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The law firm of Oakes & Fosher is presently investigating the possible misconduct of former securities broker Abraham Biderman. According to his publicly available FINRA BrokerCheck report, Abraham Biderman has been the subject of a FINRA sanction.

Abraham Biderman was a New York based securities broker. He worked in the securities industry for twenty-four years. During his career, he was registered with two different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • Lipper & Company (1990-2003)
  • Palladium Capital Advisors (2008-2018)

The Allegations

Abraham Biderman was officially sanctioned by FINRA in July 2018. The findings in this matter state that Abraham Biderman was being investigated for allegedly taking part in private securities transactions. During this investigation, Biderman allegedly refused to produce information FINRA had requested of him. Due to these allegations, he was barred by FINRA from acting as a securities broker in any fashion.

What Does This Mean?

Securities brokers are not allowed to execute private securities transactions without first disclosing it to their member firm. This is because these types of transactions can often create significant conflicts of interest for the securities broker. Often times, securities brokers will recommend private securities to member firm customers because they have a financial stake in them, they are receiving cash kickbacks from a third party, or they receive incredibly high commissions when doing so. It is the responsibility of the securities firm to prevent this type of thing from taking place. While they do require their registered brokers to disclose any intent to engage in these types of transactions, the broker failing to do so does not absolve the firm from liability. Securities firms must have the necessary supervisory procedures in place to adequately monitor their registered brokers and prevent them from engaging in any unauthorized activity such as this.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Abraham Biderman, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.