FINRA Bars National Securities Stockbroker For Failure To Pay Arbitration Award
Todd Joseph Henrich of Iselin New Jersey a stockbroker formerly registered with National Securities Corporation has been suspended by Financial Industry Regulatory Authority (FINRA) from associating with any FINRA member in any capacity based upon accusations that the stockbroker failed to comply with a customer initiated investment related arbitration award or settlement agreement or otherwise confirm his compliance with FINRA. Case No. 18-03414 (Dec. 13, 2019).
FINRA Public Disclosure indicates that Henrich is the subject of three customer initiated investment related disputes pertaining to allegations of his bad business practices during the period in which he was employed by securities broker dealers including National Securities Corp. Specifically, a customer initiated investment related arbitration claim pertaining to Henrich’s conduct has been settled for $26,000.00 in damages supported by allegations that when Henrich was employed by National Securities Corp., the customer’s investment account had been imprudently managed by the stockbroker, fiduciary obligations were not complied with, and over the counter equities transactions were facilitated in the customer’s account in an excessive manner. FINRA Arbitration No. 15-01968 (Sept. 29, 2015).
An additional customer initiated related arbitration claim concerning Henrich’s activities was resolved for $25,000.00 in damages founded on accusations that when Henrich was employed by National Securities Corp., false or misleading statements were made in regard to the terms and conditions of investments, a fiduciary duty was breached, the customer’s account had been administered negligently, trades were unsuitable for the customer in view of the customer’s objectives for investing and tolerance for risk, and real estate securities and over the counter equities transactions were executed without the customer’s permission. FINRA Arbitration No. 15-02835 (Mar. 2, 2016).
Henrich is the subject of another customer initiated investment related arbitration claim where the customer was awarded $12,500.00 in compensatory damages based upon Henrich and National Securities Corp. being found liable on the customer’s claims which included that transactions lacked appropriate supervision from the securities broker dealer, false statements were made to the customer concerning the risks of investments, transactions were unsuitable given the customer’s circumstances, and the customer was defrauded because of Henrich’s activities at National Securities Corp. Financial Industry Regulatory Authority FINRA Arbitration No. 18-03414 (Sept. 4, 2019).
Henrich had been registered with National Securities Corp. since October 2012.