being effected in the customer’s account by Brodt during the time he was associated with Garden State Securities Inc.
Moreover, a customer initiated investment related arbitration claim concerning Brodt’s conduct has been resolved for $120,000.00 in damages supported by allegations that Brodt churned the customer’s equity portfolio and charged the customer commissions which were excessive. FINRA Arbitration No. 16-01108 (Jan. 18, 2017).
Moreover, FINRA Public Disclosure additionally reveals that Brodt has been fined $10,000.00 and suspended from associating with any FINRA member in any capacity founded on findings that Brodt executed trades in customer accounts on a discretionary basis and furnished false or misleading information to the firm in regard to his trading in customer accounts; conduct violative of FINRA Rules 2010 and National Association of Securities Dealers (NASD) Rule 2510(b).
Brodt has been employed by Garden State Securities Inc. since August 12, 2010.