GMS Investors File FINRA Arbitration Claim Alleging Negligence
William Martin Ornstein of Boca Raton Florida a stockbroker currently associated with The GMS Group LLC has been referenced in a customer initiated investment related arbitration claim in which the customer requested $100,000.00 in damages supported by allegations of negligence and the breach of a fiduciary duty that was owed to the customer in regard to the municipal debt transactions effected in the customer’s account when Ornstein was employed by The GMS Group. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-00553 (Mar. 1, 2019).
FINRA Public Disclosure confirms that Ornstein has been identified in ten more customer initiated investment related disputes concerning accusations of his misconduct during the time that he was employed by securities broker dealers including The GMS Group.
A customer initiated investment related arbitration claim concerning Ornstein’s activities has been resolved for $675,000.00 in damages. According to the FINRA Arbitration, false or misleading statements were made by the stockbroker in regard to the handling of the customer’s account when Ornstein was employed by The GMS Group. The claim also alleges that a fiduciary duty was breached and that transactions were unsuitable for the customer. Closed end funds, municipal bonds and corporate bonds had allegedly been purchased without the customer’s permission too.
On January 11, 2019, a customer initiated investment related arbitration claim in reference to Ornstein’s conduct was resolved for $36,750.00 in damages based upon accusations that an unreasonable portion of the customer’s assets were allocated in aggressive master limited partnership investments and municipal bonds and that the customer incurred losses because of the fraudulent sales practices of the stockbroker when he was associated with The GMS Group. FINRA Arbitration No. 15-02961.
Ornstein is also referenced in a customer initiated investment related arbitration claim on February 26, 2019 in which the customer requested $250,000.00 in damages based upon allegations that the customer was exploited or otherwise taken advantage of by the stockbroker. According to the claim, fiduciary duties which were owed by Ornstein had been breached. The claim also alleges that misrepresentations were made by the stockbroker regarding municipal bond investments sold to the customer. The customer’s account allegedly suffered from negligence when Ornstein was associated with The GMS Group. FINRA Arbitration No. 19-00532.
Ornstein has been associated with The GMS Group since October 10, 2001.