Harold Pomeranz Allegedly Recommends Unsuitable UIT Transactions

The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Harold Pomeranz. According to his publicly available FINRA BrokerCheck report, Harold Pomeranz has been the subject of multiple customer disputes.

Harold Pomeranz was a New York based securities broker. He worked in the securities industry for forty-five years. During his career, he was registered with nine different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

• Berkshire Equity Sales, Inc. (1970-1973)


• Planned Securities Consultants (1970-1973)


• Island Planning Corp. of America (1973-1979)


• RSA Securities (1979-1980)


• Donshire Planning Corporation (1979-1983)


• Equity Realty Securities (1983-1992)


• Gruntal & Co. (1993-2002)


• Ryan Beck & Co. (2002-2007)


• Stifel, Nicolaus & Company (2007-2016)

• In December 2002, a customer alleged that third party money managers chosen by Harold Pomeranz were aggressive and failed to diversify in technology and communications stock. This case was settled for $22,000 in damages.


• In June 2014, a customer alleged that Harold Pomeranz recommended unsuitable investments, executed unauthorized trades, breached his fiduciary duty, made material misrepresentations, committed fraud, made material omissions, and failed to follow instructions. This case was settled for $35,000 in damages.


• In March 2017, Harold Pomeranz was officially sanctioned by FINRA. The findings in this matter state that he recommended a number of short-term UIT transactions, also known as Unit Investment Trusts, to an unsuited elderly customer. The specific UITs that Pomeranz allegedly recommended had maturity dates of two years. However, the average period that Pomeranz' customer held these products before allegedly being advised to sell them was just over one year. FINRA believed that Pomeranz' alleged recommendation to sell them so early was highly unnecessary and unsuitable for the customer given the sales charges, and size and cost of the transactions. Due to his alleged actions, Harold Pomeranz was fined $5,000 and suspended from acting as a securities broker in any fashion for a period of three months.

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 Harold Pomeranz, please contact Oakes & Fosher for a free and private consultation. Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence.